[jeff]

REG Resources:

Free REG Notes & Audio – https://www.another71.com/cpa-exam-study-plan

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Score Release: https://www.another71.com/cpa-exam-scores-results-release

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

[terranz]

Klaus Corporation, which is not exempt from the alternative minimum tax, reported adjusted current earnings (ACE) and alternative minimum taxable income (AMTI) prior to the alternative minimum tax NOL deduction and ACE adjustments for 2010 through 2012 as follows:

2010 2011 2012

Ace $200,000 $200,000 $200,000

AMTI 100,000 240,000 350,000

What is the amount of Klaus Corporation’s alternative minimum tax ACE adjustment for 2012?

$( 45,000)

$ 112,500

$( 75,000)

$(112,500)

@smsingla and @IY24

I get how to calculate the answer for this q

anyone who is using beckers – was this covered in beckers?

But what is the real point of this question? what are we supposed to know?

i think i've seen a grand total of 0 AMT questions on exam…

[terranz]

Klaus Corporation, which is not exempt from the alternative minimum tax, reported adjusted current earnings (ACE) and alternative minimum taxable income (AMTI) prior to the alternative minimum tax NOL deduction and ACE adjustments for 2010 through 2012 as follows:

2010 2011 2012

Ace $200,000 $200,000 $200,000

AMTI 100,000 240,000 350,000

What is the amount of Klaus Corporation’s alternative minimum tax ACE adjustment for 2012?

$( 45,000)

$ 112,500

$( 75,000)

$(112,500)

@smsingla and @IY24

I get how to calculate the answer for this q

anyone who is using beckers – was this covered in beckers?

But what is the real point of this question? what are we supposed to know?

i think i've seen a grand total of 0 AMT questions on exam…

[Future_FLCPA]

Hope is a tax-exempt religious organization. Which of the following activities is (are) consistent with Hope's tax-exempt status?

I. Conducting weekend retreats for business organizations.

II. Providing traditional burial services that maintain the religious beliefs of its members.

I only.

II only.

Both I and II.

Neither I nor II.

B - 80 (Aug 2012)
A - 89 (Jan 2013)
F - 77 (May 2013)
R - 83 (Nov 2013)

[Future_FLCPA]

Hope is a tax-exempt religious organization. Which of the following activities is (are) consistent with Hope's tax-exempt status?

I. Conducting weekend retreats for business organizations.

II. Providing traditional burial services that maintain the religious beliefs of its members.

I only.

II only.

Both I and II.

Neither I nor II.

B - 80 (Aug 2012)
A - 89 (Jan 2013)
F - 77 (May 2013)
R - 83 (Nov 2013)

[smsingla]

@ Future.. I think only II is right

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

@ Future.. I think only II is right

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Kenada]

I would pick II too

FAR 05/27/14; 786/110 - Done !

[Kenada]

I would pick II too

FAR 05/27/14; 786/110 - Done !

[Kenada]

What defense must an accountant establish to be absolved from civil liability under Section 18 of the Securities Exchange Act of 1934 for false or misleading statements made in reports or documents filed under the Act?

AGood faith and lack of knowledge of the statement’s falsity.

B Exercise of due care.

CLack of privity with an injured party.

D Lack of gross negligence.

FAR 05/27/14; 786/110 - Done !

[Kenada]

What defense must an accountant establish to be absolved from civil liability under Section 18 of the Securities Exchange Act of 1934 for false or misleading statements made in reports or documents filed under the Act?

AGood faith and lack of knowledge of the statement’s falsity.

B Exercise of due care.

CLack of privity with an injured party.

D Lack of gross negligence.

FAR 05/27/14; 786/110 - Done !

[smsingla]

@IY….I would pick A but to be honest not sure of this one 😛

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

@IY….I would pick A but to be honest not sure of this one 😛

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Anonymous]

Hmm I would pick B just because you don't have to have prove scienter for Section 18, so I don't think that no knowledge of falsity would be a defense.

[Anonymous]

Hmm I would pick B just because you don't have to have prove scienter for Section 18, so I don't think that no knowledge of falsity would be a defense.

[Kenada]

Its A …

I picked B as well… the explanation given wasn't great either to explain why A over B

FAR 05/27/14; 786/110 - Done !

[Author]

Replies