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AICPA CPA Regulation Sample Questions:

1. Hall, a divorced person and custodian of her 12-year old child, filed her 1990 federal income tax return as
head of a household. She submitted the following information to the CPA who prepared her 1990 return:
. In 1990, Hall sold an antique that she bought in 1980 to display in her home. Hall paid $800 for the
antique and sold it for $1,400, using the proceeds to pay a court ordered judgment.
The $600 gain that Hall realized on the sale of the antique should be treated as:

A) Ordinary income.
B) A nontaxable antiquities transaction.
C) Long-term capital gain.
D) An involuntary conversion.

2. On December 31, 1989, a building owned by Pine Corp. was totally destroyed by fire. The building had
fire insurance coverage up to $500,000. Other pertinent information as of December 31, 1989 follows:

During January 1990, before the 1989 financial statements were issued, Pine received insurance
proceeds of $500,000. On what amount should Pine base the determination of its loss on involuntary
conversion?

A) $560,000
B) $550,000
C) $520,000
D) $530,000

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

4. 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) A rental loss may be deducted if rental-related expenses exceed rental income.
C) All mortgage interest and taxes on the property will be deducted to determine the property's net income
or loss.
D) Utilities and maintenance on the property must be divided between personal and rental use.

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

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

Solutions: