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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. An individual had the following capital gains and losses for the year:

What will be the net gain (loss) reported by the individual and at what applicable tax rate(s)?

A) Short-term loss of $3,000 at the ordinary rate, long-term capital gain of $10,000 at the 15% rate,
collectibles gain of $10,000 at the 28% rate, and Section 1250 gain of $56,000 at the 25% rate.
B) Long-term gain of $16,000 at the 15% rate.
C) Short-term loss of $3,000 at the ordinary rate and long-term capital gain of $86,000 at the 15% rate.
D) Long-term capital gain of $3,000 at the 15% rate, collectibles gain of $10,000 at the 28% rate, and
Section 1250 gain of $56,000 at the 25% rate.

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

3. Parker, whose spouse died during the preceding year, has not remarried. Parker maintains a home for a
dependent child. What is Parker's most advantageous filing status?

A) Head of household.
B) Qualifying widow(er) with dependent child.
C) Married filing separately.
D) Single.

4. Which of the following sales should be reported as a capital gain?

A) Sale of equipment.
B) Sale of inventory.
C) Government bonds sold by an individual investor.
D) Real property subdivided and sold by a dealer.

5. Wallace purchased 500 shares of Kingpin, Inc. 15 years ago for $25,000. Wallace has worked as an
owner/employee and owned 40% of the company throughout this time. This year, Kingpin, which is not an
S corporation, redeemed 100% of Wallace's stock for $200,000. What is the treatment and amount of
income or gain that Wallace should report?

A) $200,000 long-term capital gain.
B) $175,000 ordinary income.
C) $0
D) $175,000 long-term capital gain.

Solutions: