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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. A cash basis taxpayer should report gross income:

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

2. Fred Berk bought a plot of land with a cash payment of $40,000 and a mortgage of $50,000. In addition,
Berk paid $200 for a title insurance policy. Berk's basis in this land is:

A) $90,000
B) $90,200
C) $40,000
D) $40,200

3. On February 1, 1993, Hall learned that he was bequeathed 500 shares of common stock under his
father's will. Hall's father had paid $2,500 for the stock in 1990. Fair market value of the stock on
February 1, 1993, the date of his father's death, was $4,000 and had increased to $5,500 six months later.
The executor of the estate elected the alternate valuation date for estate tax purposes. Hall sold the stock
for $4,500 on June 1, 1993, the date that the executor distributed the stock to him. How much income
should Hall include in his 1993 individual income tax return for the inheritance of the 500 shares of stock,
which he received from his father's estate?

A) $4,000
B) $0
C) $5,500
D) $2,500

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 a $500 security deposit on their rental property in 1994. They are required to return
the amount to the tenant.

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

5. DAC Foundation awarded Kent $75,000 in recognition of lifelong literary achievement. Kent was not
required to render future services as a condition to receive the $75,000. What condition(s) must have
been met for the award to be excluded from Kent's gross income?
I. Kent was selected for the award by DAC without any action on Kent's part.
II. Pursuant to Kent's designation, DAC paid the amount of the award either to a governmental unit or to a
charitable organization.

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

Solutions: