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AICPA REG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Federal Taxation of Individuals | 15-25% | - Adjustments, deductions, and credits - Gross income inclusions and exclusions - Filing status and exemptions - Loss limitations and tax computation - Pass-through entity income reporting |
| Topic 2: Business Law | 10-20% | - Secured transactions (UCC Article 9) - Contracts and UCC Article 2 - Business structure legal framework - Agency relationships - Debtor-creditor relationships and bankruptcy |
| Topic 3: Federal Taxation of Property Transactions | 12-22% | - Basis and holding periods of assets - Recognition of gains and losses - Cost recovery, depreciation, and amortization - Like-kind exchanges and involuntary conversions - Capital vs ordinary asset classification |
| Topic 4: Federal Taxation of Entities | 28-38% | - Partnerships and LLCs - C Corporations - Tax-exempt organizations - S Corporations - Book-tax differences and distributions |
| Topic 5: Ethics, Professional Responsibilities, and Federal Tax Procedures | 10-20% | - Licensing and disciplinary systems - Tax preparer penalties and due diligence - IRS audit, appeals, and collection procedures - Ethics and responsibilities in tax practice - Treasury Department Circular 230 rules |
AICPA CPA Regulation Sample Questions:
Which of the following sales should be reported as a capital gain?
- A. Government bonds sold by an individual investor.
- B. Sale of equipment.
- C. Sale of inventory.
- D. Real property subdivided and sold by a dealer.
Correct Answer: A 🗳️
Explanation: Only visible for ExamsTorrent members. You can sign-up / login (it's free).
On December 31, 1989, a building owned by Pine Corp. was totally destroyed by fire. The building had
fire insurance coverage up to $500,000. Other pertinent information as of December 31, 1989 follows:
During January 1990, before the 1989 financial statements were issued, Pine received insurance
proceeds of $500,000. On what amount should Pine base the determination of its loss on involuntary
conversion?
- A. $520,000
- B. $550,000
- C. $560,000
- D. $530,000
Correct Answer: D 🗳️
Explanation: Only visible for ExamsTorrent 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.
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. $1,300
- B. $0
- C. $55,000
- D. $10,000
- E. $500
- F. $2,500
- G. $1,000
- H. $50,000
- I. $1,250
- J. $75,000
- K. $1,500
- L. $3,000
- M. $25,000
- N. $900
- O. $2,000
Correct Answer: B 🗳️
Explanation: Only visible for ExamsTorrent 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 1994, Joan received $1,300 in unemployment compensation benefits. Her employer made a $100
contribution to the unemployment insurance fund on her behalf.
- A. $1,300
- B. $0
- C. $55,000
- D. $10,000
- E. $500
- F. $2,500
- G. $1,000
- H. $50,000
- I. $1,250
- J. $75,000
- K. $1,500
- L. $3,000
- M. $25,000
- N. $900
- O. $2,000
Correct Answer: A 🗳️
Explanation: Only visible for ExamsTorrent members. You can sign-up / login (it's free).
Under the uniform capitalization rules applicable to property acquired for resale, which of the following
costs should be capitalized with respect to inventory if no exceptions are met?
- A. Option B
- B. Option A
- C. Option D
- D. Option C
Correct Answer: C 🗳️
Explanation: Only visible for ExamsTorrent members. You can sign-up / login (it's free).
