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AICPA CPA Regulation Sample Questions:

1. On December 1, 1992, Michaels, a self-employed cash basis taxpayer, borrowed $100,000 to use in her
business. The loan was to be repaid on November 30, 1993. Michaels paid the entire interest of $12,000
on December 1, 1992. What amount of interest was deductible on Michaels' 1993 income tax return?

A) $0
B) $12,000
C) $11,000
D) $1,000

2. Darr, an employee of Sorce C corporation, is not a shareholder. Which of the following would be included
in a taxpayer's gross income?

A) A $10,000 gift from the taxpayer's grandparents.
B) The dividend income on shares of stock that the taxpayer received for services rendered.
C) The fair market value of land that the taxpayer inherited from an uncle.
D) Employer-provided medical insurance coverage under a health plan.

3. Don Wolf became a general partner in Gata Associates on January 1, 1989, with a 5% interest in Gata's
profits, losses, and capital. Gata is a distributor of auto parts. Wolf does not materially participate in the
partnership business. For the year ended December 31, 1989, Gata had an operating loss of $100,000.
In addition, Gata earned interest of $20,000 on a temporary investment. Gata has kept the principal
temporarily invested while awaiting delivery of equipment that is presently on order. The principal will be
used to pay for this equipment. Wolf's passive loss for 1989 is:

A) $6,000
B) $5,000
C) $4,000
D) $0

4. Dale received $1,000 in 1990 for jury duty. In exchange for regular compensation from her employer
during the period of jury service, Dale was required to remit the entire $1,000 to her employer in 1990. In
Dale's 1990 income tax return, the $1,000 jury duty fee should be:

A) Claimed in full as an itemized deduction.
B) Included in taxable income without a corresponding offset against other income.
C) Deducted from gross income in arriving at adjusted gross income.
D) Claimed as an itemized deduction to the extent exceeding 2% of adjusted gross income.

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

Solutions: