[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

[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 !

[smsingla]

I think lack of due care (due diligence defense) is good defense under 1933 ACT but Good faith is best defense under 1934 ACT. I don't know about “lack of knowledge of the statement’s falsity”.

@ cupcake, I think u hv to prove scienter or reckless disregard for the truth for 1934 but not for 1933

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

[smsingla]

I think lack of due care (due diligence defense) is good defense under 1933 ACT but Good faith is best defense under 1934 ACT. I don't know about “lack of knowledge of the statement’s falsity”.

@ cupcake, I think u hv to prove scienter or reckless disregard for the truth for 1934 but not for 1933

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

[Kenada]

Catchem Corp., a calendar-year corporation, was formed on January 2, 2009, and had gross receipts for its first four taxable years as follows:

Year Gross Receipts

2009 $ 4,000,000

2010 9,000,000

2011 10,000,000

2012 7,000,000

What is the first taxable year that Catchem Corp. is not exempt from the alternative minimum tax (AMT)?

2011

2010

2012

Catchem is exempt from AMT for its first four taxable years

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

[Kenada]

Catchem Corp., a calendar-year corporation, was formed on January 2, 2009, and had gross receipts for its first four taxable years as follows:

Year Gross Receipts

2009 $ 4,000,000

2010 9,000,000

2011 10,000,000

2012 7,000,000

What is the first taxable year that Catchem Corp. is not exempt from the alternative minimum tax (AMT)?

2011

2010

2012

Catchem is exempt from AMT for its first four taxable years

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

[smsingla]

I think answer should be C.

Because a corp is exempt from the AMT for first year. Second year(2010) is exempt when first year's gross receipts ($4,000,000) is less than $5 million. to be exempt for 3rd year (2011), average gross Income from last two years has to be less than $7.5 million. ($4 milliion + $9milion)/2 =$6.75 million. For 4th year (2012) average gross Income from last three years has to be less than $7.5 million and so on. ($4 milliion + $9milion + $10million)/3 = $7.6 millon

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

[smsingla]

I think answer should be C.

Because a corp is exempt from the AMT for first year. Second year(2010) is exempt when first year's gross receipts ($4,000,000) is less than $5 million. to be exempt for 3rd year (2011), average gross Income from last two years has to be less than $7.5 million. ($4 milliion + $9milion)/2 =$6.75 million. For 4th year (2012) average gross Income from last three years has to be less than $7.5 million and so on. ($4 milliion + $9milion + $10million)/3 = $7.6 millon

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

[Anonymous]

I take my exam tomorrow….I am really nervous. Who else takes their exam tomorrow?

[Anonymous]

I take my exam tomorrow….I am really nervous. Who else takes their exam tomorrow?

[Future_FLCPA]

@Cupcake – Sometimes I wish I was taking the exam tomorrow just to get it over with…I'm scheduled to take it two weeks from today.

Good luck to you!

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

[Future_FLCPA]

@Cupcake – Sometimes I wish I was taking the exam tomorrow just to get it over with…I'm scheduled to take it two weeks from today.

Good luck to you!

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

[Kenada]

Me Cupcake!!! i am taking it at the san jose testing centre at noon.. Super nervous and feels like i have forgotten everything.. 🙁

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

[Kenada]

Me Cupcake!!! i am taking it at the san jose testing centre at noon.. Super nervous and feels like i have forgotten everything.. 🙁

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

[Anonymous]

@IY247…My test is at 12:30 in Virginia. So I will probably be finishing up right about when you are starting your test! I can totally relate to how you are feeling. My stomach is in knots. We have studied so hard for this and are more than prepared to pass. We just need to let our nerves get the best of us. I am going to make SURE I re-read the question once or twice because I have been making the STUPIDEST little mistakes lately because I am rushing and nervous.

[Anonymous]

@IY247…My test is at 12:30 in Virginia. So I will probably be finishing up right about when you are starting your test! I can totally relate to how you are feeling. My stomach is in knots. We have studied so hard for this and are more than prepared to pass. We just need to let our nerves get the best of us. I am going to make SURE I re-read the question once or twice because I have been making the STUPIDEST little mistakes lately because I am rushing and nervous.

[Author]

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