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AICPA CPA Regulation Sample Questions:

1. Elm Corp. is an accrual-basis calendar-year C corporation with 100,000 shares of voting common stock
issued and outstanding as of December 28, 1996. On Friday, December 29, 1996, Hall surrendered 2,000
shares of Elm stock to Elm in exchange for $33,000 cash. Hall had no direct or indirect interest in Elm
after the stock surrender. Additional information follows:

What amount of income did Hall recognize from the stock surrender?

A) $33,000 dividend.
B) $18,000 capital gain.
C) $17,000 capital gain.
D) $25,000 dividend.

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

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 1992, Joan received an acre of land as an inter-vivos gift from her grandfather. At the time of the gift,
the land had a fair market value of $50,000. The grandfather's adjusted basis was $60,000. Joan sold the
land in 1994 to an unrelated third party for $56,000.

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

4. Allen owns 100 shares of Prime Corp., a publicly-traded company, which Allen purchased on January 1,
2 001, for $10,000. On January 1, 2003, Prime declared a 2-for-1 stock split when the fair market value
(FMV) of the stock was $120 per share. Immediately following the split, the FMV of Prime stock was $62
per share. On February 1, 2003, Allen had his broker specifically sell the 100 shares of Prime stock
received in the split when the FMV of the stock was $65 per share. What amount should Allen recognize
as long-term capital gain income on his Form 1040, U.S. Individual Income Tax Return, for 2003?

A) $300
B) $750
C) $1,500
D) $2,000

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

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

Solutions: