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AICPA CPA Regulation Sample Questions:

1. Doris and Lydia are equal partners in the capital and profits of Agee & Nolan, but are otherwise unrelated.
The following information pertains to 300 shares of Mast Corp. stock sold by Lydia to Agee & Nolan:

The amount of long-term capital loss that Lydia realized in 1988 on the sale of this stock was:

A) $2,500
B) $3,000
C) $5,000
D) $0

2. On December 1, 1997, Krest, a self-employed cash basis taxpayer, borrowed $200,000 to use in her
business. The loan was to be repaid on November 30, 1998. Krest paid the entire interest amount of
$ 24,000 on December 1, 1997. What amount of interest was deductible on Krest's 1997 income tax return?

A) $2,000
B) $22,000
C) $24,000
D) $0

3. Which of the following sales should be reported as a capital gain?

A) Sale of inventory.
B) Government bonds sold by an individual investor.
C) Sale of equipment.
D) Real property subdivided and sold by a dealer.

4. Wallace purchased 500 shares of Kingpin, Inc. 15 years ago for $25,000. Wallace has worked as an
owner/employee and owned 40% of the company throughout this time. This year, Kingpin, which is not an
S corporation, redeemed 100% of Wallace's stock for $200,000. What is the treatment and amount of
income or gain that Wallace should report?

A) $175,000 long-term capital gain.
B) $175,000 ordinary income.
C) $0
D) $200,000 long-term capital gain.

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

Solutions: