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AICPA CPA Regulation Sample Questions:

1. Tom and Joan Moore, both CPAs, filed a joint 1994 federal income tax return showing $70,000 in taxable
income. During 1994, Tom's daughter Laura, age 16, resided with Tom. Laura had no income of her own
and was Tom's dependent.
Determine the amount of income or loss, if any that should be included on page one of the Moores' 1994
Form 1040.
In 1992, Joan received an acre of land as an inter-vivos gift from her grandfather. At the time of the gift,
the land had a fair market value of $50,000. The grandfather's adjusted basis was $60,000. Joan sold the
land in 1994 to an unrelated third party for $56,000.

A) $900
B) $1,500
C) $2,500
D) $75,000
E) $1,300
F) $55,000
G) $500
H) $50,000
I) $3,000
J) $1,250
K) $10,000
L) $25,000
M) $0
N) $1,000
O) $2,000

2. Starr, a self-employed individual, purchased a piece of equipment for use in Starr's business. The costs
associated with the acquisition of the equipment were:

What is the depreciable basis of the equipment?

A) $55,000
B) $58,400
C) $59,125
D) $59,425

3. Adams owns a second residence that is used for both personal and rental purposes. During 2001, Adams
used the second residence for 50 days and rented the residence for 200 days. Which of the following
statements is correct?

A) Utilities and maintenance on the property must be divided between personal and rental use.
B) A rental loss may be deducted if rental-related expenses exceed rental income.
C) All mortgage interest and taxes on the property will be deducted to determine the property's net income
or loss.
D) Depreciation may not be deducted on the property under any circumstances.

4. On February 1, 1993, Hall learned that he was bequeathed 500 shares of common stock under his
father's will. Hall's father had paid $2,500 for the stock in 1990. Fair market value of the stock on
February 1, 1993, the date of his father's death, was $4,000 and had increased to $5,500 six months later.
The executor of the estate elected the alternate valuation date for estate tax purposes. Hall sold the stock
for $4,500 on June 1, 1993, the date that the executor distributed the stock to him. How much income
should Hall include in his 1993 individual income tax return for the inheritance of the 500 shares of stock,
which he received from his father's estate?

A) $2,500
B) $4,000
C) $0
D) $5,500

5. Capital assets include:

A) A manufacturing company's investment in U.S. Treasury bonds.
B) A corporation's accounts receivable from the sale of its inventory.
C) A corporate real estate developer's unimproved land that is to be subdivided to build homes, which will
be sold to customers.
D) Seven-year MACRS property used in a corporation's trade or business.

Solutions: