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AICPA CPA Regulation Sample Questions:

1. 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.

2. Which payment(s) is(are) included in a recipient's gross income?
I. Payment to a graduate assistant for a part-time teaching assignment at a university. Teaching is not a
requirement toward obtaining the degree.
II. A grant to a Ph.D. candidate for his participation in a university-sponsored research project for the
benefit of the university.

A) Neither I nor II.
B) Both I and II.
C) I only.
D) II only.

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

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) 2
B) 4
C) 3
D) 1

5. 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) $2,000
B) $6,000
C) $4,000
D) $0

Solutions: