AICPA : REG Questions & Answers
Updated: Oct 14, 2026
No. of Questions: 70 Questions & Answers with Testing Engine
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AICPA REG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Ethics, Professional Responsibilities and Federal Tax Procedures | 10-20% | - Licensing and disciplinary systems for CPA practice - Federal tax procedures, disclosures, penalties, and appeals - Ethics and responsibilities in tax practice (Treasury Department Circular 230) |
| Topic 2: Federal Taxation of Entities | 23-33% | - Entity-level tax planning and reporting requirements - Tax compliance for corporations, partnerships, LLCs, and S corporations |
| Topic 3: Federal Taxation of Individuals | 22-32% | - Adjustments, deductions, exemptions and credits - Individual taxable income and tax compliance - Tax filing requirements and procedures |
| Topic 4: Federal Taxation of Property Transactions | 5-15% | - Gains and losses on disposition of assets - Basis, cost recovery (depreciation and amortization) |
| Topic 5: Business Law | 15-25% | - Agency, contracts, and debtor-creditor relationships - Legal duties and responsibilities in business transactions - Business structures and federal business regulations |
AICPA CPA Regulation Sample Questions:
Allen owns 100 shares of Prime Corp., a publicly-traded company, which Allen purchased on January 1,
2 001, for $10,000. On January 1, 2003, Prime declared a 2-for-1 stock split when the fair market value
(FMV) of the stock was $120 per share. Immediately following the split, the FMV of Prime stock was $62
per share. On February 1, 2003, Allen had his broker specifically sell the 100 shares of Prime stock
received in the split when the FMV of the stock was $65 per share. What amount should Allen recognize
as long-term capital gain income on his Form 1040, U.S. Individual Income Tax Return, for 2003?
- A. $750
- B. $1,500
- C. $300
- D. $2,000
Correct Answer: B 🗳️
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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. $0
- B. $2,500
- C. $4,000
- D. $5,500
Correct Answer: A 🗳️
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Under a $150,000 insurance policy on her deceased father's life, May Green is to receive $12,000 per
year for 15 years. Of the $12,000 received in 1987, the amount subject to income tax is:
- A. $12,000
- B. $0
- C. $1,000
- D. $2,000
Correct Answer: D 🗳️
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Barkley owns a vacation cabin that was rented to unrelated parties for 10 days during the year for $2,500.
The cabin was used personally by Barkley for three months and left vacant for the rest of the year.
Expenses for the cabin were as follows:
Real estate taxes $1,000
Maintenance and utilities $2,000
How much rental income (loss) is included in Barkley's adjusted gross income?
- A. $0
- B. $(500)
- C. $500
- D. $(1,500)
Correct Answer: A 🗳️
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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. $5,000
- B. $0
- C. $3,000
- D. $2,500
Correct Answer: A 🗳️
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