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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. 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

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

3. 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.
During 1994, the Moores received a $2,500 federal tax refund and a $1,250 state tax refund for 1993
overpayments. In 1993, the Moores were not subject to the alternative minimum tax and were not entitled
to any credit against income tax. The Moores' 1993 adjusted gross income was $80,000 and itemized
deductions were $1,450 in excess of the standard deduction. The state tax deduction for 1993 was
$ 2,000.

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

4. The uniform capitalization method must be used by:
I. Manufacturers of tangible personal property.
II. Retailers of personal property with $2 million dollars in average annual gross receipts for the 3
preceding years.

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

5. 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's 1994 wages were $53,000. In addition, Tom's employer provided group-term life insurance on
Tom's life in excess of $50,000. The value of such excess coverage was $2,000.

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

Solutions: