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AICPA CPA Regulation Sample Questions:

1. An individual had the following capital gains and losses for the year:

What will be the net gain (loss) reported by the individual and at what applicable tax rate(s)?

A) Short-term loss of $3,000 at the ordinary rate and long-term capital gain of $86,000 at the 15% rate.
B) Short-term loss of $3,000 at the ordinary rate, long-term capital gain of $10,000 at the 15% rate,
collectibles gain of $10,000 at the 28% rate, and Section 1250 gain of $56,000 at the 25% rate.
C) Long-term capital gain of $3,000 at the 15% rate, collectibles gain of $10,000 at the 28% rate, and
Section 1250 gain of $56,000 at the 25% rate.
D) Long-term gain of $16,000 at the 15% rate.

2. Cobb, an unmarried individual, had an adjusted gross income of $200,000 in 1990 before any IRA
deduction, taxable social security benefits, or passive activity losses. Cobb incurred a loss of $30,000 in
1 990 from rental real estate in which he actively participated. What amount of loss attributable to this
rental real estate can be used in 1990 as an offset against income from nonpassive sources?

A) $12,500
B) $0
C) $30,000
D) $25,000

3. 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) $100,000
B) $90,000
C) $75,000
D) $110,000

4. Ryan, age 57, is single with no dependents. On July 1, 1997, Ryan's principal residence was sold for the
net amount of $500,000 after all selling expenses. Ryan bought the house in 1963 and occupied it until
sold. On the date of sale, the house had a basis of $180,000. Ryan does not intend to buy another
residence. What is the maximum exclusion of gain on sale of the residence that may be claimed in Ryan's
1 997 income tax return?

A) $0
B) $320,000
C) $250,000
D) $125,000

5. Under the uniform capitalization rules applicable to taxpayers with property acquired for resale, which of
the following costs should be capitalized with respect to inventory if no exceptions have been met?

A) Option D
B) Option B
C) Option C
D) Option A

Solutions: