REG考试4小时，包括单项选择题组(占50%)和模拟案例题组(占50%)。主要考试内容为：道德、公司治理与商法基础(Fundamentals of Ethics, Corporate Governance and Business Law)：商业与职业道德、伦理冲突、公司治理、合同法、劳动法、企业管理与融资等相关知识。税法法规(Regulation)：联邦税法、职业道德、专业及法律责任及商事法等知识，及其运用所需技能。
Capital assets include:
a.A corporation's accounts receivable from the sale of its inventory.
b.A corporate real estate developer's unimproved land that is to be subdivided to build homes, which will be sold to customers.
c.A manufacturing company's investment in U.S. Treasury bonds.
d.Seven-year MACRS property used in a corporation's trade or business.
Choice "c" is correct. Investment assets of a taxpayer that are not inventory are capital assets. The manufacturing company would have capital assets including an investment in U.S. Treasury bonds.
Choice "a" is incorrect. Accounts receivable generated from the sale of inventory are excluded from the statutory definition of capital assets.
Choice "d" is incorrect. Depreciable property used in a trade or business is excluded from the statutory definition of capital assets.
Choice "b" is incorrect. Land is usually a capital asset, but when it is effectively inventory, as when it is used by a developer to be subdivided, it is excluded from the statutory definition of capital assets.
Which of the following activities regularly carried out by an exempt organization will not result in unrelated business income?
a.The sale of laundry services by an exempt hospital to other hospitals.
b.The sale of heavy-duty appliances to senior citizens by an exempt senior citizens center.
c.The sale of a trade association of publications used as course materials for the association's seminars, which are oriented towards its members.
d.Accounting and tax services performed by a local chapter of a labor union for its members.
Rule: Unrelated business income is:
1.Derived from an activity that constitutes a trade or business,
2.Is regularly carried on, and
3.Is not substantially related to the organization's tax-exempt purpose.
Note: An unrelated business does not include any activity where all the work is performed for the organization by unpaid volunteers. Thus, using unpaid volunteers makes that business or activity "related."
Choice "c" is correct. The sale of a trade association of publications used as course materials for the association's seminars, which are oriented towards its members, will not result in unrelated business income.
Choices "a", "b", and "d" are incorrect, per the above explanation.