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When can I take the CPA Exam

The CPA Exam is offered four times each year: January 1 – March 10, April 1 – June 10, July 1 – September 10 and October 1 – December 10.

The statement of cash flow reports are used for the following: (I)Investing activities(I) Financing activities(I)I Operating activities(I) Supplemental activities Mark one answer:

(A)I (B)II (C)III (D)I, II, and III (E)I, II, III, and IV

Correct Answer: E

In the current year, Fitz, a single taxpayer, sustained a $48,000 loss on Code Sec. 1244 stock in JJJ Corp., a qualifying small business corporation, and a $20,000 loss on Code Sec. 1244 stock in MMM Corp., another qualifying small business corporation. What is the maximum amount of loss that Fitz can deduct for the current year?

(A)$50,000 capital loss (B)$68,000 capital loss (C)$18,000 ordinary loss and $50,000 capital loss (D)$50,000 ordinary loss and $18,000 capital loss

Correct Answer: D

If equipment is used by a corporation in its operations and is sold at a loss, under which section on the statement of cash flows is this reported? Mark one answer:

(A)Operating (B)Investing (C)Financing (D)Supplemental (E)It is not reported on the statement of cash flows.

Correct Answer: A

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