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AICPA REG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Business Law | 10–20% | - Business structure law
|
| Topic 2: Federal Taxation of Individuals | 15–25% | - Individual income taxation
|
| Topic 3: Federal Taxation of Property Transactions | 12–22% | - Property transactions
|
| Topic 4: Federal Taxation of Entities | 18–28% | - Business entity taxation
|
| Topic 5: Ethics, Professional Responsibilities, and Federal Tax Procedures | 15–25% | - Federal tax procedures
|
AICPA CPA Regulation Sample Questions:
Freeman, a single individual, reported the following income in the current year:
Guaranteed payment from services rendered to a partnership $50,000
Ordinary income from a S corporation $20,000
What amount of Freeman's income is subject to self-employment tax?
- A. $50,000
- B. $0
- C. $70,000
- D. $20,000
Correct Answer: A 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
Conner purchased 300 shares of Zinco stock for $30,000 in 1980. On May 23, 1994, Conner sold all the
stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss
during 1994. On July 26, 1994, Alice sold the 300 shares of Zinco for $25,000.
What amount of the loss from the sale of Zinco stock can Conner deduct in 1994?
- A. $5,000
- B. $3,000
- C. $10,000
- D. $0
Correct Answer: D 🗳️
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On December 1, 1992, Michaels, a self-employed cash basis taxpayer, borrowed $100,000 to use in her
business. The loan was to be repaid on November 30, 1993. Michaels paid the entire interest of $12,000
on December 1, 1992. What amount of interest was deductible on Michaels' 1993 income tax return?
- A. $11,000
- B. $12,000
- C. $0
- D. $1,000
Correct Answer: A 🗳️
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Cobb, an unmarried individual, had an adjusted gross income of $200,000 in 1990 before any IRA
deduction, taxable social security benefits, or passive activity losses. Cobb incurred a loss of $30,000 in
1 990 from rental real estate in which he actively participated. What amount of loss attributable to this
rental real estate can be used in 1990 as an offset against income from nonpassive sources?
- A. $30,000
- B. $12,500
- C. $0
- D. $25,000
Correct Answer: C 🗳️
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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.
Tom received $10,000, consisting of $5,000 each of principal and interest, when he redeemed a Series
EE savings bond in 1994. The bond was issued in his name in 1990 and the proceeds were used to pay
for Laura's college tuition. Tom had not elected to report the yearly increases in the value of the bond.
- A. $1,250
- B. $900
- C. $3,000
- D. $50,000
- E. $1,500
- F. $55,000
- G. $2,500
- H. $10,000
- I. $0
- J. $25,000
- K. $1,300
- L. $75,000
- M. $1,000
- N. $500
- O. $2,000
Correct Answer: I 🗳️
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