[Tripin93]

Right now, I am doing the Becker R5 homework section for CPA Liability, and the vocabulary words are killing me! Punitive damages? Rescission? Monetary Damages? Strict Liability? Scienter? Privity? These terms make me want to vomit. A lot of them I don’t know. Some of them have blurred lines for what’s included or excluded (or at least, blurred lines for me.)

Are vocabulary words like this essential to master R6-R8? If I don’t master these words and concepts, am I toast?

Motivated by JC. I do it to make God proud.

FAR: 91 July 2015
AUD: 83 October 2015
REG: 81 January 2016
BEC: 83 February 2016

[wombataholic]

You can probably get by without knowing their precise meanings – it helps if you can read for context within the question. I'd definitely know scienter and privity though, they came up a lot in Ninja MCQ.

Licensed CPA
Passed each section on the first try with Ninja Notes/MCQ/Audio

[Tripin93]

Thanks wombataholic!

Motivated by JC. I do it to make God proud.

FAR: 91 July 2015
AUD: 83 October 2015
REG: 81 January 2016
BEC: 83 February 2016

[jlee1086]

Yeah, the law vocabulary is ridiculous. They seem to find a way to make the simple sound complicated. One phrase I really hate is “takes free of.” Why can't they just say the person is free of whatever it is they're talking about?

The tax vocabulary is confusing too and I was just wondering if anyone else had trouble. It took me a while to learn the difference between adjustments from AGI and itemized deductions. In my eyes, weren't adjustments FROM also deductions? But here is one problem involving casualty loss which mentions another type of adjustment.

“Mrs. Wai Yan is a full-time employee for a local manufacturing company. She maintains a principal residence in State X for her daughter (Janice), age 15, and herself. During the tax year, Wai's AGI was $70,000.

Wai’s principal residence was broken into in the spring and several items were stolen. In addition, her car was vandalized while she was shopping at the mall in early November. You are requested to determine the casualty loss that Wai can claim on line 20 of Schedule A (Itemized Deductions) by completing the table below.”

I know the casualty loss formula well but I didn't know that the 100 floor and 10% AGI was the adjustment in the table so I bombed the question. Becker never used that term to describe that stuff (the problem is from Ninja) so I was completely unprepared. AUD is the part where a lot of people complain about the vocabulary but oddly enough, I never had that problem. I have my exam in about a week so of course, I'm worried about one word throwing me off. The IRS and lawyers speak a different language from us mere mortals.

FAR 57 (11/2014), 64 (1/2015), 79 (7/2015)
AUD 68 (2/2015), 79 (11/2015)
REG 79 (1/2016)
BEC 81 (4/2016)

[Author]

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