Quick reference tools for the 2023 CPA REG exam
Wiley's CPA Jan 2023 Focus Notes: Regulation offer practical and hands-on flashcard-style notes on the Regulation section of the Certified Public Accountant (CPA) exam. Perfect for targeted review sessions focused on essential, core concepts covered on REG, the 2023 Focus Notes include:
- Ethics, Professional Responsibilities, and Federal Tax Procedures
- Business Law
- Federal Taxation of Property Transactions
- Federal Taxation of Individuals
- Federal Taxation of Entities
Designed for motivated CPA candidates sitting for REG in 2023, Wiley's CPA Jan 2023 Focus Notes: Regulation are the proven solution for testing your knowledge in quick study sessions leading up to exam day.
Table of Contents
Preface xiii
Ethics, Professional Responsibilities, and Federal Tax Procedures 1
Treasury Department Circular 230 1
Liability as a Tax Preparer 3
Regulation of Accountants 5
Accountants’ Liability 6
Tax Preparer Penalties 9
Taxpayer Penalties 11
Sources of Tax Authority and Research 13
Tax Practice and Procedure 14
Compliance Responsibilities 15
Contracts 17
Contracts: Offer and Acceptance 17
Contracts: Consideration 20
Writing and Records 21
Contracts: Defenses to Formation 23
Contracts: Discharge of Performance 26
Issues of Passage of Title and Risk Loss 29
Formulas for Damage 32
Sales 35
Agency 38
Types of Agency Relationships and Creation 38
Duties of Agents and Principals 39
Terminating Agent’s Authority 40
Liability of Agents and Principals 41
Debtor-Credit Relationships 43
Suretyship: Introduction, Creation, and Types 43
Rights of Sureties 44
Defenses of Sureties 45
Cosureties 46
Article 9 UCC Secured Transactions 47
Collateral 47
Security Agreement 48
Attachment and Perfection 49
Priorities in Security Interests 51
Rights of Secured Parties and Debtors 53
Bankruptcy and Insolvency 54
Voluntary Filing - Chapter 7 54
Involuntary Filing - Chapter 7 55
Business Reorganizations - Chapter 11 56
Repayment Plans - Chapter 13 58
Alternatives to Bankruptcy 59
Powers of Bankruptcy Trustee 60
Distribution of Debtor’s Estate 62
Denial of Discharge 66
Federal Securities Regulation 67
Civil Liability Provisions: Sec 11 of 1933 Securities Act 67
Civil Liability Provisions: Sec. 10(b) of 1934 Securities Exchange Act 71
Civil Liability Provisions: Sec. 18(a) of 1934 Securities Exchange Act 75
Criminal Securities Law Provisions 79
Employment Tax 80
Federal Insurance Contributions Act (FICA) 80
Federal Unemployment Tax Act (FUTA) 81
Selection and Formation of a Business Entity 83
Partnership Characteristics 83
Limited Liability Arrangements 90
Corporations 93
Promoters 96
Directors and Officers 97
Property Transactions 101
Realized Gain or Loss 101
Taxation of Gains and Losses 103
Related-Taxpayer Transactions 104
Special Transactions 105
Sec 1245 Depreciation Recapture 107
Federal Taxation of Individuals 108
Individual Income Tax 108
Gross Income 110
Interest 112
Taxation of Income from Business Entities 115
Personal and Dependency Exemptions 135
Filing Status 137
Personal Tax Credits 140
Child Tax Credit 143
Accounting Method 145
Depreciation 146
Federal Gift Tax and Trusts 150
Property Received by Inheritance or Gift 153
Trusts 155
Computing Taxable Income of Trusts 158
Corporate Taxation 160
Corporate Income Tax 160
Computing Corporate Income Tax 162
Supplemental Tax Schedules 168
Accumulated Earnings Tax 170
Affiliated Corporation Transactions 171
Nonliquidating Distributions to Shareholders 172
Corporate Complete Liquidation 174
Corporate Reorganizations 175
Section 1244 Stock 176
S Corporations 177
Foreign Tax Credit 185
Family and Medical Leave Credit 185
Partnership Taxation 186
Formation of Partnerships 186
Taxation of Partnerships 190
Distributions 192
Sale of Partnership Interest 194
Termination 195
Index 196
