REVIEW CHECKLISTREGULATION

Your objective is to prepare to pass this section of the CPA exam. It is not to do a certain amountof work or spend a certain amount of time with this course or other CPA review materials/courses.Rather, you must

1. Understand the CPA exam thoroughly -- study How to Pass the CPA Exam: A System forSuccess.

2. Understand the subject matter in the 20 study units in this course. The list of subunits ineach of the 20 study units (presented below and on the following page) should bring tomind core concepts, basic rules, principles, etc.

3. If you have not already done so, print the Core Concepts included for each study unit in yourGleim Online course. The Core Concepts provide a summary of the most important topicsfrom each study unit and should be perused during your final review.

Study Unit 1: Ethics and Professional Responsibilities1.1 Circular 2301.2 AICPA Standards for Tax Services1.3 Tax Return Preparers1.4 Licensing and Disciplinary Systems

Study Unit 2: CPAs and the Law2.1 Securities Act of 19332.2 Securities Exchange Act of 19342.3 Federal Statutory Liability of CPAs and Others2.4 State Law Liability to Clients and Third Parties2.5 Privileged Communication and Confidentiality

Study Unit 3: Individual Taxation and Gross Income3.1 Filing Status3.2 Exemptions3.3 Gross Income3.4 Other Gross Income3.5 Exclusions

Study Unit 4: Self-Employment, Farming, andAdjustments

4.1 Business Income and Expenses4.2 FICA and FUTA Taxes4.3 Employee Benefits4.4 Farm Income and Expenses4.5 Above-the-Line Deductions

Study Unit 5: Deductions from AGI, Credits,AMT, and Limitations

5.1 Standard and Itemized Deductions5.2 Job Expenses and Certain Miscellaneous

Deductions5.3 Tax Credits5.4 Alternative Minimum Tax5.5 Losses and Limits

Study Unit 6: Property Transactions6.1 Basis6.2 Depreciation and Amortization6.3 Capital Gains and Losses6.4 Related Party Sales6.5 Installment Sales6.6 Nonrecognition Transactions6.7 Business Property

Study Unit 7: Corporate Taxable Income7.1 Definition and Accounting7.2 Gross Income of a Corporation7.3 Deductions of a Corporation7.4 Losses of a Corporation7.5 Reconciling Book and Taxable Income

Study Unit 8: Corporate Tax Computations8.1 Regular Income Tax8.2 Foreign Tax Credit (FTC)8.3 Consolidated Returns8.4 Controlled Groups8.5 Alternative Minimum Tax (AMT)8.6 Estimated Tax8.7 Accumulated Earnings Tax (AET)8.8 Personal Holding Company Tax

Study Unit 9: Corporate Tax Special Topics9.1 Formation9.2 Current Earnings and Profits9.3 Distributions9.4 Redemptions9.5 Complete Liquidation9.6 Partial Liquidation9.7 Subsidiary Liquidation9.8 Reorganizations9.9 Procedure

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Study Unit 10: S Corporations10.1 Eligibility and Election10.2 Operations10.3 Distributions10.4 Special Taxes

Study Unit 11: Partnerships and ExemptOrganizations

11.1 Partnership Formation and Tax Year11.2 Partner’s Taxable Income11.3 Partners Dealing with Own Partnership11.4 Treatment of Partnership Liabilities11.5 Distribution of Partnership Assets11.6 Termination of Partnership11.7 Electing Large Partnerships11.8 Exempt Organizations

Study Unit 12: Estates, Trusts, and Wealth TransferTaxes

12.1 Income Taxation12.2 Beneficiary’s Taxable Income12.3 Gift Tax12.4 Estate Tax12.5 Generation-Skipping Transfer Tax (GSTT)

Study Unit 13: Federal Tax Legislation,Procedures, Planning, and Accounting

13.1 Tax Legislation13.2 Tax Procedures13.3 Tax Planning13.4 Accounting Methods13.5 Multiple Jurisdictions

Study Unit 14: Noncorporate Business Entities14.1 Sole Proprietorships14.2 General Partnerships14.3 Limited Partnerships and Limited Liability

Partnerships (LLPs)14.4 Limited Liability Companies (LLCs)

Study Unit 15: Corporations15.1 Formation15.2 Operation, Financing, and Distributions15.3 Shareholders’ Rights15.4 Directors’ and Officers’ Authority, Duties, and

Liability15.5 Mergers and Termination15.6 Advantages and Disadvantages of Corporations

Study Unit 16: Agency and Regulation16.1 Formation of an Agency16.2 Agent’s Authority and Duties16.3 Principal’s Duties and Liabilities16.4 Termination of an Agency16.5 Antitrust Law16.6 Employment Law16.7 Intellectual Property Law16.8 Various Law Topics

Study Unit 17: Contracts17.1 Classification of Contracts17.2 Mutual Assent (Offer and Acceptance)17.3 Consideration17.4 Capacity17.5 Legality17.6 Lack of Genuine Assent17.7 Statute of Frauds17.8 Parol Evidence Rule17.9 Performance, Discharge, and Breach17.10 Remedies17.11 Contract Beneficiaries17.12 Assignment and Delegation

Study Unit 18: Sales and Secured Transactions18.1 Formation of a Contract18.2 Performance18.3 Title and Risk of Loss18.4 Warranties18.5 Products Liability18.6 Remedies18.7 Attachment of Security Interests18.8 Perfection of Security Interests18.9 Priorities18.10 Rights and Duties of Debtors, Creditors, and Third

Parties

Study Unit 19: Negotiable Instruments and Documents19.1 Types of Negotiable Instruments19.2 Negotiability19.3 Endorsements19.4 Holders in Due Course19.5 Liability and Defenses19.6 Discharge19.7 Documents of Title

Study Unit 20: Debtor-Creditor Relationships20.1 Liens and Enforcement Methods20.2 Collective Remedies under State Law20.3 Bankruptcy Administration20.4 Bankruptcy Liquidations20.5 Reorganizations and Adjustments20.6 Sureties

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Copyright © 2014 Gleim Publications, Inc., and/or Gleim Internet, Inc. All rights reserved. Duplication prohibited. www.gleim.com