AICPA REG : CPA Regulation

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

Question #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.
During 1994, the Moores received a $2,500 federal tax refund and a $1,250 state tax refund for 1993
overpayments. In 1993, the Moores were not subject to the alternative minimum tax and were not entitled
to any credit against income tax. The Moores' 1993 adjusted gross income was $80,000 and itemized
deductions were $1,450 in excess of the standard deduction. The state tax deduction for 1993 was
$ 2,000.

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

Question #2

Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts
receivable were $25,000. During the year, Mosh collected $100,000 from customers. At the end of the
year, accounts receivable were $15,000. What was Mosh's gross taxable income for the current year?

A. $100,000
B. $90,000
C. $110,000
D. $75,000

Question #3

Hall, a divorced person and custodian of her 12-year old child, filed her 1990 federal income tax return as
head of a household. She submitted the following information to the CPA who prepared her 1990 return:
. In 1990, Hall sold an antique that she bought in 1980 to display in her home. Hall paid $800 for the
antique and sold it for $1,400, using the proceeds to pay a court ordered judgment.
The $600 gain that Hall realized on the sale of the antique should be treated as:

A. Long-term capital gain.
B. Ordinary income.
C. An involuntary conversion.
D. A nontaxable antiquities transaction.

Question #4

Ryan, age 57, is single with no dependents. On July 1, 1997, Ryan's principal residence was sold for the
net amount of $500,000 after all selling expenses. Ryan bought the house in 1963 and occupied it until
sold. On the date of sale, the house had a basis of $180,000. Ryan does not intend to buy another
residence. What is the maximum exclusion of gain on sale of the residence that may be claimed in Ryan's
1 997 income tax return?

A. $125,000
B. $0
C. $320,000
D. $250,000

Question #5

Capital assets include:

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

Solutions: