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AICPA CPA Regulation Sample Questions:

1. Rich is a cash basis self-employed air-conditioning repairman with 1993 gross business receipts of
$ 20,000. Rich's cash disbursements were as follows:

What amount should Rich report as net self-employment income?

A) $13,900
B) $14,900
C) $14,100
D) $15,100

2. The rule limiting the allowability of passive activity losses and credits applies to:

A) S corporations.
B) Personal service corporations.
C) Widely-held C corporations.
D) Partnerships.

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

4. Which of the following sales should be reported as a capital gain?

A) Government bonds sold by an individual investor.
B) Real property subdivided and sold by a dealer.
C) Sale of equipment.
D) Sale of inventory.

5. Which of the following statements is the best definition of real property?

A) Real property is land and intangible property in realized form.
B) Real property is only land.
C) Real property is all tangible property including land.
D) Real property is land and everything permanently attached to it.

Solutions: