AICPA REG : CPA Regulation

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. 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 had no capital loss carryovers from prior years. During 1994, the Moores had the following
stock transactions, which resulted in a net capital loss:

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

2. 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) $0
B) $200,000 long-term capital gain.
C) $175,000 ordinary income.
D) $175,000 long-term capital gain.

3. The uniform capitalization method must be used by:
I. Manufacturers of tangible personal property.
II. Retailers of personal property with $2 million dollars in average annual gross receipts for the 3
preceding years.

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

4. Which of the following is subject to the Uniform Capitalization Rules of Code Sec. 263A?

A) Research and experimental expenditures.
B) Warehousing costs incurred by a manufacturing company with $12 million in annual gross receipts.
C) Mine development and exploration costs.
D) Editorial costs incurred by a freelance writer.

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.
The Moores received a stock dividend in 1994 from Ace Corp. They had the option to receive either cash
or Ace stock with a fair market value of $900 as of the date of distribution. The par value of the stock was
$ 500.

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

Solutions: