[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 Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[CPAIn2018]

@CPAIN2K17

Now i can see why you did FAR MCQ in one hour. You seem well preapred. Move on girl and the tunnel will be behind you soon.

[cmashambe]

Took the exam on Wednesday. Definitely is brutal. Just make sure to really understand the concepts so that you are able to apply them adequately. Good luck!

[Cyn]

@CPAIN2K17

WOW! u allocated so much time for reviewing – amazing! I'm doing Wiley + Ninja too. I work full-time and my commute is 2 hours long. I'm only able to do like one chapter a day 🙁 How is your study schedule like? I want to move faster but I don't want to just skim the material….

T-8 weeks for my REG test!

[wakefern58]

Could someone explain to me a question i have regarding estates:

If an estate comes into existence upon the death of an individual, what is the tax form reporting treatment for the year of death? Would the estate tax income form only apply for subsequent years after year of death since year of death would be reported on the final 1040?

[CPAIn2018]

@wakwfern58
Not on Form 1040, but on Form 1041. The decedent and their estate are separate taxable entities. Estate tax on transfwr of assets from the decedent to beneficiaries or hiers is reported on Form 706.

[runegoblet3xx]

My test is on Wednesday. Been reviewing for about a week and a half now. Did both Becker mock exams; 62% and 74%.

I'm trying out NINJA for the first time; has anybody else had real trouble with the research questions? I've tried using different words and phrases, but it seems like I can really only use one word to search, and of course that doesn't narrow it down. The system overall just seems very clunky. I keep missing those questions.

Any last minute advice in general for reviewing?

[Holly]

@appy thanks! I even wrote down the part about sale of goods and still didn't see it!

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

[CPAIN2K17]

@cynthia my strategy personally is to get through the material as fast as I can (but not so fast that I don't understand what I'm learning) and then spend a lot of time reviewing, because I think I learn best during the review stage. Of course everyone learns differently so that isn't the same for everyone. I tried to do 3-5 lessons a day during the week and then 7-10 on Friday – Sunday. Somedays I did more, some less.

[Holly]

NINJA 263. I thought a revocation if made before an acceptance was one of the three ways to terminate an offer? I suck at business law…ugh

On May 2, Lace Corp., an appliance wholesaler, offered to sell appliances worth $3,000 to Parco, Inc., a household appliances retailer. The offer was signed by Lace's president, and provided that it would not be withdrawn before June 1. It also included the shipping terms: “FOB—Parco's warehouse.” On May 29, Parco mailed an acceptance of Lace's offer. Lace received the acceptance June 2.

Which of the following statements is correct if Lace sent Parco a telegram revoking its offer, and Parco received the telegram on May 25?
A. A contract was formed on May 2.
Incorrect B.Lace's revocation effectively terminated its offer on May 25.
C. Lace's revocation was ineffective because the offer could not be revoked before June 1.
D. No contract was formed because Lace received Parco's acceptance after June 1.
You answered B. The correct answer is C.

If Lace sent Parco a telegram revoking its offer and Parco received the telegram on May 25th, Lace's revocation was ineffective because the offer could not be revoked before June 1.

This transaction falls under the U.C.C. Firm Offer provision whereby an offer by a merchant to buy or sell goods in a signed writing which, by its own terms, states that it is held open for a specified period of time, is not revocable even though there was no consideration. Lace's offer was in writing, Lace is a merchant (wholesaler), and Lace stated that the offer would be held open until June 1.

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

[Holly]

@Tulip I'm sure it does say it in Becker, I just for some reason can't find any answers when I'm working on blaw??

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

[Lou]

@Holly I picked B in that problem as well.

According to Becker, the offer is revoked once the offeree receives the revocation. The only exception to this rule is if there is an option contract. Since no consideration was given, I don't think this qualifies as option contract. If it does, wouldn't it mean that A is a correct statement also?

[appy]

@Holly offer can be revoked any time before it is accepted by the offeree and is effective when it is received by the offeree. There are two exceptions to this, option contract and a merchants firm offer under UCC. In the said question the offer is made by a merchant(wholesaler) for the sale of appliances(goods and thus covered under UCC) and hence the exception applies and the offer cannot be revoked and should be kept open till the time specified.

[Holly]

@appy yeah, I thought that might be the case and saw in the explanation that it is, but I cannot find that in Becker. Any Becker people know which page that is explained on?

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

[Anonymous]

@Holly-I don't think Becker goes into merchants and sales contracts at all 🙁 which makes me think maybe it's not really tested? ( I am hoping!!!)

[Lou]

Becker specifically states on R7-16, that we do not need to know the rules that apply to contracts for the sale of goods. In the lecture, Olinto states that the unique rules for the sale of goods (for the most part) are no longer being tested.

[Author]

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