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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) $12,500
C) $0
D) $25,000

2. The rule limiting the allowability of passive activity losses and credits applies to:

A) S corporations.
B) Personal service corporations.
C) Widely-held C corporations.
D) Partnerships.

3. Gibson purchased stock with a fair market value of $14,000 from Gibson's adult child for $12,000. The
child's cost basis in the stock at the date of sale was $16,000. Gibson sold the same stock to an unrelated
party for $18,000. What is Gibson's recognized gain from the sale?

A) $2,000
B) $6,000
C) $4,000
D) $0

4. Which one of the following statements is correct with regard to an individual taxpayer who has elected to
amortize the premium on a bond that yields taxable interest?

A) The amortization is treated as an itemized deduction.
B) The amortization is not treated as a reduction of taxable income.
C) The bond's basis is reduced by the amortization.
D) The bond's basis is increased by the amortization.

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

Solutions: