Highly similar to the real exam

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AICPA CPA Regulation Sample Questions:

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

2. The rule limiting the allowability of passive activity losses and credits applies to:

A) Partnerships.
B) S corporations.
C) Personal service corporations.
D) Widely-held C corporations.

3. 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) $0
C) $175,000 ordinary income.
D) $200,000 long-term capital gain.

4. Leker exchanged a van that was used exclusively for business and had an adjusted tax basis of $20,000
for a new van. The new van had a fair market value of $10,000, and Leker also received $3,000 in cash.
What was Leker's tax basis in the acquired van?

A) $7,000
B) $13,000
C) $17,000
D) $20,000

5. Which of the following statements is the best definition of real property?

A) Real property is land and everything permanently attached to it.
B) Real property is all tangible property including land.
C) Real property is only land.
D) Real property is land and intangible property in realized form.

Solutions: