AICPA : REG Questions & Answers

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

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

Question 2

Which of the following statements is the best definition of real property?

A. Real property is land and intangible property in realized form.
B. Real property is only land.
C. Real property is all tangible property including land.
D. Real property is land and everything permanently attached to it.

Question 3

On December 31, 1989, a building owned by Pine Corp. was totally destroyed by fire. The building had
fire insurance coverage up to $500,000. Other pertinent information as of December 31, 1989 follows:

During January 1990, before the 1989 financial statements were issued, Pine received insurance
proceeds of $500,000. On what amount should Pine base the determination of its loss on involuntary
conversion?

A. $530,000
B. $550,000
C. $520,000
D. $560,000

Question 4

Conner purchased 300 shares of Zinco stock for $30,000 in 1980. On May 23, 1994, Conner sold all the
stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss
during 1994. On July 26, 1994, Alice sold the 300 shares of Zinco for $25,000.
What amount of the loss from the sale of Zinco stock can Conner deduct in 1994?

A. $5,000
B. $0
C. $3,000
D. $10,000

Question 5

John and Mary were divorced in 1991. The divorce decree provides that John pay alimony of $10,000 per
year, to be reduced by 20% on their child's 18th birthday. During 1992, John paid $7,000 directly to Mary
and $3,000 to Spring College for Mary's tuition. What amount of these payments should be reported as
income in Mary's 1992 income tax return?

A. $5,600
B. $10,000
C. $8,600
D. $8,000

Solutions: