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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Porter was unemployed for part of the year. Porter received $35,000 of wages, $4,000 from a state
unemployment compensation plan, and $2,000 from his former employer's company-paid supplemental
unemployment benefit plan. What is the amount of Porter's gross income?

A) $41,000
B) $35,000
C) $39,000
D) $37,000

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.
In 1992, Joan received an acre of land as an inter-vivos gift from her grandfather. At the time of the gift,
the land had a fair market value of $50,000. The grandfather's adjusted basis was $60,000. Joan sold the
land in 1994 to an unrelated third party for $56,000.

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

3. 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.

4. 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.

5. DAC Foundation awarded Kent $75,000 in recognition of lifelong literary achievement. Kent was not
required to render future services as a condition to receive the $75,000. What condition(s) must have
been met for the award to be excluded from Kent's gross income?
I. Kent was selected for the award by DAC without any action on Kent's part.
II. Pursuant to Kent's designation, DAC paid the amount of the award either to a governmental unit or to a
charitable organization.

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

Solutions: