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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

Question 1

An individual had the following capital gains and losses for the year:

What will be the net gain (loss) reported by the individual and at what applicable tax rate(s)?

A. Short-term loss of $3,000 at the ordinary rate and long-term capital gain of $86,000 at the 15% rate.
B. Long-term gain of $16,000 at the 15% rate.
C. Long-term capital gain of $3,000 at the 15% rate, collectibles gain of $10,000 at the 28% rate, and
Section 1250 gain of $56,000 at the 25% rate.
D. Short-term loss of $3,000 at the ordinary rate, long-term capital gain of $10,000 at the 15% rate,
collectibles gain of $10,000 at the 28% rate, and Section 1250 gain of $56,000 at the 25% rate.

Question 2

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. $35,000
B. $39,000
C. $41,000
D. $37,000

Question 3

Which of the following statements is the best definition of real property?

A. Real property is land and intangible property in realized form.
B. Real property is only land.
C. Real property is land and everything permanently attached to it.
D. Real property is all tangible property including land.

Question 4

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

Question 5

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

Solutions: