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AICPA REG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Federal Taxation of Property Transactions | 12-22% | - Capital vs ordinary asset classification - Cost recovery, depreciation, and amortization - Basis and holding periods of assets - Recognition of gains and losses - Like-kind exchanges and involuntary conversions |
| Federal Taxation of Entities | 28-38% | - Tax-exempt organizations - Book-tax differences and distributions - Partnerships and LLCs - S Corporations - C Corporations |
| Business Law | 10-20% | - Secured transactions (UCC Article 9) - Business structure legal framework - Debtor-creditor relationships and bankruptcy - Contracts and UCC Article 2 - Agency relationships |
| Federal Taxation of Individuals | 15-25% | - Loss limitations and tax computation - Gross income inclusions and exclusions - Filing status and exemptions - Pass-through entity income reporting - Adjustments, deductions, and credits |
| Ethics, Professional Responsibilities, and Federal Tax Procedures | 10-20% | - Licensing and disciplinary systems - Treasury Department Circular 230 rules - Ethics and responsibilities in tax practice - IRS audit, appeals, and collection procedures - Tax preparer penalties and due diligence |
AICPA CPA Regulation Sample Questions:
Question 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. Internal Revenue Code.
C. IRS regulations.
D. Tax court decisions.
Question 2
In the current year Jensen had the following items:
What is Jensen's AGI for the current year?
A. $44,000
B. $84,000
C. $62,000
D. $59,000
Question 3
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. $1,000
B. $3,000
C. $1,300
D. $55,000
E. $500
F. $50,000
G. $25,000
H. $900
I. $2,500
J. $2,000
K. $1,250
L. $75,000
M. $1,500
N. $10,000
O. $0
Question 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. $1,000
B. $3,000
C. $1,300
D. $55,000
E. $500
F. $50,000
G. $25,000
H. $900
I. $2,500
J. $2,000
K. $1,250
L. $75,000
M. $1,500
N. $10,000
O. $0
Question 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.
The Moores received $8,400 in gross receipts from their rental property during 1994. The expenses for
the residential rental property were:
A. $1,000
B. $3,000
C. $1,300
D. $55,000
E. $500
F. $50,000
G. $25,000
H. $900
I. $2,500
J. $2,000
K. $1,250
L. $75,000
M. $1,500
N. $10,000
O. $0
Solutions:
| Question 1 Answer: B | Question 2 Answer: D | Question 3 Answer: O | Question 4 Answer: K | Question 5 Answer: I |
