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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

Question 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. $25,000
B. $30,000
C. $0
D. $12,500

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

Question 3

Which of the following is subject to the Uniform Capitalization Rules of Code Sec. 263A?

A. Mine development and exploration costs.
B. Research and experimental expenditures.
C. Warehousing costs incurred by a manufacturing company with $12 million in annual gross receipts.
D. Editorial costs incurred by a freelance writer.

Question 4

Doris and Lydia are equal partners in the capital and profits of Agee & Nolan, but are otherwise unrelated.
The following information pertains to 300 shares of Mast Corp. stock sold by Lydia to Agee & Nolan:

The amount of long-term capital loss that Lydia realized in 1988 on the sale of this stock was:

A. $5,000
B. $3,000
C. $0
D. $2,500

Question 5

For a cash basis taxpayer, gain or loss on a year-end sale of listed stock arises on the:

A. Date of delivery of stock certificate.
B. Settlement date.
C. Date of receipt of cash proceeds.
D. Trade date.

Solutions: