[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]

Okay

Next one I have issues with

Cook Company a common Carrier truck company made a contract to transport some video equipment for Jackson Company. Cook is trying to limit its liability in the contract. In which of the following situations can cook not avoid liability.

I In Transit, the driver of Cooks truck damages the video equipment when the driver causes an accident.

II An Unknown thief steals the video equipment while in transit. Cool committed no negligence in this theft.

III The Video equipment is destroyed when a bridge under the truck collapses because of an earthquake.

A I only

B I and II only

C I II III

D I and III only.

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

[Kenada]

Okay

Next one I have issues with

Cook Company a common Carrier truck company made a contract to transport some video equipment for Jackson Company. Cook is trying to limit its liability in the contract. In which of the following situations can cook not avoid liability.

I In Transit, the driver of Cooks truck damages the video equipment when the driver causes an accident.

II An Unknown thief steals the video equipment while in transit. Cool committed no negligence in this theft.

III The Video equipment is destroyed when a bridge under the truck collapses because of an earthquake.

A I only

B I and II only

C I II III

D I and III only.

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

[Qlad]

This is the explanation given…but nothing about the ownership etc…

($8,000) Loss; Long-Term. Realized and recognized loss is $8,000. The stock is worthless and no proceeds were received. This stock was inherited; therefore, the basis is the $8,000 FMV at date of death (alternative valuation was not elected). All inherited property is automatically long-term, regardless of how long the decedent had owned the property and regardless of how long the beneficiary owns the property.

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

This is the explanation given…but nothing about the ownership etc…

($8,000) Loss; Long-Term. Realized and recognized loss is $8,000. The stock is worthless and no proceeds were received. This stock was inherited; therefore, the basis is the $8,000 FMV at date of death (alternative valuation was not elected). All inherited property is automatically long-term, regardless of how long the decedent had owned the property and regardless of how long the beneficiary owns the property.

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[OCDisME]

@ insiyah24 I'm stuck on your question. I'm gonna go with D because it includes III, which I believed for sure to reduce the liability. I wasn't thinking I or II would reduce Cook's liability, but since “III only” isn't an option, my guess is D, I and III.

I honestly have NO clue!

Becker Online - IL Candidate

FAR: 85
AUD: 85
BEC: 78
REG: 90

[OCDisME]

@ insiyah24 I'm stuck on your question. I'm gonna go with D because it includes III, which I believed for sure to reduce the liability. I wasn't thinking I or II would reduce Cook's liability, but since “III only” isn't an option, my guess is D, I and III.

I honestly have NO clue!

Becker Online - IL Candidate

FAR: 85
AUD: 85
BEC: 78
REG: 90

[OCDisME]

@ Qlad Maybe this question's focus isn't Section 1244, worthless stock. The fact pattern didn't actually say anything about section 1244. It seems it could be an inheritance question. Just a thought.

Becker Online - IL Candidate

FAR: 85
AUD: 85
BEC: 78
REG: 90

[OCDisME]

@ Qlad Maybe this question's focus isn't Section 1244, worthless stock. The fact pattern didn't actually say anything about section 1244. It seems it could be an inheritance question. Just a thought.

Becker Online - IL Candidate

FAR: 85
AUD: 85
BEC: 78
REG: 90

[Kenada]

Answer is B…. I had picked D too.

Here is what they say

Common Carriers liability is based on strict liability. As such the common carrier is liable for losses to property whether or not the common carrier was negligent. Common law exceptions to strict liability include natural disasters which are responsible for damages.

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

[Kenada]

Answer is B…. I had picked D too.

Here is what they say

Common Carriers liability is based on strict liability. As such the common carrier is liable for losses to property whether or not the common carrier was negligent. Common law exceptions to strict liability include natural disasters which are responsible for damages.

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

[stokey45]

Has anyone using the Becker Review Material taken the wither of the Final Exams? If so how did you score? It has been my experience that the Becker Final exams are usually harder than the real exam. Yesterday I took the first final exam and passed with a 78. Today I took the second final exam and scored a 74. Tomorrow is my test.

I am curious if any of you have taken these exams and how you scored or if your experience has been the same as mine that Becker's final exams are harder. Please let me know.

Also, I have been taking 20 question progress tests on each chapter and scoring between 80-95.

[stokey45]

Has anyone using the Becker Review Material taken the wither of the Final Exams? If so how did you score? It has been my experience that the Becker Final exams are usually harder than the real exam. Yesterday I took the first final exam and passed with a 78. Today I took the second final exam and scored a 74. Tomorrow is my test.

I am curious if any of you have taken these exams and how you scored or if your experience has been the same as mine that Becker's final exams are harder. Please let me know.

Also, I have been taking 20 question progress tests on each chapter and scoring between 80-95.

[Anonymous]

I posed a similar question in the FAR discussion thread and the advice I got was extremely helpful, so I figured I would try it again here. I have about a week until my REG exam and I am wondering if anyone has advice on what to focus on for my final review.

I have heard the exam is mostly tax when compared to business law. Any particular areas that came up a lot throughout the exam? Any advice from people that have taken the test/heard from others would be very helpful.

Thanks a lot!

[Anonymous]

I posed a similar question in the FAR discussion thread and the advice I got was extremely helpful, so I figured I would try it again here. I have about a week until my REG exam and I am wondering if anyone has advice on what to focus on for my final review.

I have heard the exam is mostly tax when compared to business law. Any particular areas that came up a lot throughout the exam? Any advice from people that have taken the test/heard from others would be very helpful.

Thanks a lot!

[stokey45]

@CPA_SRC

That is a hard question for me to answer. In my review material it shows how much of each subjected will be tested. For example: Ethics, Professional, and legal responsibilities 15-19%, Business Law 17-21%, Federal tax procedures, accounting and planning 11-15%, Federal taxation of property transactions 12-16%, Federal taxation of individuals 13-19%, Federal taxation of entities 18-24%.

I took this exam before and had a lot of questions (that I remember) calculating the basis for shareholders or partners for different transactions and different entities. You know though, this time it could be very different for you.

Good Luck to you.

[Author]

Replies