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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Dale received $1,000 in 1990 for jury duty. In exchange for regular compensation from her employer
during the period of jury service, Dale was required to remit the entire $1,000 to her employer in 1990. In
Dale's 1990 income tax return, the $1,000 jury duty fee should be:

A) Claimed in full as an itemized deduction.
B) Claimed as an itemized deduction to the extent exceeding 2% of adjusted gross income.
C) Deducted from gross income in arriving at adjusted gross income.
D) Included in taxable income without a corresponding offset against other income.

2. Adams owns a second residence that is used for both personal and rental purposes. During 2001, Adams
used the second residence for 50 days and rented the residence for 200 days. Which of the following
statements is correct?

A) All mortgage interest and taxes on the property will be deducted to determine the property's net income
or loss.
B) Depreciation may not be deducted on the property under any circumstances.
C) Utilities and maintenance on the property must be divided between personal and rental use.
D) A rental loss may be deducted if rental-related expenses exceed rental income.

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.
In 1992, Joan received an acre of land as an inter-vivos gift from her grandfather. At the time of the gift,
the land had a fair market value of $50,000. The grandfather's adjusted basis was $60,000. Joan sold the
land in 1994 to an unrelated third party for $56,000.

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

4. 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) $8,000
B) $5,600
C) $10,000
D) $8,600

5. 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 a $500 security deposit on their rental property in 1994. They are required to return
the amount to the tenant.

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

Solutions: