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AICPA REG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Federal Taxation of Individuals | 22-32% | - Individual taxable income and tax compliance - Adjustments, deductions, exemptions and credits - Tax filing requirements and procedures |
| Federal Taxation of Property Transactions | 5-15% | - Basis, cost recovery (depreciation and amortization) - Gains and losses on disposition of assets |
| Ethics, Professional Responsibilities and Federal Tax Procedures | 10-20% | - Ethics and responsibilities in tax practice (Treasury Department Circular 230) - Federal tax procedures, disclosures, penalties, and appeals - Licensing and disciplinary systems for CPA practice |
| Business Law | 15-25% | - Agency, contracts, and debtor-creditor relationships - Business structures and federal business regulations - Legal duties and responsibilities in business transactions |
| Federal Taxation of Entities | 23-33% | - Entity-level tax planning and reporting requirements - Tax compliance for corporations, partnerships, LLCs, and S corporations |
AICPA CPA Regulation Sample Questions:
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.
During 1994, the Moores received a $2,500 federal tax refund and a $1,250 state tax refund for 1993
overpayments. In 1993, the Moores were not subject to the alternative minimum tax and were not entitled
to any credit against income tax. The Moores' 1993 adjusted gross income was $80,000 and itemized
deductions were $1,450 in excess of the standard deduction. The state tax deduction for 1993 was
$ 2,000.
- A. $1,300
- B. $1,000
- C. $1,500
- D. $500
- E. $55,000
- F. $1,250
- G. $2,500
- H. $3,000
- I. $0
- J. $10,000
- K. $75,000
- L. $900
- M. $25,000
- N. $50,000
- O. $2,000
Correct Answer: F 🗳️
Explanation: Only visible for DumpsFree members. You can sign-up / login (it's free).
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.
In 1992, Joan received an acre of land as an inter-vivos gift from her grandfather. At the time of the gift,
the land had a fair market value of $50,000. The grandfather's adjusted basis was $60,000. Joan sold the
land in 1994 to an unrelated third party for $56,000.
- A. $1,300
- B. $1,000
- C. $1,500
- D. $500
- E. $55,000
- F. $1,250
- G. $2,500
- H. $3,000
- I. $0
- J. $10,000
- K. $75,000
- L. $900
- M. $25,000
- N. $50,000
- O. $2,000
Correct Answer: I 🗳️
Explanation: Only visible for DumpsFree members. You can sign-up / login (it's free).
The uniform capitalization method must be used by:
I. Manufacturers of tangible personal property.
II. Retailers of personal property with $2 million dollars in average annual gross receipts for the 3
preceding years.
- A. Neither I nor II.
- B. Both I and II.
- C. I only.
- D. II only.
Correct Answer: C 🗳️
Explanation: Only visible for DumpsFree members. You can sign-up / login (it's free).
On February 1, 1993, Hall learned that he was bequeathed 500 shares of common stock under his
father's will. Hall's father had paid $2,500 for the stock in 1990. Fair market value of the stock on
February 1, 1993, the date of his father's death, was $4,000 and had increased to $5,500 six months later.
The executor of the estate elected the alternate valuation date for estate tax purposes. Hall sold the stock
for $4,500 on June 1, 1993, the date that the executor distributed the stock to him. How much income
should Hall include in his 1993 individual income tax return for the inheritance of the 500 shares of stock,
which he received from his father's estate?
- A. $4,000
- B. $2,500
- C. $0
- D. $5,500
Correct Answer: C 🗳️
Explanation: Only visible for DumpsFree members. You can sign-up / login (it's free).
Elm Corp. is an accrual-basis calendar-year C corporation with 100,000 shares of voting common stock
issued and outstanding as of December 28, 1996. On Friday, December 29, 1996, Hall surrendered 2,000
shares of Elm stock to Elm in exchange for $33,000 cash. Hall had no direct or indirect interest in Elm
after the stock surrender. Additional information follows:
What amount of income did Hall recognize from the stock surrender?
- A. $25,000 dividend.
- B. $33,000 dividend.
- C. $17,000 capital gain.
- D. $18,000 capital gain.
Correct Answer: C 🗳️
Explanation: Only visible for DumpsFree members. You can sign-up / login (it's free).
Ula 
Payne 
Lance 
Darnell 
Selena 
Sid 
Blanche 
Vivian 
Gilbert 
Kenneth 
Prudence 
Norton 
