AICPA CPA Regulation : REG

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

Question #1

DAC Foundation awarded Kent $75,000 in recognition of lifelong literary achievement. Kent was not
required to render future services as a condition to receive the $75,000. What condition(s) must have
been met for the award to be excluded from Kent's gross income?
I. Kent was selected for the award by DAC without any action on Kent's part.
II. Pursuant to Kent's designation, DAC paid the amount of the award either to a governmental unit or to a
charitable organization.

A. Neither I nor II.
B. Both I and II.
C. II only.
D. I only.

Question #2

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

Question #3

Adams owns a second residence that is used for both personal and rental purposes. During 2001, Adams
used the second residence for 50 days and rented the residence for 200 days. Which of the following
statements is correct?

A. A rental loss may be deducted if rental-related expenses exceed rental income.
B. Utilities and maintenance on the property must be divided between personal and rental use.
C. Depreciation may not be deducted on the property under any circumstances.
D. All mortgage interest and taxes on the property will be deducted to determine the property's net income
or loss.

Question #4

Under the uniform capitalization rules applicable to taxpayers with property acquired for resale, which of
the following costs should be capitalized with respect to inventory if no exceptions have been met?

A. Option D
B. Option B
C. Option C
D. Option A

Question #5

Allen owns 100 shares of Prime Corp., a publicly-traded company, which Allen purchased on January 1,
2 001, for $10,000. On January 1, 2003, Prime declared a 2-for-1 stock split when the fair market value
(FMV) of the stock was $120 per share. Immediately following the split, the FMV of Prime stock was $62
per share. On February 1, 2003, Allen had his broker specifically sell the 100 shares of Prime stock
received in the split when the FMV of the stock was $65 per share. What amount should Allen recognize
as long-term capital gain income on his Form 1040, U.S. Individual Income Tax Return, for 2003?

A. $2,000
B. $1,500
C. $300
D. $750

Solutions: