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AICPA CPA-Regulation Exam - Topic 1 Question 39 Discussion

Actual exam question for AICPA's CPA-Regulation exam
Question #: 39
Topic #: 1
[All CPA-Regulation Questions]

For a cash basis taxpayer, gain or loss on a year-end sale of listed stock arises on the:

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Suggested Answer: A

Choice 'a' is correct. Trade date.

Gain or loss on a year-end sale of listed stock arises on the trade date.

Rule: Whether on the cash or accrual method of accounting taxpayers who sell stock or securities on an established securities market must recognize gains and losses on the trade date, rather than on the settlement date.

Choices 'b', 'c', and 'd' are incorrect, per the above rule.


by Ressie at May 06, 2022, 08:50 AM

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Joye
4 months ago
I agree, cash proceeds are key for reporting gains or losses.
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Joseph
4 months ago
Wait, really? I didn't know cash basis taxpayers worked like that.
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Marge
4 months ago
No way, it's all about the settlement date!
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Zana
4 months ago
I thought it was the trade date?
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Allene
5 months ago
It's definitely the date of receipt of cash proceeds.
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Vernice
5 months ago
This question seems straightforward, but I want to make sure I understand the key details. I'll need to carefully read through the options and think about the implications of each approach.
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Stevie
5 months ago
I'm a bit confused by the wording of these options. They don't seem to directly address the key components of an effective IT Service Continuity plan. I'll need to think about this one a bit more carefully before answering.
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Jimmie
5 months ago
Okay, I've got this. The two parts of the AccessKey are the Access Key ID and the Access Key Secret. I'm confident those are the correct answers.
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