AICPA REG

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

Question #1
On December 31, 1989, a building owned by Pine Corp. was totally destroyed by fire. The building had
fire insurance coverage up to $500,000. Other pertinent information as of December 31, 1989 follows:

During January 1990, before the 1989 financial statements were issued, Pine received insurance
proceeds of $500,000. On what amount should Pine base the determination of its loss on involuntary
conversion?

A. $550,000
B. $530,000
C. $520,000
D. $560,000

Question #2
In a tax year where the taxpayer pays qualified education expenses, interest income on the redemption of
qualified U.S. Series EE Bonds may be excluded from gross income. The exclusion is subject to a
modified gross income limitation and a limit of aggregate bond proceeds in excess of qualified higher
education expenses. Which of the following is (are) true?
I. The exclusion applies for education expenses incurred by the taxpayer, the taxpayer's spouse, or any
person whom the taxpayer may claim as a dependent for the year.
II. "Otherwise qualified higher education expenses" must be reduced by qualified scholarships not
includible in gross income.

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

Question #3
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. Date of receipt of cash proceeds.
C. Settlement date.
D. Trade date.

Question #4
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 a $500 security deposit on their rental property in 1994. They are required to return
the amount to the tenant.

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

Question #5
Freeman, a single individual, reported the following income in the current year:
Guaranteed payment from services rendered to a partnership $50,000
Ordinary income from a S corporation $20,000
What amount of Freeman's income is subject to self-employment tax?

A. $0
B. $50,000
C. $70,000
D. $20,000

Solutions: