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AICPA CPA Regulation Sample Questions:

1. Darr, an employee of Sorce C corporation, is not a shareholder. Which of the following would be included
in a taxpayer's gross income?

A) A $10,000 gift from the taxpayer's grandparents.
B) The dividend income on shares of stock that the taxpayer received for services rendered.
C) Employer-provided medical insurance coverage under a health plan.
D) The fair market value of land that the taxpayer inherited from an uncle.

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

3. Among which of the following related parties are losses from sales and exchanges not recognized for tax
purposes?

A) Brother-in-law and sister-in-law.
B) Father-in-law and son-in-law.
C) Ancestors, lineal descendants, and all in-laws.
D) Grandfather and granddaughter.

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

5. Porter was unemployed for part of the year. Porter received $35,000 of wages, $4,000 from a state
unemployment compensation plan, and $2,000 from his former employer's company-paid supplemental
unemployment benefit plan. What is the amount of Porter's gross income?

A) $41,000
B) $35,000
C) $37,000
D) $39,000

Solutions: