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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. 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) $175,000 long-term capital gain.
B) $0
C) $175,000 ordinary income.
D) $200,000 long-term capital gain.

2. Dale received $1,000 in 1990 for jury duty. In exchange for regular compensation from her employer
during the period of jury service, Dale was required to remit the entire $1,000 to her employer in 1990. In
Dale's 1990 income tax return, the $1,000 jury duty fee should be:

A) Included in taxable income without a corresponding offset against other income.
B) Deducted from gross income in arriving at adjusted gross income.
C) Claimed in full as an itemized deduction.
D) Claimed as an itemized deduction to the extent exceeding 2% of adjusted gross income.

3. Which one of the following will result in an accruable expense for an accrual-basis taxpayer?

A) A signed contract for repair work to be done and the work is to be completed at a later date.
B) An invoice dated prior to year end but the repair completed after year end.
C) A repair completed prior to year end and paid upon completion.
D) A repair completed prior to year end but not invoiced.

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.
The Moores received a stock dividend in 1994 from Ace Corp. They had the option to receive either cash
or Ace stock with a fair market value of $900 as of the date of distribution. The par value of the stock was
$ 500.

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

5. Smith, an individual calendar-year taxpayer, purchased 100 shares of Core Co. common stock for
$ 15,000 on December 15, 1992, and an additional 100 shares for $13,000 on December 30, 1992. On
January 3, 1993, Smith sold the shares purchased on December 15, 1992, for $13,000. What amount of
loss from the sale of Core's stock is deductible on Smith's 1992 and 1993 income tax returns?

A) Option B
B) Option D
C) Option A
D) Option C

Solutions: