REG模拟资料二12417.pdf

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1、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模拟资料二1.Susan paid$1,500 of interest on credit card charges.The charges were for itemspurchased for personal use.The interest is:A.A deduction to arrive at adjusted gross income.B.A deduction from adjusted gross income.C.A deduction from adjusted

2、 gross income,subject to a 2%AGI Floor.D.Not deductible.【答案】D【解析】D is correct.Consumer interest is not deductible.A,B and C are incorrect.Personal(consumer)interest is not deductible.2.Allen paid an attorney$500 to prepare his will.This expenditure is:A.A deduction to arrive at adjusted gross income

3、.B.A deduction from adjusted gross income.C.A deduction from adjusted gross income,subject to a 2%AGI Floor.D.Not deductible.【答案】D【解析】D is correct.Legal fees for preparation of a will are not deductible.In order to bedeductible(subject to the 2%AGI floor),the legal fee would have to be related to th

4、e collectionor receipt of taxable income.3.Marcus incurred$750 of expenses for business meals and entertainment in his position asan employee of Alexander Corporation.Marcus expenses were not reimbursed.Thisexpenditure is:A.A deduction to arrive at adjusted gross income.B.A deduction from adjusted g

5、ross income.C.A deduction from adjusted gross income,subject to a 2%AGI Floor.D.Not deductible.【答案】A【解析】A is correct.Employees business expenses are deductible as a miscellaneous itemizeddeduction(from AGI)subject to a 2%AGI floor.Meals and entertainment expenses are alsolimited to a 50%deduction be

6、fore being subject to the 2%floor.A,B and D are incorrect.Expenses for business meals and entertainment are not adjustments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2to gross income.They are deductible as miscellaneous itemized deductions(from AGI)subject to a 2%AGI floor.4.Ben Wills paid self-emp

7、loyment taxes of$3,000 as a result of earnings from his consultingbusiness.The“employer”portion of these taxes are:A.A deduction to arrive at adjusted gross income.B.A deduction from adjusted gross income.C.A deduction from adjusted gross income,subject to a 2%AGI Floor.D.Not deductible.【答案】A【解析】A i

8、s correct.One-half of the self-employed taxpayers self-employment tax(social securityand Medicare)is for the employer portion of taxes and is an adjustment(for AGI).The otherhalf is personal and is not deductible.B,C or D are incorrect,per the above discussion.5.Which of the following requirements i

9、s not necessary in order to have a security interestattach?A.There must be a proper filing.B.Value must be given by the creditor.C.Either the creditor must take possession of the collateral or the debtor must sign a securityagreement that describes the collateral.D.The debtor must have rights in the

10、 collateral.【答案】A【解析】A is correct.A security interest attaches on the last to occur of the following;all threeelements are required:(i)the parties must agree to create the security interest evidenced byeither the creditors taking possession of the collateral or a written security agreement thatdescr

11、ibes the collateral and is signed by the debtor;(ii)the creditor must give value inexchange for the security interest;and the debtor must have rights in the collateral.Filing isnot necessary;it is a possible method of perfecting but is not required for attachment.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：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3gaodunaicpa）。