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AICPA CPA Regulation Sample Questions:

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

2. A cash basis taxpayer should report gross income:

A) For the year in which income is either actually or constructively received in cash only.
B) Only for the year in which income is actually received whether in cash or in property.
C) For the year in which income is either actually or constructively received, whether in cash or in
property.
D) Only for the year in which income is actually received in cash.

3. Hall, a divorced person and custodian of her 12-year old child, filed her 1990 federal income tax return as
head of a household. She submitted the following information to the CPA who prepared her 1990 return:
. In 1990, Hall sold an antique that she bought in 1980 to display in her home. Hall paid $800 for the
antique and sold it for $1,400, using the proceeds to pay a court ordered judgment.
The $600 gain that Hall realized on the sale of the antique should be treated as:

A) An involuntary conversion.
B) Ordinary income.
C) Long-term capital gain.
D) A nontaxable antiquities transaction.

4. Which of the following statements is the best definition of real property?

A) Real property is land and everything permanently attached to it.
B) Real property is only land.
C) Real property is land and intangible property in realized form.
D) Real property is all tangible property including land.

5. On February 1, 1993, Hall learned that he was bequeathed 500 shares of common stock under his
father's will. Hall's father had paid $2,500 for the stock in 1990. Fair market value of the stock on
February 1, 1993, the date of his father's death, was $4,000 and had increased to $5,500 six months later.
The executor of the estate elected the alternate valuation date for estate tax purposes. Hall sold the stock
for $4,500 on June 1, 1993, the date that the executor distributed the stock to him. How much income
should Hall include in his 1993 individual income tax return for the inheritance of the 500 shares of stock,
which he received from his father's estate?

A) $4,000
B) $0
C) $5,500
D) $2,500

Solutions: