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AICPA CPA Regulation Sample Questions:

1. Which of the following statements is the best definition of real property?

A) Real property is land and everything permanently attached to it.
B) Real property is land and intangible property in realized form.
C) Real property is only land.
D) Real property is all tangible property including land.

2. Which one of the following statements is correct with regard to an individual taxpayer who has elected to
amortize the premium on a bond that yields taxable interest?

A) The amortization is not treated as a reduction of taxable income.
B) The amortization is treated as an itemized deduction.
C) The bond's basis is reduced by the amortization.
D) The bond's basis is increased by the amortization.

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 $8,400 in gross receipts from their rental property during 1994. The expenses for
the residential rental property were:

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

4. For a cash basis taxpayer, gain or loss on a year-end sale of listed stock arises on the:

A) Trade date.
B) Date of receipt of cash proceeds.
C) Date of delivery of stock certificate.
D) Settlement date.

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

Solutions: