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AICPA CPA Regulation Sample Questions:

1. Starr, a self-employed individual, purchased a piece of equipment for use in Starr's business. The costs
associated with the acquisition of the equipment were:

What is the depreciable basis of the equipment?

A) $59,125
B) $55,000
C) $58,400
D) $59,425

2. Don Wolf became a general partner in Gata Associates on January 1, 1989, with a 5% interest in Gata's
profits, losses, and capital. Gata is a distributor of auto parts. Wolf does not materially participate in the
partnership business. For the year ended December 31, 1989, Gata had an operating loss of $100,000.
In addition, Gata earned interest of $20,000 on a temporary investment. Gata has kept the principal
temporarily invested while awaiting delivery of equipment that is presently on order. The principal will be
used to pay for this equipment. Wolf's passive loss for 1989 is:

A) $5,000
B) $6,000
C) $0
D) $4,000

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

4. Which one of the following will result in an accruable expense for an accrual-basis taxpayer?

A) A signed contract for repair work to be done and the work is to be completed at a later date.
B) A repair completed prior to year end but not invoiced.
C) A repair completed prior to year end and paid upon completion.
D) An invoice dated prior to year end but the repair completed after year end.

5. Freeman, a single individual, reported the following income in the current year:
Guaranteed payment from services rendered to a partnership $50,000
Ordinary income from a S corporation $20,000
What amount of Freeman's income is subject to self-employment tax?

A) $20,000
B) $50,000
C) $70,000
D) $0

Solutions: