REG每日一练411753.pdf

财经网络教育领导品牌_高顿网校 All Rights Reserved版权所有 复制必究1AICPA考试REG每日一练41.Which of the following qualifies as a like-kind exchange?A.Inventory of a retail hardware store for inventory of a plumbing wholesaler.B.Investment land for building to be used in a trade or business.C.General partnership interest for a limited partnership interest.D.Rental house for a house to be used as a principal residence.【答案】B【解析】B is correct.Investments in business assets such as land and building qualify for like-kindexchange treatment.A and C are incorrect.Like-kind business exchange is not available for inventory,investmentsin bonds,partnerships and corporation stock.D is incorrect.Personal use property is not eligible for the deferral that is par of a like-kindexchange.2.which of the following is not 1231 property?A.Equipment used in a personal use activity and held more than 12 months.B.equipment used in a business and held more than 12 months.C.Land used in a business and held more than 12 months.D.A building used in a business and held more than 12 months.【答案】A【解析】A is correct.Personal use property does not qualify as Section 1231 property.B,C and D are incorrect.Depreciable personal and real property used in the taxpayers tradeor business and held over 12 months qualifies as Section 1231 property.3.Ted,who is single,owns a personal residence in the city.He also owns a condo near theocean.He uses the condo as a vacation home.In March of the current year,he borrowed$50,000 on a home equity loan(secured by his city residence)and used the proceeds toacquire a luxury automobile.During the year,he paid the following amounts of interest:On his personal residence$15,500On the condo$6,200On the home equity loan$4,800On credit card obligations$1,700What amount,if any,must Ted recognize as an AMT adjustment for the year?财经网络教育领导品牌_高顿网校 All Rights Reserved版权所有 复制必究2A.$0B.$4,800C.$6,200D.$11,000【答案】B【解析】B is correct.The$4,800 interest paid on the home equity loan is an adjustment(add-back)for AMT purposes because the taxpayer did not use the mortgage loan proceeds to buy,build,orimprove his/her principal residence and/or one other residence.A is incorrect.The interest on the home equity loan is an add-back to taxable income indetermining a taxpayers alternative minimum taxable income(AMTI)because the taxpayerdid not use the mortgage loan proceeds to buy,build,or improve his/her principal residenceand/or one other residence.C is incorrect.Interest on the personal residence and the condo(2nd home)are generally notadjustments(add-backs)for AMT.D is incorrect.The choice indicates that the interest on the condo and the home equity areadd-backs for AMT.the interest on the condo(2nd home)is an allowable deduction for AMTpurposes and is not an Add-back.The$4,800 interest paid on the home equity loan is anadjustment(add-back)for AMT purposes because the taxpayer did not use the mortgage loanproceeds to buy,build,or improve his/her principal residence and/or one other residence.4.With respect to penalties for failure to file information returns of tax preparers,which ofthe following provisions is correct for any person who or which employed a tax return preparerduring the return period?A.each such person must send to the IRS an information return containing the name,address,and social security number of each tax return preparer employed for at least 3 months duringthe year.B.The fine for failure to file such information returns is a penalty of$100 for each failure,witha maximum of$50,000 for each return period.C.The fine for failure to file such information returns is a penalty of$50 for each failure,withno maximum for each return period.D.The penalty for failure to file information returns does not apply to the extent that thefailure is due to reasonable cause and not due to willful neglect.【答案】D财经网络教育领导品牌_高顿网校 All Rights Reserved版权所有 复制必究3【解析】D is correct.The penalty for failure to file information returns of tax preparers doesnot apply to the extent that the failure to file is due to reasonable cause and not due to willfulneglect.A is incorrect.Each person(individual,trust,estate,partnership,association,company,orcorporation)who employed a tax return preparer during the return period must send to theIRS an information return containing the name,taxpayer identification number,and place ofwork for each tax return preparer employed during the return period.There is no 3-monthprovision.B is incorrect.The fine for failure to file such information returns is a penalty of$50 for eachfailure,with a maximum of$25,000 for each return period,not$100 with a maximum of$50,000.C is incorrect.The fine for failure to file such information returns is a penalty of$50 for eachfailure,with a maximum of$25,000 for each return period,not$50 with no maximum.5.Which of the following statements is true regarding liability of a CPA firm to a purchaserunder the liability provision of Section 11 of the Securities Act of 1933 for certifying materiallymisstated financial statements included in the securitys registration statement?A.The CPA firm will not be liable if it had reasonable grounds to believe the financialstatement were accurate.B.The purchaser must prove that the CPA firm was negligent.C.The purchaser must prove that the CPA firm knew of the material misstatements.D.The CPA firm will be liable unless the purchaser did not rely on the financial statements.【答案】A【解析】A is correct.Under Section 11 of the 33 Act,a plaintiff merely needs to prove a materialmisstatement and damages.The plaintiff need not prove intent,fraud,negligence or reliance.However,the CPA has a due diligence defense and can avoid liability by proving reasonablegrounds to believe the statements were accurate(i.e.the due diligence defense).B and C are incorrect because they require proof of negligence and knowledge,respectively,and such proof is not required;instead the CPA must prove lack of negligence(due diligence).D is incorrect because reliance is not an element of the cause of action under Section 11.参与AICPA的考生可按照复习计划有效进行，另外高顿网校官网考试辅导高清课程已经开通，还可索取证券考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考财经网络教育领导品牌_高顿网校 All Rights Reserved版权所有 复制必究4生全面提升备考效果。更多详情可登录高顿网校官网进行咨询，也欢迎您关注我们的官方微信（微信号：gaodunaicpa）。