CPA REG Practice Test 2
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Question 1 of 10
1. Question
Kyle purchased stock on 1/1/Year 1. The stock had a fair market value of $15,000 on that date. He purchased it from his son for $12,000. His son had a basis in the stock of $17,000 at the time of sale. On 6/31/ Year 1, Kyle sold the stock to an unrelated party for $20,000.
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Question 2 of 10
2. Question
Which of the following assets would be considered a MACRS 5-year property?
- Computer
- Computer Desk
- Office Furniture
- Delivery Van
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Question 3 of 10
3. Question
Bob and Sue have been married for 35 years. Bob inherited $3,000,000 from his dad. Assuming the annual gift tax exclusion is $15,000, what amount can Bob give Sue without incurring a gift tax liability?
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Question 4 of 10
4. Question
In year 3, John moved from Boston to Chicago for a new job position. He incurred moving expenses of $3,000 and $2,500 in temporary living expenses. The company did no reimburse John for any of the expenses. What amount can be deducted as an itemized deduction for moving expenses?
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Question 5 of 10
5. Question
True or False: Subpart F income paid to a US person is a 100% dividend received deduction?
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Question 6 of 10
6. Question
Shawn and Lindsay met on December 31, Year 2 at New Years Eve party. They instantly fell in love and got married at 11:38 PM. What is Shawn’s filing status for year 2?
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Question 7 of 10
7. Question
Drew owns two residences. The second residence has never been used as a rental property and the only residence subject to a mortgage. The following expenses were incurred for the second residence in the current year:
Mortgage Interest $5,000 Utilities $1,200 Hazard Insurance $6,000 For regular tax purposes, what is the maximum allowable amount that Drew can deduct from his second residence?
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Question 8 of 10
8. Question
Which of the following options would release someone from the obligation to pay a loan that they co-signed? Assume Lola is the co-signer and Jess is the signer.
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Question 9 of 10
9. Question
Joe, a real estate broker has the following income and expense items for the current year:
Comission Income $300,000 Expenses: Auto Rentals $10,000 Referral Fees to Other Brokers (Legal Under State Law) $30,000 Referral Fees to Nonbrokers (Illegal Under State Law) $12,000 Parking Fines $100 What amount should Joe report on as net profit on the schedule C, Profit and Loss from Business?
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Question 10 of 10
10. Question
Hogan Inc. operates in Michigan and Utah. The payroll, property, and sales by state are as follows:
State Payroll Property (Ending) Property (Average) Sales Michigan $300,000 $215,000 $175,000 $1,000,000 Utah $450,000 $230,000 $198,000 $990,000 Total $750,000 $445,000 $373,000 $1,990,000 What is Hogan’s apportionment factor for Michigan?
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