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AICPA REG Exam Overview:
| Certification Vendor: | American Institute of Certified Public Accountants (AICPA) |
| Exam Name: | Taxation and Regulation (REG) |
| Exam Number: | REG |
| Related Certifications: | CPA Auditing and Attestation (AUD) CPA Financial Accounting and Reporting (FAR) CPA Business Analysis and Reporting (BAR) CPA Information Systems and Controls (ISC) CPA Tax Compliance and Planning (TCP) |
| Real Exam Qty: | 72 multiple-choice questions (MCQs) + 8 task-based simulations (TBSs) |
| Exam Duration: | 240 minutes |
| Exam Price: | Varies by jurisdiction (national section fee example ~USD 359 before local fees) |
| Available Languages: | English |
| Passing Score: | 75 (scaled score on a 0–99 scale) |
| Exam Format: | Multiple-Choice Questions (MCQs), Task-Based Simulations (TBSs) |
| Certificate Validity Period: | Not applicable (CPA Exam scores valid 30 months toward full CPA license completion) |
| Sample Questions: | AICPA REG Sample Questions |
| Exam Way: | Computer-based testing at Prometric testing centers or international testing sites |
| Pre Condition: | Meet applicable state board of accountancy eligibility requirements (education and application process) and receive Authorization to Test (ATT). |
| Official Syllabus URL: | https://www.aicpa-cima.com/resources/article/learn-what-is-tested-on-the-cpa-exam |
AICPA REG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Federal Taxation of Entities | 23-33% | - Tax compliance for corporations, partnerships, LLCs, and S corporations - Entity-level tax planning and reporting requirements |
| Ethics, Professional Responsibilities and Federal Tax Procedures | 10-20% | - Licensing and disciplinary systems for CPA practice - Ethics and responsibilities in tax practice (Treasury Department Circular 230) - Federal tax procedures, disclosures, penalties, and appeals |
| Business Law | 15-25% | - Business structures and federal business regulations - Legal duties and responsibilities in business transactions - Agency, contracts, and debtor-creditor relationships |
| Federal Taxation of Individuals | 22-32% | - Adjustments, deductions, exemptions and credits - Tax filing requirements and procedures - Individual taxable income and tax compliance |
| Federal Taxation of Property Transactions | 5-15% | - Gains and losses on disposition of assets - Basis, cost recovery (depreciation and amortization) |
AICPA CPA Regulation Sample Questions:
1. On December 1, 1997, Krest, a self-employed cash basis taxpayer, borrowed $200,000 to use in her
business. The loan was to be repaid on November 30, 1998. Krest paid the entire interest amount of
$ 24,000 on December 1, 1997. What amount of interest was deductible on Krest's 1997 income tax return?
A) $24,000
B) $0
C) $2,000
D) $22,000
2. In which of the following situations may taxpayers file as married filing jointly?
A) Taxpayers who were legally separated but lived together for the entire year.
B) Taxpayers who were married but lived apart during the year.
C) Taxpayers who were divorced during the year.
D) Taxpayers who were married but lived under a legal separation agreement at the end of the year.
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. Hall, a divorced person and custodian of her 12-year old child, filed her 1990 federal income tax return as
head of a household. She submitted the following information to the CPA who prepared her 1990 return:
. In 1990, Hall sold an antique that she bought in 1980 to display in her home. Hall paid $800 for the
antique and sold it for $1,400, using the proceeds to pay a court ordered judgment.
The $600 gain that Hall realized on the sale of the antique should be treated as:
A) Ordinary income.
B) An involuntary conversion.
C) A nontaxable antiquities transaction.
D) Long-term capital gain.
5. Freeman, a single individual, reported the following income in the current year:
Guaranteed payment from services rendered to a partnership $50,000
Ordinary income from a S corporation $20,000
What amount of Freeman's income is subject to self-employment tax?
A) $70,000
B) $50,000
C) $20,000
D) $0
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: B |
By Bridget
