CPA Exam REG

CPA Exam REG CPA Exam REG - Correct Answer-R1 - Individual Tax: Income R2 - Individual Tax: Adjustments, Deductions, Credits R3 - C Corps., S Corps., Exempt Orgs., Other R4 - Property, Partnership, Estate & Gift Tax R5 - Professional Responsibilites and Securities Regulation R6 - Contracts, Sales, Copyrights/Patents R7 - Commercial Paper, Secured Transactions (Debtor-Creditor), Bankruptcy R8 - Surety, Agency, Business Structures, Employer-Employee, Money Laundering, Antitrust, Docs. of Title, Dodd-Frank Act R1 - Dependency Exemptions - Qualifying Child or Qualifying Relative. See page R1-11. - Correct Answer-Qualifying Child: CARES C - Close A - Age R - Residency E - Eliminate (gross income) S - Support Qualifying Relative: SUPORT S - Support U - Under (gross income) P - Precludes (joint) O - Only (citizens) R - Relative, or T - Taxpayer lives with for whole year. Qualifying child has residency requirement (more than half). Close Relative includes: child, stepchild, sibling, stepsibling, or nieces/nephews. Age Test: UNDER 19 or under 24 if full-time (5 mo.) student, unless totally/permanently disabled. Gross income test does not include: 1. Social Security 2. Tax-exempt interest 3. Tax-exempt scholarships