AICPA REG real exam prep : CPA Regulation

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Capital assets include:

A) A corporation's accounts receivable from the sale of its inventory.
B) A corporate real estate developer's unimproved land that is to be subdivided to build homes, which will
be sold to customers.
C) Seven-year MACRS property used in a corporation's trade or business.
D) A manufacturing company's investment in U.S. Treasury bonds.

2. 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) $59,425
B) $55,000
C) $59,125
D) $58,400

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.
In 1994, Joan received $1,300 in unemployment compensation benefits. Her employer made a $100
contribution to the unemployment insurance fund on her behalf.

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. 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

5. Conner purchased 300 shares of Zinco stock for $30,000 in 1980. On May 23, 1994, Conner sold all the
stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss
during 1994. On July 26, 1994, Alice sold the 300 shares of Zinco for $25,000.
What was Alice's recognized gain or loss on her sale?

A) $5,000 long-term loss.
B) $5,000 short-term loss.
C) $5,000 long-term gain.
D) $0

Solutions: