AICPA REG : CPA Regulation

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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 1994, Joan received $3,500 as beneficiary of the death benefit, which was provided by her brother's
employer. Joan's brother did not have a nonforfeitable right to receive the money while living.

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

2. 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.
The Moores had no capital loss carryovers from prior years. During 1994, the Moores had the following
stock transactions, which resulted in a net capital loss:

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

3. Smith made a gift of property to Thompson. Smith's basis in the property was $1,200. The fair market
value at the time of the gift was $1,400. Thompson sold the property for $2,500. What was the amount of
Thompson's gain on the disposition?

A) $1,100
B) $0
C) $2,500
D) $1,300

4. John and Mary were divorced in 1991. The divorce decree provides that John pay alimony of $10,000 per
year, to be reduced by 20% on their child's 18th birthday. During 1992, John paid $7,000 directly to Mary
and $3,000 to Spring College for Mary's tuition. What amount of these payments should be reported as
income in Mary's 1992 income tax return?

A) $10,000
B) $8,000
C) $8,600
D) $5,600

5. Which payment(s) is(are) included in a recipient's gross income?
I. Payment to a graduate assistant for a part-time teaching assignment at a university. Teaching is not a
requirement toward obtaining the degree.
II. A grant to a Ph.D. candidate for his participation in a university-sponsored research project for the
benefit of the university.

A) Neither I nor II.
B) Both I and II.
C) II only.
D) I only.

Solutions: