AICPA REG Exam : CPA Regulation

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. In evaluating the hierarchy of authority in tax law, which of the following carries the greatest authoritative
value for tax planning of transactions?

A) IRS agents' reports.
B) Tax court decisions.
C) Internal Revenue Code.
D) IRS regulations.

2. On February 1, 1993, Hall learned that he was bequeathed 500 shares of common stock under his
father's will. Hall's father had paid $2,500 for the stock in 1990. Fair market value of the stock on
February 1, 1993, the date of his father's death, was $4,000 and had increased to $5,500 six months later.
The executor of the estate elected the alternate valuation date for estate tax purposes. Hall sold the stock
for $4,500 on June 1, 1993, the date that the executor distributed the stock to him. How much income
should Hall include in his 1993 individual income tax return for the inheritance of the 500 shares of stock,
which he received from his father's estate?

A) $0
B) $2,500
C) $5,500
D) $4,000

3. Fred Berk bought a plot of land with a cash payment of $40,000 and a mortgage of $50,000. In addition,
Berk paid $200 for a title insurance policy. Berk's basis in this land is:

A) $40,000
B) $90,200
C) $90,000
D) $40,200

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

5. 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's 1994 wages were $53,000. In addition, Tom's employer provided group-term life insurance on
Tom's life in excess of $50,000. The value of such excess coverage was $2,000.

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

Solutions: