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CPA-Regulation CPA Exam Questions

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CPA-Regulation CPA Exam Questions

Free CPA-Regulation CPA Exam Questions - AICPA CPA-Regulation Exam

AICPA CPA-Regulation Exam

CPA Regulation

Total Questions: 69

Last Updated : 23-06-2022

Based on Official Syllabus Topics of Actual AICPA-Regulation Exam

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How these Free Questions can help you Prepare for the actual AICPA-Regulation Exam?

Understand the Actual CPA-Regulation Exam Syllabus, Format, and Question Types

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AICPA CPA-Regulation CPA Questions

Q1.

Which one of the following statements is correct with regard to an individual taxpayer who has elected to amortize the premium on a bond that yields taxable interest?

AThe amortization is treated as an itemized deduction.

BThe amortization is not treated as a reduction of taxable income.

CThe bond's basis is reduced by the amortization.

DThe bond's basis is increased by the amortization.

Q2.

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$0

B$4,000

C$5,000

D$6,000

Q3.

Under a $150,000 insurance policy on her deceased father's life, May Green is to receive $12,000 per year for 15 years. Of the $12,000 received in 1987, the amount subject to income tax is:

A$0

B$1,000

C$2,000

D$12,000

Q4.

An individual had the following capital gains and losses for the year:

What will be the net gain (loss) reported by the individual and at what applicable tax rate(s)?

ALong-term gain of $16,000 at the 15% rate.

BShort-term loss of $3,000 at the ordinary rate and long-term capital gain of $86,000 at the 15% rate.

CLong-term capital gain of $3,000 at the 15% rate, collectibles gain of $10,000 at the 28% rate, and Section 1250 gain of $56,000 at the 25% rate.

DShort-term loss of $3,000 at the ordinary rate, long-term capital gain of $10,000 at the 15% rate, collectibles gain of $10,000 at the 28% rate, and Section 1250 gain of $56,000 at the 25% rate.

Q5.

Gibson purchased stock with a fair market value of $14,000 from Gibson's adult child for $12,000. The child's cost basis in the stock at the date of sale was $16,000. Gibson sold the same stock to an unrelated party for $18,000. What is Gibson's recognized gain from the sale?

A$0

B$2,000

C$4,000

D$6,000

Solutions:

Question: 1 Answer: C

Question: 2 Answer: C

Question: 3 Answer: C

Question: 4 Answer: A

Question: 5 Answer: B

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