Learn with AICPA : REG training material for 100% pass
Updated: May 28, 2026
No. of Questions: 70 Questions & Answers with Testing Engine
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AICPA CPA Regulation Sample Questions:
1. Don Wolf became a general partner in Gata Associates on January 1, 1989, with a 5% interest in Gata's
profits, losses, and capital. Gata is a distributor of auto parts. Wolf does not materially participate in the
partnership business. For the year ended December 31, 1989, Gata had an operating loss of $100,000.
In addition, Gata earned interest of $20,000 on a temporary investment. Gata has kept the principal
temporarily invested while awaiting delivery of equipment that is presently on order. The principal will be
used to pay for this equipment. Wolf's passive loss for 1989 is:
A) $0
B) $4,000
C) $5,000
D) $6,000
2. On December 31, 1989, a building owned by Pine Corp. was totally destroyed by fire. The building had
fire insurance coverage up to $500,000. Other pertinent information as of December 31, 1989 follows:
During January 1990, before the 1989 financial statements were issued, Pine received insurance
proceeds of $500,000. On what amount should Pine base the determination of its loss on involuntary
conversion?
A) $530,000
B) $560,000
C) $520,000
D) $550,000
3. Darr, an employee of Sorce C corporation, is not a shareholder. Which of the following would be included
in a taxpayer's gross income?
A) The fair market value of land that the taxpayer inherited from an uncle.
B) A $10,000 gift from the taxpayer's grandparents.
C) The dividend income on shares of stock that the taxpayer received for services rendered.
D) Employer-provided medical insurance coverage under a health plan.
4. Which one of the following statements is correct with regard to an individual taxpayer who has elected to
amortize the premium on a bond that yields taxable interest?
A) The bond's basis is increased by the amortization.
B) The amortization is treated as an itemized deduction.
C) The bond's basis is reduced by the amortization.
D) The amortization is not treated as a reduction of taxable income.
5. 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) 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.
B) 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.
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 gain of $16,000 at the 15% rate.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: D |
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