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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.
The Moores received $8,400 in gross receipts from their rental property during 1994. The expenses for
the residential rental property were:

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

2. 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) $2,500
C) $0
D) $1,300

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

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

5. 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) $59,125
B) $58,400
C) $55,000
D) $59,425

Solutions: