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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Capital assets include:

A) A manufacturing company's investment in U.S. Treasury bonds.
B) A corporation's accounts receivable from the sale of its inventory.
C) A corporate real estate developer's unimproved land that is to be subdivided to build homes, which will
be sold to customers.
D) Seven-year MACRS property used in a corporation's trade or business.

2. Under a $150,000 insurance policy on her deceased father's life, May Green is to receive $12,000 per
year for 15 years. Of the $12,000 received in 1987, the amount subject to income tax is:

A) $12,000
B) $2,000
C) $0
D) $1,000

3. On December 1, 1997, Krest, a self-employed cash basis taxpayer, borrowed $200,000 to use in her
business. The loan was to be repaid on November 30, 1998. Krest paid the entire interest amount of
$ 24,000 on December 1, 1997. What amount of interest was deductible on Krest's 1997 income tax return?

A) $22,000
B) $24,000
C) $2,000
D) $0

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.
In 1992, Joan received an acre of land as an inter-vivos gift from her grandfather. At the time of the gift,
the land had a fair market value of $50,000. The grandfather's adjusted basis was $60,000. Joan sold the
land in 1994 to an unrelated third party for $56,000.

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

5. During 1993 Kay received interest income as follows:
On U.S. Treasury certificates $4,000
On refund of 1991 federal income tax 500
The total amount of interest subject to tax in Kay's 1993 tax return is:

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

Solutions: