CPA 2026 REG Tax Regulation Property Tax Free Quiz 1

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CPA 2026 REG Tax Regulation Property Tax Free Quiz 1

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CPA 2026 REG Tax Regulation Property Tax Free Quiz 1

Practice CPA 2026 REG Tax Regulation MCQs from Property Tax. Get instant results with Explanation.

General10 MCQs

1. What is the basis of property?

A. Basis is always the fair market value at acquisitionB. Basis is generally cost, with adjustments; gift basis is carryover; inherited basis is stepped-upC. Basis is only the cost of the propertyD. Basis is the same for all types of acquisitions

2. What is a capital asset?

A. All property is a capital assetB. Inventory is a capital assetC. Capital assets include stocks, bonds, and personal residence, but exclude inventory and depreciable business propertyD. Capital assets are only those held for investment

3. What is the calculation of a capital gain?

A. Capital gain = Amount realized - Adjusted basisB. Capital gain = Adjusted basis - Amount realizedC. Capital gain = Amount realized + Adjusted basisD. Capital gain = Amount realized × Adjusted basis

4. What is the holding period for long-term capital gain?

A. The holding period begins on the date of acquisitionB. The holding period is the same for all assetsC. The holding period is irrelevant for tax purposesD. The holding period for long-term capital gain is more than one year

5. What is a Section 1031 like-kind exchange?

A. Section 1031 applies to all property exchangesB. Section 1031 applies to like-kind exchanges of business or investment property, allowing deferral of gainC. Section 1031 applies only to real estateD. Section 1031 requires recognition of gain immediately

General10 MCQs

6. What is boot in a like-kind exchange?

A. Boot is always tax-freeB. Boot is not recognized in a like-kind exchangeC. Boot is taxable to the extent of gain realized in a like-kind exchangeD. Boot is only taxable if it exceeds 20% of the exchange

7. How is the basis of property acquired in a like-kind exchange determined?

A. Basis of new property = Basis of old property - Boot received + Gain recognized + Boot paidB. Basis of new property = Basis of old property + Boot receivedC. Basis of new property = Basis of old property - Gain recognizedD. Basis of new property = Fair market value of new property

8. What is the tax treatment of involuntary conversions?

A. Involuntary conversions always result in taxable gainB. Gain on involuntary conversion is never deferredC. The replacement period for involuntary conversions is 1 yearD. Gain on involuntary conversion may be deferred if replacement property is acquired within the required period

9. What is the basis of property received as a gift?

A. The basis of gifted property is its fair market value at the date of giftB. The basis of gifted property is generally the donor's adjusted basis (carryover basis)C. The basis of gifted property is zeroD. The basis of gifted property is the same as the donee's basis

10. What is the basis of inherited property?

A. The basis of inherited property is the decedent's original costB. The basis of inherited property is the amount of estate tax paidC. The basis of inherited property is the fair market value at the date of deathD. The basis of inherited property is the same as the gift basis

📋 CPA - Test Online Practice Quizzes

CPA

Conducting Body: AICPA

Frequency: Exam Frequency Year Round | Time: 960 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 250 MCQs):

Auditing and Attestation: 78 MCQs
Financial Accounting and Reporting: 50 MCQs
Taxation and Regulation: 72 MCQs
Business Analysis and Reporting: 50 MCQs
Information Systems and Controls: 82 MCQs
Tax Compliance and Planning: 68 MCQs

Merit Formula: -

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