AICPA AICPA Certification REG

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AICPA CPA Regulation Sample Questions:

1. 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.
Tom received $10,000, consisting of $5,000 each of principal and interest, when he redeemed a Series
EE savings bond in 1994. The bond was issued in his name in 1990 and the proceeds were used to pay
for Laura's college tuition. Tom had not elected to report the yearly increases in the value of the bond.

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

2. 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) $110,000
B) $75,000
C) $90,000
D) $100,000

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 1994, Joan received $1,300 in unemployment compensation benefits. Her employer made a $100
contribution to the unemployment insurance fund on her behalf.

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

4. 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.
During 1994, the Moores received a $2,500 federal tax refund and a $1,250 state tax refund for 1993
overpayments. In 1993, the Moores were not subject to the alternative minimum tax and were not entitled
to any credit against income tax. The Moores' 1993 adjusted gross income was $80,000 and itemized
deductions were $1,450 in excess of the standard deduction. The state tax deduction for 1993 was
$ 2,000.

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

5. In evaluating the hierarchy of authority in tax law, which of the following carries the greatest authoritative
value for tax planning of transactions?

A) IRS agents' reports.
B) Internal Revenue Code.
C) IRS regulations.
D) Tax court decisions.

Solutions: