Develop good study habits

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Correct your mistake

It is known to us that the error correction is very important for these people who are preparing for the REG exam in the review stage. It is very useful and helpful for a lot of people to learn from their mistakes, because many people will make mistakes in the same way, and it is very bad for these people to improve their accuracy. If you want to correct your mistakes when you are preparing for the REG exam, the study materials from our company will be the best choice for you. Because our REG reference materials can help you correct your mistakes and keep after you to avoid the mistakes time and time again. We believe that if you buy the REG exam prep from our company, you will pass your exam in a relaxed state.

Make a learning plan

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

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

2. Darr, an employee of Sorce C corporation, is not a shareholder. Which of the following would be included
in a taxpayer's gross income?

A) The fair market value of land that the taxpayer inherited from an uncle.
B) The dividend income on shares of stock that the taxpayer received for services rendered.
C) A $10,000 gift from the taxpayer's grandparents.
D) Employer-provided medical insurance coverage under a health plan.

3. 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) $0
B) $12,500
C) $30,000
D) $25,000

4. Wallace purchased 500 shares of Kingpin, Inc. 15 years ago for $25,000. Wallace has worked as an
owner/employee and owned 40% of the company throughout this time. This year, Kingpin, which is not an
S corporation, redeemed 100% of Wallace's stock for $200,000. What is the treatment and amount of
income or gain that Wallace should report?

A) $175,000 ordinary income.
B) $0
C) $175,000 long-term capital gain.
D) $200,000 long-term capital gain.

5. Barkley owns a vacation cabin that was rented to unrelated parties for 10 days during the year for $2,500.
The cabin was used personally by Barkley for three months and left vacant for the rest of the year.
Expenses for the cabin were as follows:
Real estate taxes $1,000
Maintenance and utilities $2,000
How much rental income (loss) is included in Barkley's adjusted gross income?

A) $0
B) $(500)
C) $500
D) $(1,500)

Solutions: