[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

[Future_FLCPA]

@CPA Dilemma – Don't forget your strong areas as well! It's always best to strengthen your strong areas and continue to work on your weaker ones.

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

[Future_FLCPA]

@CPA Dilemma – Don't forget your strong areas as well! It's always best to strengthen your strong areas and continue to work on your weaker ones.

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

[Anonymous]

Can someone please tell me when is US EE Savings bond interest excluded from taxation. Is only excluded if it is used to pay higher education expenses?

[Anonymous]

Can someone please tell me when is US EE Savings bond interest excluded from taxation. Is only excluded if it is used to pay higher education expenses?

[Sam]

I think both US EE Savings Bonds and State & Municipal Bond interest income are always excluded from income as they are tax free interest income. US HH and Treasuries are taxable.

[Sam]

I think both US EE Savings Bonds and State & Municipal Bond interest income are always excluded from income as they are tax free interest income. US HH and Treasuries are taxable.

[Future_FLCPA]

Grey Corp. sells computers to the public. Grey sold and delivered a computer to West on credit. West executed and delivered to Grey a promissory note for the purchase price and a security agreement covering the computer. West purchased the computer for personal use. Grey did not file a financing statement.

Is Grey's security interest perfected?

A. Yes, because Grey retained ownership of the computer.

B. Yes, because it was perfected at the time of attachment.

C. No, because the computer was a consumer good.

D. No, because Grey failed to file a financing statement.

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

[Future_FLCPA]

Grey Corp. sells computers to the public. Grey sold and delivered a computer to West on credit. West executed and delivered to Grey a promissory note for the purchase price and a security agreement covering the computer. West purchased the computer for personal use. Grey did not file a financing statement.

Is Grey's security interest perfected?

A. Yes, because Grey retained ownership of the computer.

B. Yes, because it was perfected at the time of attachment.

C. No, because the computer was a consumer good.

D. No, because Grey failed to file a financing statement.

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

[Anonymous]

[Anonymous]

[Anonymous]

@Future_FLCPA,

i think it's B. Yes, because it was perfected at the time of attachment.

IIRC consumer goods are always perfected at the time sold

and personal use is always for consumer goods.

[Anonymous]

@Future_FLCPA,

i think it's B. Yes, because it was perfected at the time of attachment.

IIRC consumer goods are always perfected at the time sold

and personal use is always for consumer goods.

[Future_FLCPA]

@Derf – Correct!

Filing is not necessary to perfect this security interest, because Grey has a purchase money security interest (PMSI) in the computer to be used for personal use (a consumer good). A PMSI arises when a creditor extends credit that is used to purchase the collateral, as a consumer good, which is the computer in this security agreement. A PMSI is perfected automatically at the time the interest attaches.

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

[Future_FLCPA]

@Derf – Correct!

Filing is not necessary to perfect this security interest, because Grey has a purchase money security interest (PMSI) in the computer to be used for personal use (a consumer good). A PMSI arises when a creditor extends credit that is used to purchase the collateral, as a consumer good, which is the computer in this security agreement. A PMSI is perfected automatically at the time the interest attaches.

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

[Anonymous]

does anyone have formulas that they memorized to calculate basis for c corps, s corps, and partnerships?

as well as nonliquidating distributions and liquidating distributions for c corps?

[Author]

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