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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Freeman, a single individual, reported the following income in the current year:
Guaranteed payment from services rendered to a partnership $50,000
Ordinary income from a S corporation $20,000
What amount of Freeman's income is subject to self-employment tax?

A) $50,000
B) $20,000
C) $70,000
D) $0

2. For a cash basis taxpayer, gain or loss on a year-end sale of listed stock arises on the:

A) Trade date.
B) Date of delivery of stock certificate.
C) Settlement date.
D) Date of receipt of cash proceeds.

3. Farr made a gift of stock to her child, Pat. At the date of gift, Farr's stock basis was $10,000 and the
stock's fair market value was $15,000. No gift taxes were paid. What is Pat's basis in the stock for
computing gain?

A) $15,000
B) $0
C) $10,000
D) $5,000

4. 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 $1,300 in unemployment compensation benefits. Her employer made a $100
contribution to the unemployment insurance fund on her behalf.

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

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

Solutions: