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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Parker, whose spouse died during the preceding year, has not remarried. Parker maintains a home for a
dependent child. What is Parker's most advantageous filing status?

A) Head of household.
B) Qualifying widow(er) with dependent child.
C) Single.
D) Married filing separately.

2. 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.
The Moores had no capital loss carryovers from prior years. During 1994, the Moores had the following
stock transactions, which resulted in a net capital loss:

A) $500
B) $2,000
C) $50,000
D) $1,000
E) $55,000
F) $0
G) $1,500
H) $75,000
I) $1,250
J) $1,300
K) $900
L) $2,500
M) $10,000
N) $25,000
O) $3,000

3. Wallace purchased 500 shares of Kingpin, Inc. 15 years ago for $25,000. Wallace has worked as an
owner/employee and owned 40% of the company throughout this time. This year, Kingpin, which is not an
S corporation, redeemed 100% of Wallace's stock for $200,000. What is the treatment and amount of
income or gain that Wallace should report?

A) $200,000 long-term capital gain.
B) $175,000 long-term capital gain.
C) $0
D) $175,000 ordinary income.

4. 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) $500
B) $2,000
C) $50,000
D) $1,000
E) $55,000
F) $0
G) $1,500
H) $75,000
I) $1,250
J) $1,300
K) $900
L) $2,500
M) $10,000
N) $25,000
O) $3,000

5. Darr, an employee of Sorce C corporation, is not a shareholder. Which of the following would be included
in a taxpayer's gross income?

A) The dividend income on shares of stock that the taxpayer received for services rendered.
B) The fair market value of land that the taxpayer inherited from an uncle.
C) Employer-provided medical insurance coverage under a health plan.
D) A $10,000 gift from the taxpayer's grandparents.

Solutions: