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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Capital assets include:

A) A corporation's accounts receivable from the sale of its inventory.
B) A corporate real estate developer's unimproved land that is to be subdivided to build homes, which will
be sold to customers.
C) Seven-year MACRS property used in a corporation's trade or business.
D) A manufacturing company's investment in U.S. Treasury bonds.

2. 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) $25,000 dividend.
B) $33,000 dividend.
C) $17,000 capital gain.
D) $18,000 capital gain.

3. 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) $70,000
B) $50,000
C) $20,000
D) $0

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 $3,500 as beneficiary of the death benefit, which was provided by her brother's
employer. Joan's brother did not have a nonforfeitable right to receive the money while living.

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

5. Doris and Lydia are equal partners in the capital and profits of Agee & Nolan, but are otherwise unrelated.
The following information pertains to 300 shares of Mast Corp. stock sold by Lydia to Agee & Nolan:

The amount of long-term capital loss that Lydia realized in 1988 on the sale of this stock was:

A) $2,500
B) $5,000
C) $3,000
D) $0

Solutions: