The following REG question is from the Wiley CPA Review REG Online Test Bank. Under the parol evidence rule, oral evidence will be excluded if it relates to A. A contemporaneous oral agreement relating to a term in the contract. B. Failure of a condition precedent. C. Lack of contractual capacity. D. A modification made […]

Read More

The following REG question is from the Wiley CPA Review REG Online Test Bank. Purdy purchased real property from Hart and received a warranty deed with full covenants. Recordation of this deed is: A: Not necessary if the deed provides that recordation is not required. B: Necessary to vest the purchaser’s legal title to the […]

Read More

  The following is from the Wiley CPA 2011 Test Bank Software (Online). Click here to get over 1,100 REG CPA Exam practice questions for $87. Topic: Individual Taxation Seymour Thomas named his wife, Penelope, the beneficiary of a $100,000 (face amount) insurance policy on his life. The policy provided that upon his death, the […]

Read More

The following is from the Online Wiley CPA Software. Used with permission from the Publisher. 1. In 2009, Dr. Ernest Griffiths, a cash-basis taxpayer, incorporated his medical practice. No liabilities were transferred. The following assets were transferred to the corporation: Cash: $20,000 Equipment: Adjusted basis 140,000 Fair market value 180,000 Immediately after the transfer, Griffiths […]

Read More

Click: Online Wiley CPA Review Software   The alternate minimum tax (AMT) is computed as theA: Excess of the regular tax over the tentative AMT. B: Excess of the tentative AMT over the regular tax. C: The tentative AMT, plus the regular tax …D: Lesser of the tentative AMT or the regular tax. The credit […]

Read More

The following is from the Wiley CPA Review REG Online Test Bank. Used with permission from the Publisher. Topic: Bankruptcy Filing a valid petition in bankruptcy acts as an automatic stay of actions to Garnish the debtor’s wages / Collect alimony from the debtor A. Yes / Yes B. Yes / No C. No / […]

Read More

The following is from the Online Wiley CPA Review Software. Used with permission from the Publisher. Topic: Agency Which of the following is not an essential element of an agency relationship? A: It must be created by contract. B: The agent must be subject to the principal’s control. C: The agent is a fiduciary in […]

Read More

The following is from the Online Wiley CPA Test Bank. Seymour Thomas named his wife, Penelope, the beneficiary of a $100,000 (face amount) insurance policy on his life. The policy provided that upon his death, the proceeds would be paid to Penelope with interest over her present life expectancy, which was calculated at 25 years. […]

Read More