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AICPA CPA Regulation Sample Questions:

1. Baum, an unmarried optometrist and sole proprietor of Optics, buys and maintains a supply of eyeglasses
and frames to sell in the ordinary course of business. In 1999, Optics had $350,000 in gross business
receipts and its year-end inventory was not subject to the uniform capitalization rules. Baum's 1999
adjusted gross income was $90,000 and Baum qualified to itemize deductions. During 1999, Baum
recorded the following information:
Business expenses:

What amount should Baum report as 1999 net earnings from self-employment?

A) $243,250
B) $281,750
C) $273,000
D) $252,000

2. Which of the following is subject to the Uniform Capitalization Rules of Code Sec. 263A?

A) Editorial costs incurred by a freelance writer.
B) Research and experimental expenditures.
C) Warehousing costs incurred by a manufacturing company with $12 million in annual gross receipts.
D) Mine development and exploration costs.

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

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

4. 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 in cash.
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 whether in cash or in property.

5. 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.
In 1994, Joan received $3,500 as beneficiary of the death benefit, which was provided by her brother's
employer. Joan's brother did not have a nonforfeitable right to receive the money while living.

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

Solutions: