REG Study Group Q1 2015 - Page 18

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  • #651298
    Tncincy
    Participant

    @Lauren,

    I took and failed Reg and Far. I have changed my study tactic to tackle Tax first. B-law is important, but I would like to keep tax fresh as I finish and review. B-law is not long but I would make sure all areas are covered, secured instruments, sales, and agency are a few.

    Christmas is already busy for me. My children (4) are coming home from college on Friday and will be there until Mid-January. I am glad they are coming home, but I plan to lock my self in my room, go to my office, or date the local coffee shop to get my studying in.

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #651299
    Hussainsajwani
    Participant

    I feel the two questions below contradict themselves. In one we are told in UCC it is okay to leave the quantity open, but in the other it says you cannot leave quantity open?

    Under the UCC Sales Article, which of the following conditions will prevent the formation of an enforceable sale of goods contract?

    A. Open price.

    B. Open delivery.

    C. Open quantity.

    D. Open acceptance.

    CORRECT ANSWER IS D. Explanation is Under the UCC, many terms may be left “open,” which means they will be determined at a later time. In this way, the UCC encourages the formation of agreements. Price, time of delivery and payment, and quantity may be left open.

    Under the Sales Article of the UCC, which of the following requirements must be met for a writing to be an enforceable contract for the sale of goods?

    A. The writing must contain a term specifying the price of the goods.

    B. The writing must contain a term specifying the quantity of the goods.

    C. The writing must contain the signatures of all parties to the writing.

    D. The writing must contain the signature of the party seeking to enforce the writing.

    CORRECT ANSWER IS B. Explanation is To be valid, the contract must specify the subject matter and if there is more than one, there must be a quantity. You cannot form a contract with, “I will sell you some bicycles.” There must be a quantity of bicycles.

    #651300
    lauren725
    Member

    Tncincy – thanks for the insight! I plan to do progress tests and keep reviewing tax as I go. I think that is key. When do you plan to test? I am thinking late February but will see in a month or so how I am progressing. Have a good Christmas!

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    #651301
    Anonymous
    Inactive

    I'm taking more breaks this time around. I need my exercise, so during the week I'm going to break 2 days and just work and then workout (along with 2 days on the weekend also).

    Got pretty burnt out last time and I knoww my studying quality will be much improved having 2 days completely off during the week from studying.

    #651302
    Tncincy
    Participant

    @lauren,

    I am looking at the end of Jan or very early Feb. I know how time can get a way so I really want to get this behind me to move on to FAR before blackout if possible.

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #651303
    lauren725
    Member

    I have a corporate basis question. Sorry if this has been covered in the group already!

    Confused on the rule of Corporations basis of property received is the greater of:

    – Adjusted basis (NBV) of the shareholder or debt assumed by Corp.

    There is an example in becker on page 6 of R3 that shows shareholders stock basis:

    Old basis 140,000

    less: liability assumed by Corp (60,000)

    New basis of stock: 80,000

    But then shows Basis to Corporation of $140,000. So, do we take the “old basis” before liabilities are subtracted? I would think the “adjusted basis of shareholder” would be the $80,000. Just curious if anyone can explain, thanks!!

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    #651304
    Tncincy
    Participant

    @lauren,

    This is what I found…I hope it helps.

    Shareholder's basis for stock = Adjusted basis of property transferred

    a. +gain recognized

    b -boot received (assumption of liability always treated as boot for purposes of determining stock basis)

    Corporation's basis for property = Transferor's adjusted basis + gain recognized to transferor

    There are some other if/then that go with this but this is from Wiley under Corporations.

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #651305
    Gabe
    Participant

    @lauren looks like the $140 is the AB (adjusted basis) including the mortgage (says that at the top)…so for the corp's sake, the AB is $140 since there was no gain. But the SH would subtract the liability that the corp took on. Does that help?

    Just made it through R5…I am going to go back through R3 and R4 with a fine tooth comb this week

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

    #651306
    Anonymous
    Inactive

    Anybody reviewing on S Corps? I'm glad the topic was not too broad, at least I'm having a break with numbers and rules. Going thru MCQs now.

    #651307
    Mika
    Participant

    NInja MCQ No. 644

    Unless otherwise provided in a general partnership agreement, which of the following statements is correct when a partner dies?

    A. The deceased partner's executor would automatically become a partner, the deceased partner's estate would be free from any partnership liabilities, and the partnership would be dissolved automatically.

    B. The deceased partner's executor would automatically become a partner.

    C. The deceased partner's estate would be free from any partnership liabilities.

    D. The partnership would be dissolved automatically.

    Correct answer D.


    This is kind of different to what I have learnt or should I “assume” the partnership stated in the question asking has only 2 partners.

    REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
    FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
    BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
    AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

    #651308
    Gabe
    Participant

    @Mike that's what I would assume too, but since all the other answers are obviously wrong, I would go with D.

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

    #651309
    Anonymous
    Inactive

    Broke down and bought the Ninja MCQ for REG this morning. So here's hoping this is what puts me over the hump!

    #651310
    lauren725
    Member

    Thanks Gabe. That helps, and I think will click better when I get into the homework. Trying to be patient and learn this stuff before I jump to questions too fast. You are killing it getting through those lectures! I was hoping work would be slow right now and I would have time during the day but that is not the case…

    I have a feeling R4 is gonna suck for me. Trying to stay focused on R3 for now though.

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    #651311
    CPAfit
    Participant

    has anybody got any tips & tricks for AMT? I'm having a hard time getting my head around it and I feel it has a potential to be a SIM on exam day. I would really appreciate the help. Also work has been keeping me really busy with all the year end requirements. I'm just hoping to make some extra progress over the weekends otherwise I'll be doomed. I'm planning to take my REG exam on 1/22 and BEC on 2/26. Hopefully it would be enough.

    #651312
    NJPRU
    Member

    HOWDY YALL! I officially received my REG book yesterday and my exam is scheduled for 2/28! I'll begin my journey this weekend by takling R1. Hoping to use the same tactics with this exam as I did with the others.. lecture (part x), notes, questions, more notes.. rinse and repeat.. then practice more questions when I'm finished with the chapter.. rinse repeat. I refuse to take this exam over again!

    I'm sure some of you will be taking a hiatus from posting soon due to the holidays, so I also wanted to take this time to wish all of you a very happy holiday season! 🙂

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

    IM GOING TO BE A CPA!!!!!

Viewing 15 replies - 256 through 270 (of 2,393 total)
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