AICPA CPA Regulation - REG

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. 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 $3,500 as beneficiary of the death benefit, which was provided by her brother's
employer. Joan's brother did not have a nonforfeitable right to receive the money while living.

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

2. Which one of the following statements is correct with regard to an individual taxpayer who has elected to
amortize the premium on a bond that yields taxable interest?

A) The bond's basis is reduced by the amortization.
B) The amortization is not treated as a reduction of taxable income.
C) The bond's basis is increased by the amortization.
D) The amortization is treated as an itemized deduction.

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

4. 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) 1
B) 3
C) 4
D) 2

5. Hall, a divorced person and custodian of her 12-year old child, filed her 1990 federal income tax return as
head of a household. She submitted the following information to the CPA who prepared her 1990 return:
. In 1990, Hall sold an antique that she bought in 1980 to display in her home. Hall paid $800 for the
antique and sold it for $1,400, using the proceeds to pay a court ordered judgment.
The $600 gain that Hall realized on the sale of the antique should be treated as:

A) Ordinary income.
B) A nontaxable antiquities transaction.
C) An involuntary conversion.
D) Long-term capital gain.

Solutions: