[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Post by Another71.

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

[Gabe]

Current plan

Ninja avg- 79%

trending- 90%

~3,000 MCQs attempted.

All SIMS attempted.

Go back over SIMS that I scored <75%

Work through all of Wiley questions and SIMS.

Sound good? Look good?

Hi. (I've had too much coffee, obviously)

CPA, CFE
CISA- Experience will be completed by August 2016

[funtiks]

I dont undestand why like kind exchange is big problem area for most people.

It is one of the easier topics for me.

I just memorized this formula and I can solve pretty much all of the like kind exchange questions:

+ FMV of NEW property

– basis of old

– boot paid

+boot received

_____________

realized gain

COmpare realized gain to boot received the lesser = recognized gain

For basis:

old basis + gain recognized – loss recognized (which is NEVER) + boot paid – boot received

FAR - 76*, 73, 85
BEC - 69, 72, 78*, 80
AUD - 72, 71, 90
REG - 71, 74, 85

AFTER 3 YEARS I'M DONE!!!

[Anonymous]

hey guys, how's everybody studying for Estate, trust and gift tax??

There isn't that much questions in Becker but I felt like this will be a relatively important area on the real exam.

[PasstheCPA7]

@ coocooper – Just do the questions in Becker for estates / trusts. Those should be efficient.

I also wanted to ask you a question if you had a minute. If you look at Question CPA-05713, it's a question on Business Structures. The question says “Eaton is the sole owner of a construction company. Eaton is concerned about personal liability. Which of the following entities will allow Eaton to limit personal liability.

My question is this – why is the answer C Corporation? I understand a C Corp has limited liability. I got that. But, the main question is – can someone (who is a sole owner) file as a C Corp? I did not know that. I thought if we have a sole owner of a business, we can ONLY file a sole proprietorship. Thoughts?

[Gabe]

@pass did some googling and yes, it is possible…https://www.google.com/webhp?sourceid=chrome-instant&rlz=1C1QJDB_enUS613US613&ion=1&espv=2&es_th=1&ie=UTF-8#q=can%20a%20sole%20owner%20be%20a%20c%20corp&es_th=1

CPA, CFE
CISA- Experience will be completed by August 2016

[PasstheCPA7]

@ Gabe – thank you! I actually take REG in a few days and I don't know if I should really spend a good amount of time on this Business Structures section. Becker has 137 questions. Or if I should just quickly skim through it? Any thoughts Gabe?

Appreciate it.

[hunter32]

Waiting for the Q2 thread to open up. Taking it on 4/20. I'm gonna need some REG buddies.

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[Gabe]

@Pass KNOW business structures for sure. do as many of the 137 as possible, but don't stress too much.

@hunter I am here! Taking beginning of April for second time

CPA, CFE
CISA- Experience will be completed by August 2016

[PasstheCPA7]

@Gabe – thanks. Will let you guys know my experience.

[NJPRU]

Good luck PASS!

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[riceperson]

Thought I'd stop by. Hi Gabe, Funtiks! Good luck to both of you!

FAR 69, 83
AUD 85
BEC 80
REG 82
FINISHED

[Future Ninja]

Best of Luck @Pass.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Gabe]

Thanks @rice!

CPA, CFE
CISA- Experience will be completed by August 2016

[pia ach]

For an individual business owner, which of the following would typically be classified as a capital asset for federal income tax purposes?

a. Accounts receivable.

b. Marketable securities.

c. Machinery and equipment used in a business.

d. Inventory.

Capital assets includes both depreciable and non depreciable property used in a trade or business , so why is the answer not c?

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[Anonymous]

@pia ach: The key to this question is what should be included as capital asset.

Capital asset=personal property (including M & E) + real property (land, building, etc).

However, anything used for trade or business should not be included in capital assets, A/R and Inventory should not be part of capital assets as well, so i am guessing the answer would be B.

[Author]

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