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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

1. Starr, a self-employed individual, purchased a piece of equipment for use in Starr's business. The costs
associated with the acquisition of the equipment were:

What is the depreciable basis of the equipment?

A) $58,400
B) $59,425
C) $55,000
D) $59,125

2. DAC Foundation awarded Kent $75,000 in recognition of lifelong literary achievement. Kent was not
required to render future services as a condition to receive the $75,000. What condition(s) must have
been met for the award to be excluded from Kent's gross income?
I. Kent was selected for the award by DAC without any action on Kent's part.
II. Pursuant to Kent's designation, DAC paid the amount of the award either to a governmental unit or to a
charitable organization.

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

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

4. Smith made a gift of property to Thompson. Smith's basis in the property was $1,200. The fair market
value at the time of the gift was $1,400. Thompson sold the property for $2,500. What was the amount of
Thompson's gain on the disposition?

A) $1,300
B) $1,100
C) $0
D) $2,500

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

Solutions: