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AICPA REG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Federal Taxation of Property Transactions | 5-15% | - Gains and losses on disposition of assets - Basis, cost recovery (depreciation and amortization) |
| Topic 2: Business Law | 15-25% | - Agency, contracts, and debtor-creditor relationships - Business structures and federal business regulations - Legal duties and responsibilities in business transactions |
| Topic 3: Federal Taxation of Individuals | 22-32% | - Tax filing requirements and procedures - Individual taxable income and tax compliance - Adjustments, deductions, exemptions and credits |
| Topic 4: Federal Taxation of Entities | 23-33% | - Tax compliance for corporations, partnerships, LLCs, and S corporations - Entity-level tax planning and reporting requirements |
| Topic 5: Ethics, Professional Responsibilities and Federal Tax Procedures | 10-20% | - Federal tax procedures, disclosures, penalties, and appeals - Ethics and responsibilities in tax practice (Treasury Department Circular 230) - Licensing and disciplinary systems for CPA practice |
AICPA CPA Regulation Sample Questions:
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 🗳️
Explanation: Only visible for TestValid members. You can sign-up / login (it's free).
In 19X4, Smith, a divorced person, provided over one half the support for his widowed mother, Ruth, and
his son, Clay, both of whom are U.S. citizens. During 19X4, Ruth did not live with Smith. She received
$ 9,000 in Social Security benefits. Clay, a 25 year-old full-time graduate student, and his wife lived with
Smith. Clay had no income but filed a joint return for 19X4, owing an additional $500 in taxes on his wife's
income. How many exemptions was Smith entitled to claim on his 19X4 tax return?
- A. 3
- B. 1
- C. 2
- D. 4
Correct Answer: C 🗳️
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John and Mary were divorced in 1991. The divorce decree provides that John pay alimony of $10,000 per
year, to be reduced by 20% on their child's 18th birthday. During 1992, John paid $7,000 directly to Mary
and $3,000 to Spring College for Mary's tuition. What amount of these payments should be reported as
income in Mary's 1992 income tax return?
- A. $8,600
- B. $8,000
- C. $5,600
- D. $10,000
Correct Answer: B 🗳️
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In the current year Jensen had the following items:
What is Jensen's AGI for the current year?
- A. $84,000
- B. $44,000
- C. $59,000
- D. $62,000
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.
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. $2,000
- B. $900
- C. $2,500
- D. $500
- E. $1,500
- F. $55,000
- G. $0
- H. $50,000
- I. $3,000
- J. $10,000
- K. $75,000
- L. $1,250
- M. $1,000
- N. $25,000
- O. $1,300
Correct Answer: G 🗳️
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Debby 
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Dorothy 
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Harold 
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Roxanne 
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