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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

Question 1

Elm Corp. is an accrual-basis calendar-year C corporation with 100,000 shares of voting common stock
issued and outstanding as of December 28, 1996. On Friday, December 29, 1996, Hall surrendered 2,000
shares of Elm stock to Elm in exchange for $33,000 cash. Hall had no direct or indirect interest in Elm
after the stock surrender. Additional information follows:

What amount of income did Hall recognize from the stock surrender?

A. $33,000 dividend.
B. $17,000 capital gain.
C. $18,000 capital gain.
D. $25,000 dividend.

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.
In 1994, Joan received $3,500 as beneficiary of the death benefit, which was provided by her brother's
employer. Joan's brother did not have a nonforfeitable right to receive the money while living.

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

Question 3

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.
Tom received $10,000, consisting of $5,000 each of principal and interest, when he redeemed a Series
EE savings bond in 1994. The bond was issued in his name in 1990 and the proceeds were used to pay
for Laura's college tuition. Tom had not elected to report the yearly increases in the value of the bond.

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

Question 4

In the current year Jensen had the following items:

What is Jensen's AGI for the current year?

A. $59,000
B. $62,000
C. $84,000
D. $44,000

Question 5

In evaluating the hierarchy of authority in tax law, which of the following carries the greatest authoritative
value for tax planning of transactions?

A. IRS agents' reports.
B. Internal Revenue Code.
C. IRS regulations.
D. Tax court decisions.

Solutions: