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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

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

2. On December 1, 1992, Michaels, a self-employed cash basis taxpayer, borrowed $100,000 to use in her
business. The loan was to be repaid on November 30, 1993. Michaels paid the entire interest of $12,000
on December 1, 1992. What amount of interest was deductible on Michaels' 1993 income tax return?

A) $0
B) $11,000
C) $1,000
D) $12,000

3. Capital assets include:

A) A corporation's accounts receivable from the sale of its inventory.
B) A manufacturing company's investment in U.S. Treasury bonds.
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.

4. In evaluating the hierarchy of authority in tax law, which of the following carries the greatest authoritative
value for tax planning of transactions?

A) IRS regulations.
B) IRS agents' reports.
C) Tax court decisions.
D) Internal Revenue Code.

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.
In 1994, Joan received $1,300 in unemployment compensation benefits. Her employer made a $100
contribution to the unemployment insurance fund on her behalf.

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

Solutions: