AICPA CPA Regulation : REG

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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Clark bought Series EE U.S. Savings Bonds after 1989. Redemption proceeds will be used for payment of
college tuition for Clark's dependent child. One of the conditions that must be met for tax exemption of
accumulated interest on these bonds is that the:

A) Purchaser of the bonds must be the sole owner of the bonds (or joint owner with his or her spouse).
B) Bonds must be transferred to the college for redemption by the college rather than by the owner of the
bonds.
C) Bonds must be bought by a parent (or both parents) and put in the name of the dependent child.
D) Bonds must be bought by the owner of the bonds before the owner reaches the age of 24.

2. 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) $300
B) $750
C) $1,500
D) $2,000

3. 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 $8,400 in gross receipts from their rental property during 1994. The expenses for
the residential rental property were:

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

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's 1994 wages were $53,000. In addition, Tom's employer provided group-term life insurance on
Tom's life in excess of $50,000. The value of such excess coverage was $2,000.

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

5. Which payment(s) is(are) included in a recipient's gross income?
I. Payment to a graduate assistant for a part-time teaching assignment at a university. Teaching is not a
requirement toward obtaining the degree.
II. A grant to a Ph.D. candidate for his participation in a university-sponsored research project for the
benefit of the university.

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

Solutions: