Wiley's CPA Jan 2023 Focus Notes
Regulation

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.

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