AICPA CPA Regulation : REG

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Which of the following statements is the best definition of real property?

A) Real property is only land.
B) Real property is land and everything permanently attached to it.
C) Real property is land and intangible property in realized form.
D) Real property is all tangible property including land.

2. Which of the following is subject to the Uniform Capitalization Rules of Code Sec. 263A?

A) Mine development and exploration costs.
B) Research and experimental expenditures.
C) Warehousing costs incurred by a manufacturing company with $12 million in annual gross receipts.
D) Editorial costs incurred by a freelance writer.

3. Freeman, a single individual, reported the following income in the current year:
Guaranteed payment from services rendered to a partnership $50,000
Ordinary income from a S corporation $20,000
What amount of Freeman's income is subject to self-employment tax?

A) $20,000
B) $0
C) $50,000
D) $70,000

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

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

Solutions: