[jeff]

REG Resources:

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

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

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

[Qlad]

@ stokey/ insiyah…

this is what i know about 1231 gains…it is depreciation recapture …..in instalment sales if an item is sold for which u had taken depreciation then you recapture it and recognize gain on depreciation in the year of sale…rest amount that u receive every year is gain upto % of G/P….

Also the tax rate on depreciation gain is either the marginal rate or 25%, whichever is lower….

I did not look up my notes…so might miss something….

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

[nburrows]

Good afternoon all of you fellow REG hopefuls,

I have encountered a question that had me stumped. It is about nonaccountable business reimbursement plans. I get that they are included in gross income. However, I was wondering about the treatment of any money the employee returns to the employer. Is this a Schedule A deduction or is it excluded from gross income?

Thanks!!

-Nick

'10 MBA Idaho State University
'14 MAcc Candidate Idaho State University

AUD 79 7/15/2013; BEC 87 7/29/2013; REG 80 10/4/2013; FAR ?? April 2014
ISU MAcc Program, Gleim, Ninja Audio

[nburrows]

Good afternoon all of you fellow REG hopefuls,

I have encountered a question that had me stumped. It is about nonaccountable business reimbursement plans. I get that they are included in gross income. However, I was wondering about the treatment of any money the employee returns to the employer. Is this a Schedule A deduction or is it excluded from gross income?

Thanks!!

-Nick

'10 MBA Idaho State University
'14 MAcc Candidate Idaho State University

AUD 79 7/15/2013; BEC 87 7/29/2013; REG 80 10/4/2013; FAR ?? April 2014
ISU MAcc Program, Gleim, Ninja Audio

[Kenada]

Good to know Qlad 🙂 I have to review this and will be doing it tomorrow/Friday.

I have a question for you as there are two questions that seems to conflicted each other in terms of the answer..

Q29 – Wiley Module 24

Integral Crop has assets in excess of $ 4M, has 350 Stockholders and has issued common and preferred stock. Integral is subject to the reporting provision of the SEC Act 1934. For 2008 Fiscal Year Integral filed the following with SEC: Quarterly reports an annual report and periodic listing newly appointed officer of the Corporation. Integral did not notify the SEC of stockholder “short swing” profits; did not report that a competitor made a tender offer to Integral stockholders; and did not report changes in the price of the stock as sold on the NYSE. Under SEC requirement which of the following was integral required to do?

A Report the tender offer to the SEC

B Notify the SEC of the stockholder “Short Swing” Profits

C File the periodic report listing newly appointed officers

D Report the changes in the Market price of its stock.

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

[Kenada]

Good to know Qlad 🙂 I have to review this and will be doing it tomorrow/Friday.

I have a question for you as there are two questions that seems to conflicted each other in terms of the answer..

Q29 – Wiley Module 24

Integral Crop has assets in excess of $ 4M, has 350 Stockholders and has issued common and preferred stock. Integral is subject to the reporting provision of the SEC Act 1934. For 2008 Fiscal Year Integral filed the following with SEC: Quarterly reports an annual report and periodic listing newly appointed officer of the Corporation. Integral did not notify the SEC of stockholder “short swing” profits; did not report that a competitor made a tender offer to Integral stockholders; and did not report changes in the price of the stock as sold on the NYSE. Under SEC requirement which of the following was integral required to do?

A Report the tender offer to the SEC

B Notify the SEC of the stockholder “Short Swing” Profits

C File the periodic report listing newly appointed officers

D Report the changes in the Market price of its stock.

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

[Kenada]

Compare that Question with this Question 38 in Wiley

Link Corp is subject to the reporting provisions of the SEC Act of 1934

Which of the following reports must be also submitted to the SEC?

I Reporting by any party making a tender offer to purchase Link's stock

II. Reporting of Proxy solicitations by Link Stockholders

A Both

B I only

C II only

D Neither

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

[Kenada]

Compare that Question with this Question 38 in Wiley

Link Corp is subject to the reporting provisions of the SEC Act of 1934

Which of the following reports must be also submitted to the SEC?

I Reporting by any party making a tender offer to purchase Link's stock

II. Reporting of Proxy solicitations by Link Stockholders

A Both

B I only

C II only

D Neither

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

[Qlad]

@ insiyah….oh my god these r tough ones

well….let me try…the answer to ur 1st question is C and second one is A….

C bcoz…reporting newly appointed officers is one of the requirements….

A because that is under the 5% test….

….and i keep my fingers crossed ….

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

[Qlad]

@ insiyah….oh my god these r tough ones

well….let me try…the answer to ur 1st question is C and second one is A….

C bcoz…reporting newly appointed officers is one of the requirements….

A because that is under the 5% test….

….and i keep my fingers crossed ….

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

[Kenada]

Yes that is right 🙂

Can you explain to me in Q 29 why A would not be correct ?

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

[Kenada]

Yes that is right 🙂

Can you explain to me in Q 29 why A would not be correct ?

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

[OCDisME]

@ insiyah24 I had the exact same question (#29) but on Becker and got it wrong and thought it was A, too. The reason that it is NOT A is because the person/any party making the tender offer is supposed to file with the SEC. Question 29 is asking what the company (Integral) is required to do under the 1934 Act.

I think question 38 isn't asking specifically what Link Corp should do, just what are other requirements of the 1934 Act.

Becker Online - IL Candidate

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

[OCDisME]

@ insiyah24 I had the exact same question (#29) but on Becker and got it wrong and thought it was A, too. The reason that it is NOT A is because the person/any party making the tender offer is supposed to file with the SEC. Question 29 is asking what the company (Integral) is required to do under the 1934 Act.

I think question 38 isn't asking specifically what Link Corp should do, just what are other requirements of the 1934 Act.

Becker Online - IL Candidate

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

[Qlad]

@insiyah….the tender offer is reported by the person who is offering…not who is receiving….

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

[Qlad]

@insiyah….the tender offer is reported by the person who is offering…not who is receiving….

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

[Author]

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