CERTIFIED PUBLIC ACCOUNTANT {CPA} AND REGULATIN{REG} ACTUAL EXAM 50 QUESTIONS AND CORRECT ANSWERS 2025//ALREADY GRADED A+
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CERTIFIED PUBLIC ACCOUNTANT {CPA} AND REGULATIN{R
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CERTIFIED PUBLIC ACCOUNTANT {CPA} AND REGULATIN{R
CERTIFIED PUBLIC ACCOUNTANT {CPA} AND REGULATIN{REG} ACTUAL EXAM 50 QUESTIONS AND CORRECT ANSWERS 2025//ALREADY GRADED A+
CERTIFIED PUBLIC ACCOUNTANT {CPA} AND REGULATIN{REG} ACTUAL EXAM 50 QUESTIONS AND CORRECT ANSWERS 2025//ALREADY GRADED A+
CERTIFIED PUBLIC ACCOUNTANT {CPA} AND REGULATIN{RE...
CERTIFIED PUBLIC ACCOUNTANT {CPA} AND
REGULATIN{REG} ACTUAL EXAM 50 QUESTIONS AND
CORRECT ANSWERS 2025//ALREADY GRADED A+
Two CPAs organized their business as a general partnership. Which of the following advantages may
have played a role in their selection of the general partnership form under the Revised Uniform
Partnership Act?
A) The partnership form of business organization allowed them to form their business without the
requirement of filing organizational documents with a government agency.
B) The partners' risk of loss from the business is limited to the amount of capital each invested in the
business.
C) The partnership has a perpetual life that is NOT affected by a partner's expulsion or withdrawal.
D) The partnership can raise capital with sale of common stock. - ANSWER-A) The partnership
form of business organization allowed them to form their business without the requirement of filing
organizational documents with a government agency.
During the current year, an individual taxpayer completed the following stock transactions related to
Alpha Corp. stock:
Date Shares traded Price/Share
May 15 1,000 purchased $18
June 1 1,000 purchased $12
June 10 1,000 sold $10
The 1,000 shares sold on June 10 had been purchased on May 15. What is the maximum amount, if
any, that the taxpayer can deduct in the current year?
A) $0
B) $2,000
C) $3,000
D) $8,000 - ANSWER-A) $0
Hull and Black are partners in a partnership. Hull has a 60% interest in the partnership's capital and
profits. In year 1, Hull purchased stock for $20,000 and decided to sell the stock to the partnership at
the fair market value of $8,000 in year 5. what is Hull's recognized long-term capital loss in year 5?
A) $0
B) $3,000
C) $7,200
, D) $12,000 - ANSWER-A) $0
In determining the amount of taxable gifts, the Internal Revenue Code allows each of the following,
EXCEPT the
A) Charitable contributions deduction.
B) Standard deduction.
C) Gift tax annual exclusion.
D) Marital deduction. - ANSWER-B) Standard deduction.
A real estate broker reported the following business income and expenses for the current year:
commission income $100,000
Expenses:
auto rentals $2,000
referral fees to other brokers
(legal under state law) $20,000
referral fees to non brokers
(illegal under state law) $8,000
parking fines $200
What amount should be reported as net profit on Schedule C, Profit or Loss from Business
A) $69,800
B) $70,000
C) $77,800
D) $78,000 - ANSWER-D) $78,000
Jefferson's investment income consisted of $2,000 in interest from a US Treasury bond and $1,000
interest from a municipal bond. Jefferson also paid $4,000 in investment interest expense. Assuming
that Jefferson itemizes, what amount can Jefferson deduct for investment interest expense?
A) $1,000
B) $2,000
C) $3,000
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