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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Cobb, an unmarried individual, had an adjusted gross income of $200,000 in 1990 before any IRA
deduction, taxable social security benefits, or passive activity losses. Cobb incurred a loss of $30,000 in
1 990 from rental real estate in which he actively participated. What amount of loss attributable to this
rental real estate can be used in 1990 as an offset against income from nonpassive sources?

A) $30,000
B) $0
C) $12,500
D) $25,000

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.
The Moores received $8,400 in gross receipts from their rental property during 1994. The expenses for
the residential rental property were:

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

3. Which of the following sales should be reported as a capital gain?

A) Real property subdivided and sold by a dealer.
B) Government bonds sold by an individual investor.
C) Sale of equipment.
D) Sale of inventory.

4. 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) $0
B) $200,000 long-term capital gain.
C) $175,000 long-term capital gain.
D) $175,000 ordinary income.

5. In the current year Jensen had the following items:

What is Jensen's AGI for the current year?

A) $84,000
B) $59,000
C) $44,000
D) $62,000

Solutions: