REG01 Videos and Testlets (REG)

REG01 Videos and Testlets (REG)

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The Regulation (REG) section of the Uniform CPA Examination (the Exam) tests the knowledge and skills that a newly licensed CPA must demonstrate with respect to:

  • Federal taxation
  • Ethics and professional responsibilities related to tax practice
  • Business law

The following table summarizes the content areas and the allocation of content tested in the REG section of the Exam:

OUTLINE

Regulation (REG)

Content Area   Allocation
Area I Ethics, Professional Responsibilities and Federal Tax Procedures 10-20%
Area II Business Law 10-20%
Area III Federal Taxation of Property Transactions 12-22%
Area IV Federal Taxation of Individuals 15-25%
Area V Federal Taxation of Entities 28-38%

DETAILS

Regulation (REG)

  1. Area I - Ethics, Professional Responsibilities and Federal Tax Procedures (10-20%)
    1. Ethics and responsibilities in tax practice
    2. Licensing and disciplinary systems
    3. Federal tax procedures
    4. Legal duties and responsibilities
  2. Area II - Business Law (10-20%)
    1. Agency
    2. Contracts
    3. Debtor-creditor relationships
    4. Government regulation of business
    5. Business structure
  3. Area III - Federal Taxation of Property Transactions (12-22%)
    1. Acquisition and disposition of assets
    2. Cost recovery (depreciation, depletion and amortization)
    3. Estate and gift taxation
  4. Area IV - Federal Taxation of Individuals (15-25%)
    1. Gross income (inclusions and exclusions)
    2. Reporting of items from pass-through entities
    3. Adjustments and deductions to arrive at adjusted gross income and taxable income
    4. Passive activity losses (excluding foreign tax credit implications)
    5. Loss limitations
    6. Filing status
    7. Computation of tax and credits
    8. Alternative minimum tax
  5. Area V - Federal Taxation of Entities (28-38%)
    1. Tax treatment of formation and liquidation of business entities
    2. Differences between book and tax income (loss)
    3. C Corporations
    4. S Corporations
    5. Partnerships
    6. Limited liability companies
    7. Trusts and estates
    8. Tax-exempt organizations

Each content area has a list of regulation topics which you must cover in order to be successful in the CPA Exam. Once you have registered in the course you will see a list of the online topics available for study (Use the Access Course Lessons tab above). Otherwise you can access the topics by clicking on the details tab above.

November 13, 2017 | |