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Reference: http://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/FAQ/Pages/computer_faqs_2.aspx
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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Business Law | 15-25% | - Contract formation and performance - Agency relationships and authority - Debtor-creditor relationships and bankruptcy - Uniform Commercial Code (UCC) articles - Employment and federal business regulations - Business structure legal characteristics |
| Topic 2: Federal Taxation of Individuals | 22-32% | - Filing status and dependency rules - Loss limitations and carryovers - Gross income inclusions and exclusions - Adjustments, deductions, and exemptions - Tax credits and alternative minimum tax |
| Topic 3: Ethics, Professional Responsibilities, and Federal Tax Procedures | 10-20% | - Federal tax audit and appeal procedures - Privileged communications and disclosure rules - Ethics and responsibilities in tax practice - Tax preparer penalties and due diligence - Treasury Department Circular 230 |
| Topic 4: Federal Taxation of Entities | 23-33% | - Gift, estate, and trust taxation - C corporations and S corporations - Partnerships and LLCs - Book-tax differences - Tax-exempt organizations |
| Topic 5: Federal Taxation of Property Transactions | 12-22% | - Like-kind exchanges and involuntary conversions - Asset basis and holding periods - Recognition of gains and losses - Cost recovery: depreciation, amortization, depletion - Capital vs ordinary asset classification |
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