AICPA CPA Regulation : REG Exam Questions

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

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

2. 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) $520,000
B) $560,000
C) $530,000
D) $550,000

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.
The Moores received $8,400 in gross receipts from their rental property during 1994. The expenses for
the residential rental property were:

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

4. On December 1, 1997, Krest, a self-employed cash basis taxpayer, borrowed $200,000 to use in her
business. The loan was to be repaid on November 30, 1998. Krest paid the entire interest amount of
$ 24,000 on December 1, 1997. What amount of interest was deductible on Krest's 1997 income tax return?

A) $24,000
B) $22,000
C) $0
D) $2,000

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

Solutions: