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AICPA REG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Federal Taxation of Property Transactions | 12-22% | - Like-kind exchanges and involuntary conversions - Recognition of gains and losses - Cost recovery, depreciation, and amortization - Basis and holding periods of assets - Capital vs ordinary asset classification |
| Federal Taxation of Entities | 28-38% | - Partnerships and LLCs - Book-tax differences and distributions - S Corporations - C Corporations - Tax-exempt organizations |
| Business Law | 10-20% | - Debtor-creditor relationships and bankruptcy - Secured transactions (UCC Article 9) - Contracts and UCC Article 2 - Agency relationships - Business structure legal framework |
| Federal Taxation of Individuals | 15-25% | - Pass-through entity income reporting - Gross income inclusions and exclusions - Adjustments, deductions, and credits - Loss limitations and tax computation - Filing status and exemptions |
| Ethics, Professional Responsibilities, and Federal Tax Procedures | 10-20% | - Tax preparer penalties and due diligence - IRS audit, appeals, and collection procedures - Ethics and responsibilities in tax practice - Licensing and disciplinary systems - Treasury Department Circular 230 rules |
AICPA CPA Regulation Sample Questions:
1. 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) $2,500
B) $1,300
C) $1,000
D) $900
E) $0
F) $2,000
G) $75,000
H) $500
I) $25,000
J) $55,000
K) $3,000
L) $50,000
M) $1,500
N) $1,250
O) $10,000
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) $37,000
B) $41,000
C) $35,000
D) $39,000
3. Farr made a gift of stock to her child, Pat. At the date of gift, Farr's stock basis was $10,000 and the
stock's fair market value was $15,000. No gift taxes were paid. What is Pat's basis in the stock for
computing gain?
A) $5,000
B) $0
C) $15,000
D) $10,000
4. Rich is a cash basis self-employed air-conditioning repairman with 1993 gross business receipts of
$ 20,000. Rich's cash disbursements were as follows:
What amount should Rich report as net self-employment income?
A) $13,900
B) $14,900
C) $14,100
D) $15,100
5. The rule limiting the allowability of passive activity losses and credits applies to:
A) S corporations.
B) Partnerships.
C) Personal service corporations.
D) Widely-held C corporations.
Solutions:
| Question # 1 Answer: N | Question # 2 Answer: B | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: C |
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