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AICPA REG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Federal Taxation of Entities | 23-33% | - Tax compliance for corporations, partnerships, LLCs, and S corporations - Entity-level tax planning and reporting requirements |
| Topic 2: Federal Taxation of Individuals | 22-32% | - Adjustments, deductions, exemptions and credits - Tax filing requirements and procedures - Individual taxable income and tax compliance |
| Topic 3: Ethics, Professional Responsibilities and Federal Tax Procedures | 10-20% | - Licensing and disciplinary systems for CPA practice - Ethics and responsibilities in tax practice (Treasury Department Circular 230) - Federal tax procedures, disclosures, penalties, and appeals |
| Topic 4: Business Law | 15-25% | - Business structures and federal business regulations - Legal duties and responsibilities in business transactions - Agency, contracts, and debtor-creditor relationships |
| Topic 5: Federal Taxation of Property Transactions | 5-15% | - Basis, cost recovery (depreciation and amortization) - Gains and losses on disposition of assets |
AICPA CPA Regulation Sample Questions:
1. Capital assets include:
A) A corporate real estate developer's unimproved land that is to be subdivided to build homes, which will
be sold to customers.
B) Seven-year MACRS property used in a corporation's trade or business.
C) A corporation's accounts receivable from the sale of its inventory.
D) A manufacturing company's investment in U.S. Treasury bonds.
2. 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) $1,250
B) $0
C) $50,000
D) $1,000
E) $55,000
F) $2,500
G) $1,300
H) $2,000
I) $1,500
J) $500
K) $25,000
L) $900
M) $75,000
N) $3,000
O) $10,000
3. Parker, whose spouse died during the preceding year, has not remarried. Parker maintains a home for a
dependent child. What is Parker's most advantageous filing status?
A) Married filing separately.
B) Head of household.
C) Qualifying widow(er) with dependent child.
D) Single.
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.
Tom received $10,000, consisting of $5,000 each of principal and interest, when he redeemed a Series
EE savings bond in 1994. The bond was issued in his name in 1990 and the proceeds were used to pay
for Laura's college tuition. Tom had not elected to report the yearly increases in the value of the bond.
A) $1,250
B) $0
C) $50,000
D) $1,000
E) $55,000
F) $2,500
G) $1,300
H) $2,000
I) $1,500
J) $500
K) $25,000
L) $900
M) $75,000
N) $3,000
O) $10,000
5. A cash basis taxpayer should report gross income:
A) For the year in which income is either actually or constructively received, whether in cash or in
property.
B) For the year in which income is either actually or constructively received in cash only.
C) Only for the year in which income is actually received whether in cash or in property.
D) Only for the year in which income is actually received in cash.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: G | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: A |





