[jeff]

Welcome to the Q3 2017 CPA Exam Study Group for REG. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your REG exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

[jeff]

[Julia]

@tulip. First i made the mistake of subtracting the Ira amounts 3000 from agi. But! Agi was already calculated b/c it says that 50,000 is the agi. I need to watch that, I do that alot.
If u use 50,000 as agi. – 2% is 1,000. So 2% deduction items need to be more than 1000. Only tax prep is 2% misc stuff. So not meet threshold. So not deduct.
The 6000 liabity subtract 100 for incident. Then subtract 5000 (50,000 x 10%). 900 is deduction amt
Does this help?

[Julia]

@Jeff I choose A
Can I win even if Im wrong?

[CPAIn2018]

@Julia

Thx for the explanation. That means it should be above the 2% of Agi to be considered. This means also,the rule favours the poor, who would have a high possibilty of reaching the limit as the poor's Agi is small.

I am glad ,you took notice of the IRA issue you have. As for me, I relate IRA to my specific situation, that I use the April 15 deadline to deposit upto $5500 for my wife, so that we reduce our MFJ Agi. I am sure , this will help u to remember, on how to treat, IRA in your exam.
Thx.

[Julia]

Im conflicted and need thoughts.
Im averaging 84% on tax stuff and 66% on BLAW stuff. Should I push and learn BLaw or keep pushing tax till I get my average higher?

[CPAIn2018]

@julia

It looks like you are safe. I would say, keep doing both. If you focus now on blaw, you mighy forget some of the tax.Doing both would maximize the benefit. By the way, happy for you. This is an achievement. Go for it.

[Holly]

@Julia when is your test?

BEC - 79
REG - 85
AUD - 5/27/16

[Julia]

@holly 15 days (to study) – July 3. I'm trying not to freak out.

Someone recommended white noise to study. It soooo helps! I put on the beach sounds and I think it helps cuz I feel like I'm still enjoying some summer. Thanks for the recommendations.
Whale sounds r next.

[Holly]

@Julia you can learn a lot in 15 days.

BEC - 79
REG - 85
AUD - 5/27/16

[Julia]

I'm confused. I thought rejection was effective upon receipt and acceptance upon dispatch. Offeror can revoke an offer but it don't count until its received. There is no consideration. Becker R6 says if conidertion not given, it is not a option contract.

On Day 1, Jackson, a merchant, mailed Sands a signed letter that contained an offer to sell Sands 500 electric fans at $10 per fan. The letter was received by Sands on Day 3. The letter contained a promise not to revoke the offer but no expiration date. On Day 4, Jackson mailed Sands a revocation of the offer to sell the fans. Sands received the revocation on Day 6. On Day 7, Sands mailed Jackson an acceptance of the offer. Jackson received the acceptance on Day 9. Under the Sales Article of the U.C.C., was a contract formed?

No contract was formed because the offer failed to state an expiration date.
No contract was formed because Sands received the revocation of the offer before Sands accepted the offer.
A contract was formed on the day Jackson received Sands' acceptance.
A contract was formed on the day Sands mailed the acceptance to Jackson.

You answered B. The correct answer is D.

The contract was formed because Jackson made an offer to sell fans to Sands and made a promise not to revoke the offer. Since the promise not to revoke did not contain an expiration date, then the offer remains open for a reasonable time. Jackson mailed an acceptance of the offer four days after receiving it. A contract was formed since four days was a reasonable time for the offer to remain open.

[Holly]

@Julia I'm glad you're asking a blaw question because I do not feel confident with this at all. I don't know what you're asking, but when I read the question I chose D. I ruled out A & B because there was a contract formed when Sands accepted, I chose D because mailing is considered effective for acceptance.

BEC - 79
REG - 85
AUD - 5/27/16

[Julia]

Nevermind. Only exception is a merchant firm offer. Has to b a merchant, be in writing and b signed.

@holly – my issue w d is that there was no consideration given so can still revoke anytime.
She got revocation before she sent acceptance.
But…. The exception is merchant firm offer. Don't need consideration to keep it open.

[Holly]

So merchants have to give consideration to keep offer open?

BEC - 79
REG - 85
AUD - 5/27/16

[Anthony]

I guess I'm not the only one struggling on business law. God, business law sucks so much. Nothing but pure jargon and it's pretty much the only thing that is bringing down my practice mcq scores down when I get shotgun blasted with a session with 50-80% of it is nothing but business law mcq.

[Julia]

@holly Becker warns that a promise not to revoke can b revoked if no consideration is given. The pass key warns bout this.
The exception is merchants. They can NOT promise not to revoke and revoke, even without consideration (payment of some kind). The rule is Merchant Firm Offer. Merchants r tied to their promise.
Anyone else can revoke a promise not to revoke, if they r not given some sort of consideration (payment).

[Author]

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