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AICPA CPA Regulation Sample Questions:

1. Adams owns a second residence that is used for both personal and rental purposes. During 2001, Adams
used the second residence for 50 days and rented the residence for 200 days. Which of the following
statements is correct?

A) Utilities and maintenance on the property must be divided between personal and rental use.
B) Depreciation may not be deducted on the property under any circumstances.
C) A rental loss may be deducted if rental-related expenses exceed rental income.
D) All mortgage interest and taxes on the property will be deducted to determine the property's net income
or loss.

2. 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 A
B) Option B
C) Option C
D) Option D

3. Capital assets include:

A) A manufacturing company's investment in U.S. Treasury bonds.
B) A corporation's accounts receivable from the sale of its inventory.
C) Seven-year MACRS property used in a corporation's trade or business.
D) A corporate real estate developer's unimproved land that is to be subdivided to build homes, which will
be sold to customers.

4. In 19X4, Smith, a divorced person, provided over one half the support for his widowed mother, Ruth, and
his son, Clay, both of whom are U.S. citizens. During 19X4, Ruth did not live with Smith. She received
$ 9,000 in Social Security benefits. Clay, a 25 year-old full-time graduate student, and his wife lived with
Smith. Clay had no income but filed a joint return for 19X4, owing an additional $500 in taxes on his wife's
income. How many exemptions was Smith entitled to claim on his 19X4 tax return?

A) 1
B) 3
C) 2
D) 4

5. Which of the following sales should be reported as a capital gain?

A) Real property subdivided and sold by a dealer.
B) Government bonds sold by an individual investor.
C) Sale of equipment.
D) Sale of inventory.

Solutions: