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AICPA CPA Regulation Sample Questions:

1. Under the uniform capitalization rules applicable to property acquired for resale, which of the following
costs should be capitalized with respect to inventory if no exceptions are met?

A) Option D
B) Option B
C) Option C
D) Option A

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

3. Which one of the following will result in an accruable expense for an accrual-basis taxpayer?

A) A repair completed prior to year end and paid upon completion.
B) An invoice dated prior to year end but the repair completed after year end.
C) A repair completed prior to year end but not invoiced.
D) A signed contract for repair work to be done and the work is to be completed at a later date.

4. An individual had the following capital gains and losses for the year:

What will be the net gain (loss) reported by the individual and at what applicable tax rate(s)?

A) Short-term loss of $3,000 at the ordinary rate and long-term capital gain of $86,000 at the 15% rate.
B) Short-term loss of $3,000 at the ordinary rate, long-term capital gain of $10,000 at the 15% rate,
collectibles gain of $10,000 at the 28% rate, and Section 1250 gain of $56,000 at the 25% rate.
C) Long-term capital gain of $3,000 at the 15% rate, collectibles gain of $10,000 at the 28% rate, and
Section 1250 gain of $56,000 at the 25% rate.
D) Long-term gain of $16,000 at the 15% rate.

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

Solutions: