REG每日一练3

AICPA考试REG每日一练31.Greed Co.telephoned Stieb Co.and ordered30tables at$100each.Greed agreed to pay15%immediately and the balance within thirty days after receipt of the entire shipment. Greed forwarded a check for$450and Stieb shipped15tables the next day,intending to ship the balance by the end of the week.Greed decided that the contract was a bad bargain and repudiated it,asserting the statute of frauds.Stieb sued Greed.Which of the following will allow Stieb to enforce the contract in its entirety despite the statute of frauds?A.Stieb shipped15tables.B.Greed paid15%down.C.Greed admitted in court that it made the contract in questionD.The contract is not within the requirement of the status of the frauds.【答案】C【解析】C is correct.The Statute of Frauds requires contracts involving the sale of goods to be evidenced by a writing if the price is$500or more.However,if any of the following exceptions apply,an oral contract will be enforceable ever without a sufficient writing:Specially manufactured goodsWritten confirmationAdmitted in courtPerformed(enforceable to the extent of the performance of the party sought to be heldliable)A is incorrect.Stieb’s partial shipment would bind Greed only if Greed accepted the shipment and only to the extent of the goods accepted(no more than15tables.)B is incorrect.Partial payment would make the contract enforceable only to the extent of the payment accepted.D is incorrect.The contract is within the Statute of Frauds because it is for the sale of goods and the price clearly exceeds the$500threshold.2.Upon the recommendation of a physician,Mark has an air filtration system installed in his personal residence.He suffers from severe allergy problems.IN connection with this matter, Mark incurs and pays the following amounts during the current year:Filtration system and cost of installation$7,000Increase in utility bills due to the system$700Cost of certified appraisal$350The system has an estimated useful life of5years.The appraisal was to determine the valueof Mark’s residence with and without the system.The appraisal states that the system increased the value of Mark’s residence by$1,000.Expenses qualifying for the medical deduction in the current year total:A.$6,700B.$7,350C.$7,700D.$8,050【答案】A【解析】A is correct.Rule:The cost of a home improvement is an allowable itemized medical deduction to theextent it exceeds any increase in the fair market value of the home(subject to the7.5%of AGI floor).The cost of filtration system less the increase in the home value of$1,000is permitted ($7,000less$1,000),plus the$700increase in the utility bills is allowable as an itemized medical deduction(subject to the7.5%of AGI floor).The cost of the appraisal is not deductible as a medical expense but is deductible as a miscellaneous expense subject to the “2%of AGI”rule.$7,000<1,000>700$6,700B is incorrect.This choice includes deducting the filtration system and the appraisal and disregards the reduction for the increase in the home value and utility bills.C is incorrect.This choice includes the entire cost of the filtration system and the increase in the utility bills and disregards the reduction for the increase in the home value.D is incorrect.This choice includes the filtration system,increase in utility bills and the appraisal but does not consider the reduction for the increase in the value of the home.3.During the year,Justin,a self-employed individual,paid the following amounts:Federal income tax$5,000State income tax$3,000Real estate taxes on land in Europe(held as an investment)$800State occupational license fee$400What amount can Justin claim as taxes when itemizing deductions from AGI?A.$3,000B.$3,400C.$3,800D.$4,200【答案】C【解析】C is correct.The state taxes of$3,000and the foreign real estate taxes(held as an investment)of$800are permitted as itemized deductions($3,800).A is incorrect.The real estate taxes are also deductible.B is incorrect.The choice indicates that the state income tax and the state occupational license fee are deductible as taxes.The real estate taxes are also deductible as taxes,and the occupational license fee is not deductible as a tax.D is incorrect.This choice indicates that all items listed in the question are deductible,except for the federal income tax.The state occupational license fee is not deductible as a tax,but is deductible as a business expense on the taxpayer’s Schedule C(for IRS from1040).4.Which of the following statements is correct with respect to the Securities Exchange Act of 1934?A.The Act only applies to issuers whose securities are traded on a national securities exchange.B.The Act subjects all issuers of securities to its registration requirements if the issuer has more than$3million of assets or more than400shareholders.C.issuers whose securities are registered under the Act are required to comply with its reporting requirements.D.The antifraud provisions of the Act do not apply to issuers of securities that are exempt from the Act’s registration requirements.【答案】C【解析】C is correct.The1934Act regulates trading of securities after their initial issuance andincludes certain reporting requirements(10K,10Q,8K,insiders,tender offers,proxies). Compliance is required if securities are listed on a national exchange or there are at least500 shareholders in any class of securities issued and the issuer has at least10million dollars in assets.A is incorrect because the act also applies to companies with at least500shareholders in any outstanding class and at least$10million in assets.B is incorrect because the thresholds stated(400shareholders and$3million)are too low.D is incorrect because the antifraud provisions of the act apply even if the issue is exempt from the registration requirements.5.Jermaine and Keesha are married,file a joint tax return,have modified AGI of$75,000,and have two children,Devona and Arethia.Devona is beginning her first year at State University this fall and she will be enrolled on a full-time basis.Arethia is beginning her senior year to Northeast University this fall,but for all academic periods during the current tax year she will not be enrolled at least half-time.Both Devona and Arethia are claimed as dependents on their parents’tax return.Devona’s qualifying tuition expenses and fees total$3,600for the fall semester,while Arethia’s qualifying tuition expenses and fees total$4,250for the fall semester.Full payment is made for the tuition and related expenses for both children during the fall semester.The American Opportunity Credit and Lifetime Learning Credit,respectively,available to Jermaine and Keesha for the year are(assume2011-2012tax law):A.$2,400$850B.$2,400$1,000C.$2,500$2,000D.$2,500$4,250【答案】A【解析】A is correctAmerican Opportunity Credit(Denova)First$2,000╳100%=$2,000Second up to$2,000╳25%=400[$1,600╳25%]Maximum$2,400Lifetime Learning Credit(Arethia)$4,250╳20%=$850Note:Maximum qualified expenses for the Lifetime Learning Credit are$10,000per year and maximum credit per return is$2,000per year.A taxpayer can claim both credits on the same return,but not for the same student.Arethia’s expenses do not qualify for the American Opportunity Credit because she was not enrolled at least half-time for at least one academic period during the tax year.B is incorrect.This answer would be correct had the qualified expenses for Arethia been$5,000.C is incorrect.The American Opportunity Credit is calculated as100%of the first$2,000in expenses and25%of the second$2,000.The Lifetime Learning Credit is20%of qualified expenses up to$10,000,not20%of$10,000,regardless of the expense.D is incorrect.The American Opportunity Credit is calculated as100%of the first$2,000in expenses and25%of the second$2,000.The Lifetime Learning Credit is20%of qualified expenditures,not100%,and the maximum credit per return is$2,000.参与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。