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AICPA CPA Regulation Sample Questions:

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

2. Clark bought Series EE U.S. Savings Bonds after 1989. Redemption proceeds will be used for payment of
college tuition for Clark's dependent child. One of the conditions that must be met for tax exemption of
accumulated interest on these bonds is that the:

A) Bonds must be bought by the owner of the bonds before the owner reaches the age of 24.
B) Bonds must be transferred to the college for redemption by the college rather than by the owner of the
bonds.
C) Purchaser of the bonds must be the sole owner of the bonds (or joint owner with his or her spouse).
D) Bonds must be bought by a parent (or both parents) and put in the name of the dependent child.

3. In a tax year where the taxpayer pays qualified education expenses, interest income on the redemption of
qualified U.S. Series EE Bonds may be excluded from gross income. The exclusion is subject to a
modified gross income limitation and a limit of aggregate bond proceeds in excess of qualified higher
education expenses. Which of the following is (are) true?
I. The exclusion applies for education expenses incurred by the taxpayer, the taxpayer's spouse, or any
person whom the taxpayer may claim as a dependent for the year.
II. "Otherwise qualified higher education expenses" must be reduced by qualified scholarships not
includible in gross income.

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

4. 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) $5,500
C) $2,500
D) $0

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 A
C) Option C
D) Option B

Solutions: