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AICPA CPA Regulation Sample Questions:

1. 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

2. Barkley owns a vacation cabin that was rented to unrelated parties for 10 days during the year for $2,500.
The cabin was used personally by Barkley for three months and left vacant for the rest of the year.
Expenses for the cabin were as follows:
Real estate taxes $1,000
Maintenance and utilities $2,000
How much rental income (loss) is included in Barkley's adjusted gross income?

A) $(1,500)
B) $0
C) $(500)
D) $500

3. A cash basis taxpayer should report gross income:

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

4. 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) $281,750
B) $243,250
C) $273,000
D) $252,000

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

Solutions: