AICPA REG : CPA Regulation

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AICPA CPA Regulation Sample Questions:

1. 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) $0
B) $6,000
C) $5,000
D) $4,000

2. On December 31, 1989, a building owned by Pine Corp. was totally destroyed by fire. The building had
fire insurance coverage up to $500,000. Other pertinent information as of December 31, 1989 follows:

During January 1990, before the 1989 financial statements were issued, Pine received insurance
proceeds of $500,000. On what amount should Pine base the determination of its loss on involuntary
conversion?

A) $550,000
B) $520,000
C) $560,000
D) $530,000

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

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

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.
In 1992, Joan received an acre of land as an inter-vivos gift from her grandfather. At the time of the gift,
the land had a fair market value of $50,000. The grandfather's adjusted basis was $60,000. Joan sold the
land in 1994 to an unrelated third party for $56,000.

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

5. On December 1, 1992, Michaels, a self-employed cash basis taxpayer, borrowed $100,000 to use in her
business. The loan was to be repaid on November 30, 1993. Michaels paid the entire interest of $12,000
on December 1, 1992. What amount of interest was deductible on Michaels' 1993 income tax return?

A) $1,000
B) $0
C) $11,000
D) $12,000

Solutions: