Simulate the real exam

We provide different versions of REG practice exam materials for our customers, among which the software version can stimulate the real exam for you but it only can be used in the windows operation system. It tries to simulate the REG best questions for our customers to learn and test at the same time and it has been proved to be good environment for IT workers to find deficiencies of their knowledge in the course of stimulation.

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Only need to practice for 20 to 30 hours

You will get to know the valuable exam tips and the latest question types in our REG certification training files, and there are special explanations for some difficult questions, which can help you to have a better understanding of the difficult questions. All of the questions we listed in our REG practice exam materials are the key points for the IT exam, and there is no doubt that you can practice all of REG best questions within 20 to 30 hours, even though the time you spend on it is very short, however the contents you have practiced are the quintessence for the IT exam. And of course, if you still have any misgivings, you can practice our REG certification training files again and again, which may help you to get the highest score in the IT exam.

Fast delivery in 5 to 10 minutes after payment

Our company knows that time is precious especially for those who are preparing for AICPA REG exam, just like the old saying goes "Time flies like an arrow, and time lost never returns." We have tried our best to provide our customers the fastest delivery. We can ensure you that you will receive our REG practice exam materials within 5 to 10 minutes after payment, this marks the fastest delivery speed in this field. Therefore, you will have more time to prepare for the REG actual exam. Our operation system will send the REG best questions to the e-mail address you used for payment, and all you need to do is just waiting for a while then check your mailbox.

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AICPA CPA Regulation Sample Questions:

1. 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.

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

3. Baum, an unmarried optometrist and sole proprietor of Optics, buys and maintains a supply of eyeglasses
and frames to sell in the ordinary course of business. In 1999, Optics had $350,000 in gross business
receipts and its year-end inventory was not subject to the uniform capitalization rules. Baum's 1999
adjusted gross income was $90,000 and Baum qualified to itemize deductions. During 1999, Baum
recorded the following information:
Business expenses:

What amount should Baum report as 1999 net earnings from self-employment?

A) $243,250
B) $281,750
C) $273,000
D) $252,000

4. Barkley owns a vacation cabin that was rented to unrelated parties for 10 days during the year for $2,500.
The cabin was used personally by Barkley for three months and left vacant for the rest of the year.
Expenses for the cabin were as follows:
Real estate taxes $1,000
Maintenance and utilities $2,000
How much rental income (loss) is included in Barkley's adjusted gross income?

A) $500
B) $0
C) $(500)
D) $(1,500)

5. Which one of the following will result in an accruable expense for an accrual-basis taxpayer?

A) An invoice dated prior to year end but the repair completed after year end.
B) A repair completed prior to year end and paid upon completion.
C) A signed contract for repair work to be done and the work is to be completed at a later date.
D) A repair completed prior to year end but not invoiced.

Solutions: