AICPA CPA Regulation : REG

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

2. Adams owns a second residence that is used for both personal and rental purposes. During 2001, Adams
used the second residence for 50 days and rented the residence for 200 days. Which of the following
statements is correct?

A) A rental loss may be deducted if rental-related expenses exceed rental income.
B) Utilities and maintenance on the property must be divided between personal and rental use.
C) Depreciation may not be deducted on the property under any circumstances.
D) All mortgage interest and taxes on the property will be deducted to determine the property's net income
or loss.

3. Leker exchanged a van that was used exclusively for business and had an adjusted tax basis of $20,000
for a new van. The new van had a fair market value of $10,000, and Leker also received $3,000 in cash.
What was Leker's tax basis in the acquired van?

A) $13,000
B) $20,000
C) $7,000
D) $17,000

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

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

5. A cash basis taxpayer should report gross income:

A) Only for the year in which income is actually received in cash.
B) For the year in which income is either actually or constructively received, whether in cash or in
property.
C) For the year in which income is either actually or constructively received in cash only.
D) Only for the year in which income is actually received whether in cash or in property.

Solutions: