REG Study Group July August 2017 - Page 26

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  • July 5, 2017 at 7:26 pm #1582544
    CPAIn2018
    Participant

    What's happening everybody? I believe it was Julia who was making this forum very active. The number of posts have dwindled since she took her exam.

    I have a situation here, I visited a doctor and he diagnozed me as having a chronic insomnia. He recomended me to buy nonprescription drug for 250. Is this a qualified expense for tax purpose (disregard AGI for now)?

    July 5, 2017 at 8:02 pm #1582555
    Holly
    Participant

    @Tulip love the trying to get things moving!

    I'm going to answer no. Even though a dr recommended the medicine, it's still not a prescribed medicine.

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

    July 5, 2017 at 9:01 pm #1582577
    wakefern58
    Participant

    Hi All – Could someone clarify the order of computing outside basis for me in partnerships? My question is: Does the partner's increase/decreease in liabilities for the year adjust outside basis BEFORE the Distributions? Or BEFORE the Losses/Deductions? or AFTER Both of these? Thank you =]

    July 5, 2017 at 11:48 pm #1582630
    big_dolphin
    Participant

    Took the exam it today. It was horrible. 50% of MCQ was Business Law. Got to SIMS with 2 hr 15 mins left and STILL barely finished! SIMS are nothing like ninja, becker or wiley. Much more intense. I'm still in shock. I hope for a generous curve and partial credits on SIMS. Best of luck everybody!

    July 5, 2017 at 11:52 pm #1582633
    rwglapalma
    Participant

    Hello REG study group! Took BEC on Monday, scheduled REG for September 10th. I'm not going to study for a couple days to give myself a breather but I'll be on here lurkin. Good luck to everyone taking the exam!

    July 6, 2017 at 7:23 am #1582666
    Holly
    Participant

    @wake not sure what you're asking but … this is how I think I do it. Without looking at an actual problem it's kinda hard.

    Prior Basis
    +/- current year activity (income/loss, liabilities, etc)
    – cash distribution
    – property distribution
    Current Basis

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

    July 6, 2017 at 8:05 am #1582672
    Holly
    Participant

    Okay, from looking at NINJA statistics, I totally suck at business law. What do you think my strategy should be to catch up with those topics?

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

    July 6, 2017 at 8:40 am #1582685
    Anonymous
    Inactive

    @wakefern-I think outside basis by definition includes liabilities..The increase in liabilities increases basis and the decrease will decrease basis….

    July 6, 2017 at 8:41 am #1582690
    Anonymous
    Inactive

    @Holly-I am finding the Ninja REG Testbank frustrating…I haven't even started BLAW in there, (except agency) only because it seems to have so much more info than Becker and I am overwhelmed:)

    July 6, 2017 at 9:43 am #1582712
    Holly
    Participant

    @anyatver NINJA does have more and differently asked questions than Becker, but that's why I like it.

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

    July 6, 2017 at 11:25 am #1582736
    CPAIN2K17
    Participant

    Finished the Wiley course today. Now on to the Wiley test bank, which I will hopefully finish by next week. Then I'll have 5 weeks to do the ninja test bank + sims + ninja notes for review. There is beginning to be a small light at the end of the tunnel!

    July 6, 2017 at 12:05 pm #1582754
    big_dolphin
    Participant

    Also, my exam had 5 DRS where you have to review a lot of documents and read through statements, invoices, agreements. Exam tip: start SIMS with 2.5 hours left.

    July 6, 2017 at 12:06 pm #1582757
    Holly
    Participant

    NINJA 394

    Under the Secured Transactions Article of the U.C.C., which of the following security agreements does not need to be in writing to be enforceable?

    A. A security agreement collateralizing a debt of less than $500
    B. A security agreement where the collateral is highly perishable or subject to wide price fluctuations
    C. A security agreement where the collateral is in the possession of the secured party
    D. A security agreement involving a purchase money security interest
    You answered A. The correct answer is C.

    When the secured party can take possession of the collateral as part of the security agreement, the agreement is enforceable without writing.

    A security agreement collateralizing a debt under $500, where the collateral is highly perishable or subject to wide price fluctuations, or involving a purchase money security interest (PMSI) must be in writing.

    I get why C is the right answer, but I don't see in my Becker book why A is the wrong answer.

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

    July 6, 2017 at 12:26 pm #1582772
    appy
    Participant

    a contract for the sale of goods under $500 need not be in writing, but option A is not for sale of goods

    July 6, 2017 at 3:00 pm #1582829
    CPAIn2018
    Participant

    @Holly,

    even in Beckers the 500 limit is for sale of goods not for settlement of debts.

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