Regulation

Practice Questions

CPA Exam › Regulation

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1

Which of the following is not an essential element of a contract?

2

For the current year, The Echo Company possessed the following income:

In the Echo Company's current year taxable income, how much should be included for dividends received?

3

Which of the following is not an essential element of a contract?

4

An individual may exclude from income up to __________ of gain that is realized on the sale or exchange of a residence, if the individual owned and occupied the residence as a principle residence for an aggregate of at least __________ of the five years __________ the sale.

5

Charlie Smith is filing a joint tax return with his wife. Charlie Smith's employer pays the entire cost of all the employee's group-term life insurance under a qualified plan. Under this plan, which of the following choices identifies the maximum amount of tax-free coverage that may be provided for Mr. Smith by his employer?

6

For the current year, The Echo Company possessed the following income:

In the Echo Company's current year taxable income, how much should be included for dividends received?

7

Charlie Smith is filing a joint tax return with his wife. Charlie Smith's employer pays the entire cost of all the employee's group-term life insurance under a qualified plan. Under this plan, which of the following choices identifies the maximum amount of tax-free coverage that may be provided for Mr. Smith by his employer?

8

An individual may exclude from income up to __________ of gain that is realized on the sale or exchange of a residence, if the individual owned and occupied the residence as a principle residence for an aggregate of at least __________ of the five years __________ the sale.

9

If the Alpha Corporation's 2015 alternative minimum taxable income was . Which of the following properly identifies the exempt portion of the Alpha Corporation's 2015 alternative minimum taxable income?

10

If the Alpha Corporation's 2015 alternative minimum taxable income was . Which of the following properly identifies the exempt portion of the Alpha Corporation's 2015 alternative minimum taxable income?

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