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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 Business Analysis and Reporting (BAR) CPA Information Systems and Controls (ISC) CPA Financial Accounting and Reporting (FAR) CPA Tax Compliance and Planning (TCP) CPA Auditing and Attestation (AUD) |
| 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:
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
Correct Answer: C 🗳️
Explanation: Only visible for SurePassExams members. You can sign-up / login (it's free).
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.
Correct Answer: B 🗳️
Explanation: Only visible for SurePassExams members. You can sign-up / login (it's free).
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.
Correct Answer: D 🗳️
Explanation: Only visible for SurePassExams members. You can sign-up / login (it's free).
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.
Correct Answer: D 🗳️
Explanation: Only visible for SurePassExams members. You can sign-up / login (it's free).
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
Correct Answer: B 🗳️
Explanation: Only visible for SurePassExams members. You can sign-up / login (it's free).
By Erica
