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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Greller owns 100 shares of Arden Corp., a publicly-traded company, which Greller purchased on January
1 , 2001, for $10,000. On January 1, 2003, Arden 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 Arden stock was $62
per share. On February 1, 2003, Greller had his broker specifically sell the 100 shares of Arden stock
received in the split when the FMV of the stock was $65 per share. What is the basis of the 100 shares of
Arden sold?

A) $6,200
B) $6,500
C) $5,000
D) $6,000

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

3. 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 was Alice's recognized gain or loss on her sale?

A) $0
B) $5,000 short-term loss.
C) $5,000 long-term gain.
D) $5,000 long-term loss.

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

5. In evaluating the hierarchy of authority in tax law, which of the following carries the greatest authoritative
value for tax planning of transactions?

A) IRS regulations.
B) Internal Revenue Code.
C) IRS agents' reports.
D) Tax court decisions.

Solutions: