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Wiley CPAexcel Exam Review April 2017 Study Guide: Regulation

ISBN: 978-1-119-36943-1
744 pages
January 2017
Wiley CPAexcel Exam Review April 2017 Study Guide: Regulation (1119369436) cover image

Description

The Wiley CPAexcel Study Guide: Regulation arms CPA test-takers with detailed text and skill-building problems to help identify, focus on, and master the specific topics that may need additional reinforcement to pass the REG section of the CPA Exam.

This essential study guide:

  • Covers the complete AICPA content blueprint in REG
  • Explains every topic tested with 727 pages of study text, 436 multiple-choice questions, and 55 task-based simulations in REG
  • Organized in Bite-Sized Lesson format with 109 lessons in REG
  • Maps perfectly to the Wiley CPAexcel online course; may be used to complement the course or as a stand-alone study tool
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Table of Contents

About the Authors viii

About the Regulation Professors ix

Welcome to Regulation x

Ethics, Professional Responsibilities, and Federal Tax Procedures 1

Ethics and Responsibility in Tax Practice 2

Regulations Governing Practice before the IRS 2

IRC Code and Regulations Related to Tax Return Preparers 7

Licensing and Disciplinary Systems 12

Federal Tax Practice and Procedures 15

Substantiation and Disclosure of Tax Positions 15

Taxpayer Penalties 18

Sources of Tax Authority and Research 23

Tax Practice and Procedure 27

Compliance Responsibilities 30

Legal Duties and Responsibilities 37

Common Law Duties and Liabilities to Clients and Third Parties 37

Privileged Communications, Confidentiality, and Privacy Acts 46

Business Law 51

Agency 52

Types of Agency Relationships and Creation 52

Authority of Agents and Principals 55

Duties of Agents and Principals 57

Contract Liability of Agents and Principals 62

Tort Liability of Agents and Principals 65

Contracts 69

Introduction and Classification 69

Applicable Laws 69

Types of Contracts 72

Formation 75

Offer and Acceptance 75

Consideration 83

Writing and Records: The Statute of Frauds 88

Defenses to Formation 94

Performance: Defining Performance and Breach 100

Performance: Discharge of Performance 106

Passage of Title and Risk of Loss 110

Remedies 117

Types of Remedies 117

Formulas for Damages 120

Third-Party Rights 124

Debtor-Creditor Relationships 129

Rights, Duties, and Liabilities of Debtors, Creditors, and Guarantors 129

Suretyship—Introduction, Creation, and Types 129

Suretyship—Rights of Parties 133

Article 9—UCC Secured Transactions 138

Introduction and Creation of Security Interests 138

Perfection of Security Interests 141

Priorities in Security Interests 146

Rights of Secured Parties and Debtors 150

Bankruptcy and Insolvency 153

Prebankruptcy Options, and Introduction to and Declaration of Bankruptcy 153

Bankruptcy Process 159

Distribution of Debtor’s Estate 163

Discharge and Reaffirmation Agreements 166

Government Regulation of Business 168

Federal Securities Regulation 168

Defining a “Security” 168

The Registration Process 170

Exempt Transactions and Securities 173

The JOBS Act of 2012 179

Liability Provisions—1933 Act 183

Purposes, Requirements, and Provisions of the 1934 Act 189

Criminal Liability 196

Other Federal Laws and Regulations 198

Employment Tax 198

Affordable Care Act 203

Worker Classification Laws and Regulations 211

Business Structure 217

Selection and Formation of Business Entity and Related Operation and Termination 217

Selection of a Business Entity 217

Formation 223

Operations: Nonfinancial Factors 225

Financial Structure 228

Termination 234

Rights, Duties, Legal Obligations, and Authority of Owners and Management 237

Rights and Duties 237

Authority of Owners and Managers 242

Federal Taxation 245

Introduction to Tax Review 246

Property Transactions 253

Sales and Dispositions of Assets 253

Capital Gains and Losses 257

Section 1231 Assets 265

Section 1231 Assets—Cost Recovery 270

Like-Kind Exchanges and Involuntary Conversions 281

Other Nonrecognition Transactions 286

Federal Taxation of Individuals 291

Income 292

Gross Income—General Concepts and Interest 292

Gross Income—Other Inclusions 297

Gross Income—Exclusions 300

Taxation of Items from Business Entities 303

Accounting Methods and Periods—Individuals 308

Taxation of Employee Benefits 315

Taxation of Retirement Plans 321

Deductions 327

Deductions—Basic Principles 327

Deductions for AGI 329

Itemized Deductions—Medical, Taxes, Interest 333

Itemized Deductions—Other 337

Employee Business Expenses 343

Deductions—Losses and Bad Debts 346

Limitations on Business Deductions 348

Individual Tax Issues 353

Personal and Dependency Exemptions 353

Filing Status 357

Alternative Minimum Tax and Other Taxes 361

Tax Planning Strategies for Individuals 366

Tax Credits 371

Personal Tax Credits 371

Estate and Gift Taxation 380

Federal Gift Tax 380

Federal Estate Tax 387

Federal Taxation of Entities 395

Corporate Taxation 396

Formation of a Corporation 396

Corporate Income 401

Accounting Methods and Periods—Corporations 406

Special Corporate Deductions 409

Corporate Alternative Minimum Tax 415

Penalty Taxes 419

Taxation of Related Corporations 423

Distributions from a Corporation 426

Corporate Redemptions and Liquidations 430

Corporate Reorganizations 436

Multijurisdictional Tax Issues 442

State and Local Taxation 442

Taxation of Foreign Income 447

Tax-Exempt Entities 452

Tax-Exempt Organizations 452

Partnership Taxation 455

Formation and Basis 455

Flow-Through of Income and Losses 462

Transactions with Partners 465

Partnership Distributions 468

Sales and Terminations 473

S Corporation Taxation 477

Eligibility, Election, Termination 477

Income and Basis 480

Distributions and Special Taxes 485

Fiduciary Taxation 488

Income Taxation of Fiduciaries 488

Tax Credits 493

Business Tax Credits 493

Other Tax Issues 497

Tax Planning Strategies for Business Entities 497

Business Entity Choice 499

Multiple Choice Questions 503

Task-Based Simulations 615

Index 717

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