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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 received $10,000, consisting of $5,000 each of principal and interest, when he redeemed a Series
EE savings bond in 1994. The bond was issued in his name in 1990 and the proceeds were used to pay
for Laura's college tuition. Tom had not elected to report the yearly increases in the value of the bond.

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

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

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

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.
The Moores received a $500 security deposit on their rental property in 1994. They are required to return
the amount to the tenant.

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

4. Smith, an individual calendar-year taxpayer, purchased 100 shares of Core Co. common stock for
$ 15,000 on December 15, 1992, and an additional 100 shares for $13,000 on December 30, 1992. On
January 3, 1993, Smith sold the shares purchased on December 15, 1992, for $13,000. What amount of
loss from the sale of Core's stock is deductible on Smith's 1992 and 1993 income tax returns?

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

5. 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) $10,000
B) $2,500
C) $1,250
D) $55,000
E) $25,000
F) $1,000
G) $75,000
H) $3,000
I) $500
J) $50,000
K) $1,300
L) $1,500
M) $0
N) $900
O) $2,000

Solutions: