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AICPA CPA Regulation Sample Questions:

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

2. 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 D
B) Option A
C) Option B
D) Option C

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

4. Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts
receivable were $25,000. During the year, Mosh collected $100,000 from customers. At the end of the
year, accounts receivable were $15,000. What was Mosh's gross taxable income for the current year?

A) $100,000
B) $75,000
C) $110,000
D) $90,000

5. 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 D
B) Option A
C) Option B
D) Option C

Solutions: