Call Now to Set Up Tutoring:

(888) 888-0446

Create an account to track your scores
and create your own practice tests:

Create an Account Create a Practice Test

All CPA Regulation (REG) Resources

87 Practice Tests Question of the Day Flashcards Learn by Concept

Want to review CPA Regulation (REG) but don’t feel like sitting for a whole test at the moment? Varsity Tutors has you covered with thousands of different CPA Regulation (REG) flashcards! Our CPA Regulation (REG) flashcards allow you to practice with as few or as many questions as you like. Get some studying in now with our numerous CPA Regulation (REG) flashcards.

Flashcards: Holding Period

In Year 4, Julie received a gift of 20 shares stock valued at $30 per share from an uncle that the uncle had held since Year 1. In Year 1, the stock was purchased at $20 per share. At the date of the gift, the basis and holding period of the gift were:

$600, short-term

$400, short-term

$600, long-term

$400, long-term

Report an Error Copyright Notice

Flashcards: Holding Period

Your answer:

$600, short-term

Your answer:

$400, short-term

Your answer:

$600, long-term

Correct answer:

$400, long-term

Explanation:

In a gift transaction, typically the donor’s basis and holding period pass to the recipient. So, since the stock was originally purchased three years ago at $20 per share, the 20 shares have a basis of $400 and a long-term holding period.

Flashcards: Holding Period

A taxpayer inherited property from a deceased relative. The fair market value at the date of death was $20,000. An alternative valuation date was elected by the executor of the estate. The property was worth $18,000 six months later and was worth $24,000 when it was distributed to the taxpayer 9 months later. It had a cost basis to the deceased of $4,000. If the beneficiary sold the property for $23,000, what would be the recognized gain by the taxpayer and the nature of the gain?

$5,000, short-term

$3,000, short-term

$5,000, long-term

$3,000, long-term

Report an Error Copyright Notice

Flashcards: Holding Period

Your answer:

$5,000, short-term

Your answer:

$3,000, short-term

Your answer:

$3,000, long-term

Correct answer:

$5,000, long-term

Explanation:

For inheritance, the basis of the donor passes to the beneficiary. The value, however, is the FMV at the time of death or at an alternative valuation date no more than six months from the date of death (if elected). Since the alternative valuation date was elected, the basis of the property to the beneficiary was $18,000. So, if the taxpayer then sold the property for $23,000, the recognized gain would be a long-term gain of $5,000.

DMCA Complaint

If you believe that content available by means of the Website (as defined in our Terms of Service) infringes one or more of your copyrights, please notify us by providing a written notice (“Infringement Notice”) containing the information described below to the designated agent listed below. If Varsity Tutors takes action in response to an Infringement Notice, it will make a good faith attempt to contact the party that made such content available by means of the most recent email address, if any, provided by such party to Varsity Tutors.

Your Infringement Notice may be forwarded to the party that made the content available or to third parties such as ChillingEffects.org.

Please be advised that you will be liable for damages (including costs and attorneys’ fees) if you materially misrepresent that a product or activity is infringing your copyrights. Thus, if you are not sure content located on or linked-to by the Website infringes your copyright, you should consider first contacting an attorney.

Please follow these steps to file a notice:

You must include the following:

A physical or electronic signature of the copyright owner or a person authorized to act on their behalf; An identification of the copyright claimed to have been infringed; A description of the nature and exact location of the content that you claim to infringe your copyright, in \ sufficient detail to permit Varsity Tutors to find and positively identify that content; for example we require a link to the specific question (not just the name of the question) that contains the content and a description of which specific portion of the question – an image, a link, the text, etc – your complaint refers to; Your name, address, telephone number and email address; and A statement by you: (a) that you believe in good faith that the use of the content that you claim to infringe your copyright is not authorized by law, or by the copyright owner or such owner’s agent; (b) that all of the information contained in your Infringement Notice is accurate, and (c) under penalty of perjury, that you are either the copyright owner or a person authorized to act on their behalf.

Send your complaint to our designated agent at:

Charles Cohn Varsity Tutors LLC
101 S. Hanley Rd, Suite 300
St. Louis, MO 63105

Or fill out the form below:

Do not fill in this field

Contact Information

* Full legal name

Company name

* Phone number

* Email address

Address

* Address1

Address2

* City

* State

* Zipcode

* Country

Complaint Details

* URL of copyrighted work (where your original material is located)

* Please describe the copyrighted work so that it may be easily identified

I am the owner, or an agent authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.

I have a good faith belief that the use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law.

This notification is accurate.

I acknowledge that there may be adverse legal consequences for making false or bad faith allegations of copyright infringement by using this process.

* Signature (your digital signature is legally binding)

View Tutors

Amin
Certified Tutor

Arcadia University, Bachelor in Arts, International Relations.

View Tutors

Liliana
Certified Tutor

Universidad del Caribe, Bachelor in Business Administration, Business, General.

View Tutors

Scott
Certified Tutor

Albright College, Bachelor of Science, Mathematics. Immaculata University, Master of Arts, Urban Education and Leadership.

Popular Subjects

SSAT Tutors in Houston, GMAT Tutors in Phoenix, ACT Tutors in Los Angeles, Computer Science Tutors in Miami, GMAT Tutors in San Diego, Statistics Tutors in Seattle, Physics Tutors in Boston, MCAT Tutors in Philadelphia, Math Tutors in Houston, Spanish Tutors in Boston

Popular Courses & Classes

GRE Courses & Classes in San Diego, LSAT Courses & Classes in Seattle, MCAT Courses & Classes in Seattle, GRE Courses & Classes in Chicago, SSAT Courses & Classes in New York City, GMAT Courses & Classes in Atlanta, MCAT Courses & Classes in Miami, Spanish Courses & Classes in Chicago, ISEE Courses & Classes in New York City, GRE Courses & Classes in New York City

Popular Test Prep

MCAT Test Prep in Phoenix, LSAT Test Prep in Boston, GRE Test Prep in New York City, LSAT Test Prep in Los Angeles, SAT Test Prep in San Diego, SSAT Test Prep in Washington DC, GRE Test Prep in Denver, SAT Test Prep in Washington DC, LSAT Test Prep in San Diego, ISEE Test Prep in Chicago

HIGH SCHOOL

GRADUATE SCHOOL

K-8

Search 50+ Tests

math tutoring

science tutoring

foreign languages

elementary tutoring

other

Search 350+ Subjects

Create an account to track your scores
and create your own practice tests:

All CPA Regulation (REG) Resources

Flashcards: Holding Period

Flashcards: Holding Period

Flashcards: Holding Period

Flashcards: Holding Period

Report an issue with this question

DMCA Complaint

Contact Information

Address

Complaint Details

Email address:
Your name:
Feedback:

HIGH SCHOOL

GRADUATE SCHOOL

K-8

Search 50+ Tests

math tutoring

science tutoring

foreign languages

elementary tutoring

other

Search 350+ Subjects

Create an account to track your scores and create your own practice tests:

All CPA Regulation (REG) Resources

Flashcards: Holding Period

Flashcards: Holding Period

Flashcards: Holding Period

Flashcards: Holding Period

Report an issue with this question

DMCA Complaint

Contact Information

Address

Complaint Details

Create an account to track your scores
and create your own practice tests: