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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.
Tom's 1994 wages were $53,000. In addition, Tom's employer provided group-term life insurance on
Tom's life in excess of $50,000. The value of such excess coverage was $2,000.

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

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

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

3. Wallace purchased 500 shares of Kingpin, Inc. 15 years ago for $25,000. Wallace has worked as an
owner/employee and owned 40% of the company throughout this time. This year, Kingpin, which is not an
S corporation, redeemed 100% of Wallace's stock for $200,000. What is the treatment and amount of
income or gain that Wallace should report?

A) $200,000 long-term capital gain.
B) $175,000 ordinary income.
C) $175,000 long-term capital gain.
D) $0

4. Dale received $1,000 in 1990 for jury duty. In exchange for regular compensation from her employer
during the period of jury service, Dale was required to remit the entire $1,000 to her employer in 1990. In
Dale's 1990 income tax return, the $1,000 jury duty fee should be:

A) Deducted from gross income in arriving at adjusted gross income.
B) Claimed in full as an itemized deduction.
C) Claimed as an itemized deduction to the extent exceeding 2% of adjusted gross income.
D) Included in taxable income without a corresponding offset against other income.

5. DAC Foundation awarded Kent $75,000 in recognition of lifelong literary achievement. Kent was not
required to render future services as a condition to receive the $75,000. What condition(s) must have
been met for the award to be excluded from Kent's gross income?
I. Kent was selected for the award by DAC without any action on Kent's part.
II. Pursuant to Kent's designation, DAC paid the amount of the award either to a governmental unit or to a
charitable organization.

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

Solutions: