AICPA Certification REG Braindumps

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AICPA CPA Regulation Sample Questions:

1. Freeman, a single individual, reported the following income in the current year:
Guaranteed payment from services rendered to a partnership $50,000
Ordinary income from a S corporation $20,000
What amount of Freeman's income is subject to self-employment tax?

A) $20,000
B) $70,000
C) $50,000
D) $0

2. Porter was unemployed for part of the year. Porter received $35,000 of wages, $4,000 from a state
unemployment compensation plan, and $2,000 from his former employer's company-paid supplemental
unemployment benefit plan. What is the amount of Porter's gross income?

A) $41,000
B) $37,000
C) $35,000
D) $39,000

3. Parker, whose spouse died during the preceding year, has not remarried. Parker maintains a home for a
dependent child. What is Parker's most advantageous filing status?

A) Qualifying widow(er) with dependent child.
B) Head of household.
C) Married filing separately.
D) Single.

4. 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.
Tom received $10,000, consisting of $5,000 each of principal and interest, when he redeemed a Series
EE savings bond in 1994. The bond was issued in his name in 1990 and the proceeds were used to pay
for Laura's college tuition. Tom had not elected to report the yearly increases in the value of the bond.

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

5. 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 intangible property in realized form.
C) Real property is land and everything permanently attached to it.
D) Real property is only land.

Solutions: