[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

[appy]

@kusumaala , @anyatver thank you!!!

[Anonymous]

@holly-are you trying to redo everything???? 🙂

[JB]

Which of the following types of conduct renders a contract voidable?
A. Mutual mistake as to facts forming the basis of the contract

B. Unbreached contract

C. Duress through physical compulsion

Incorrect D.Duress through threats of a civil suit

Explanation: Duress is a wrongful act that compels contractual agreement through fear. Although threats of a civil suit are not considered duress legally, physically threatening a person to do another's bidding is definitely duress and any such contract is illegal and can be voided.

Becker says that if the harm threatened is physical force, the contract is void. But if the harm threatened is economic or social, then the contract is voidable.
Is Ninja wrong?

[Anonymous]

I am guessing ninja is wrong… I have seen this a million time and always answered wrong based on Becker..

[Holly]

@anyatver I'm not planning on redoing it all but I thought I'd start listening to the lectures in the car again, getting better statistics on Ninja, etc

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

[aishwaryaganesh186]

@Kusumaala- Hi Kusum! Are you also using Roger CPA? I just started studying from that. Have my exM ON 2nd Oct and feeling completely blank about the first chapter… Are there any tips you can share?

[wakefern58]

Hi all – For those of you studying for REG right now who have previously taken FAR, what are your thoughts on both? I know everyone's knowledge and background of a subject is different but I was trying to gauge the complexity and depth of FAR material/mcq&study time compared to REG.

[Holly]

@wake I feel like FAR's material is more widespread so you don't have to know every little detail about every little thing; REG kinda builds as it goes through each section and seems like the questions try to be a little trickier, where FAR is more straightforward. The only “tricky” spots in FAR I think is when you have the differences with FASB and IFRS, Gov't and NP. You have to learn each and how they're different.

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

[appy]

ninja sim#69
The executor of Munson's estate made the election to adopt the alternative valuation date for the estate's assets. The estate of Munson is composed of the following assets:

$200,000 Zenon Corp. 3% 20-year bonds, due Year 16.Interest payable quarterly on February 1, May 1, August 1,and November 1.
FMV April 1,year 2(date of death) -$200,000
FMV October 1, year 2 -$195,000
Interest accrued on the Zenon bonds from February 1 to April 1, Year 2, was deposited by the executor on May 1, Year 2.

Accrued interest on Zenon Corp. 3% bond(included in the total estate value)-alternative value is $1,000

can anyone tell me why it is $1000 and not $1500?

[Scared-cpa]

I was hoping some of you guys could share your advice on when you know you're ready to take the exam? I've got 750 questions left until I've seen all of them in Ninja MCQ, all that's left is in BLaw and taxation on entities. I'm averaging 67 and trending 78 right now. I just don't know when to schedule my exam – I'm always afraid I won't be ready by then!

[dave]

Hi Guys! Could anyone help explain the Tax Deductions that are adjustments for AMT?

Becker's mnemonic for AMT adjustment items is PANIC TIME, the T stands for “Tax Deductions” added as an adjustment to itemized deductions to find AMTI.

There was a question in Becker's MCQ, CPA-05537, that does NOT allow the adjustment of state income taxes. And in another question right after, CPA-02015, that DOES adjusts for state income taxes to reach AMTI.

Don't you always have to adjust for state and local tax deductions for AMT?

Hope that wasn't too confusing thanks and good luck studying everyone!!!

[kala]

Hi Aishwarya- From the name I understand , you may be from India :).. I totally agree that REG has nothing that we may have learnt in our graduation, we do not have any of these as part of our studies during college. I would say listen twice or as many times as you can to understand the topic, Roger does good job of explanation and put that topic into practice by doing MCQ as many as you can and until you get the answer/logic and topic correct.

[Holly]

@appy .03/12=.0025(200,000)=500*2=1,000

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

[Holly]

@iwantmylifeback2 02015 says $70,000 including the following itemized deductions, so you add the state taxes back; 05537 says potential itemized deductions, so you add the deductions together to get total allowed – state income taxes were not included in this amount.

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

[appy]

@Holly thank you,i was taking it as a quarterly payment

[Author]

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