AICPA AICPA Certification REG

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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) $59,425
C) $58,400
D) $55,000

2. Gibson purchased stock with a fair market value of $14,000 from Gibson's adult child for $12,000. The
child's cost basis in the stock at the date of sale was $16,000. Gibson sold the same stock to an unrelated
party for $18,000. What is Gibson's recognized gain from the sale?

A) $4,000
B) $6,000
C) $0
D) $2,000

3. Greller owns 100 shares of Arden Corp., a publicly-traded company, which Greller purchased on January
1 , 2001, for $10,000. On January 1, 2003, Arden declared a 2-for-1 stock split when the fair market value
(FMV) of the stock was $120 per share. Immediately following the split, the FMV of Arden stock was $62
per share. On February 1, 2003, Greller had his broker specifically sell the 100 shares of Arden stock
received in the split when the FMV of the stock was $65 per share. What is the basis of the 100 shares of
Arden sold?

A) $6,500
B) $6,000
C) $5,000
D) $6,200

4. In which of the following situations may taxpayers file as married filing jointly?

A) Taxpayers who were legally separated but lived together for the entire year.
B) Taxpayers who were married but lived apart during the year.
C) Taxpayers who were divorced during the year.
D) Taxpayers who were married but lived under a legal separation agreement at the end of the year.

5. 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 $3,500 as beneficiary of the death benefit, which was provided by her brother's
employer. Joan's brother did not have a nonforfeitable right to receive the money while living.

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

Solutions: