[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

[s2sylvir]

@Mikdeez25

That is a terrible question, I would just skip over it…

Prior to this testing date, the section 179 was $500k (instead of $25k).

Also, the question has nothing to do with phase-out. The $500k is subtracted, because you multiple the 20% by the remaining depreciation, otherwise you are double counting the 500k.

BEC - PASS (79)
AUD - PASS (63, 71, 74, 74, 83)
REG - PASS (88)
FAR - PASS (58, 89)

Becker for all + FAR 10 Point Combo

[librarybookgrl]

I'm new to the group, so if anyone has asked this question already I apologize, and please direct me to those posts. I'm using CPAexcel to study REG, and the issue is with the sims. Often I'm getting 40% wrong but not because I'm getting the actual answers wrong. I'm getting dinged for not putting a negative sign or something in brackets, etc. where there were no directions as such. I'm wondering if the actual exam is like this if anyone has heard, or if this is a CPAexcel sim issue. Are others having the same issue with CPAexcel or other products? Thanks!

BEC 84
REG 89
FAR 81
AUD ?

[Anonymous]

Under common law and under the UCC Sales Article, a plaintiff who proves fraud in the formation of a contract may:

a.

Be entitled to rescind the contract and sue for damages resulting from the fraud.

b.

Rescind the contract even if there was no reliance on the fraudulent statement.

c.

Be entitled to punitive damages provided physical injuries resulted from the fraud.

d.

Elect to rescind the contract and need not return the consideration received from the other party.

I thought that you are only allowed to rescind OR sue but not both in cases of fraud?

[NJPRU]

cpa – I thought it was “OR” under common (see page R6-13)… “AND” under UCC (see page B6-30) – which is why I went with d.

edit – wow, just got to this question in the optional questions and only knew it to be right because you posted it. lol.. but the answer is WRONG. wtf

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

yea ive come across a couple questions in biz law that were just really poorly written either through answer choices/questions or the explanations. ive kind of just accepted it and made sure that i understood the concepts behind the questions

when do you sit NJPRU?

[Anonymous]

On February 1, 2014, Pam Baker purchased an $861,000 machine (5-year property) for use in her business. Pam expensed $25,000 under Section 179 in addition to the regular depreciation of 20% in 2014 and 32% in 2015. Pam's total deductions for 2014 and 2015 for the machine are:

A. $427,800 (2014) and $115,520 (2015).

B. $407,800 (2014) and $115,520 (2015).

C. $407,800 (2014) and $123,520 (2015).

D. $427,800 (2014) and $123,520 (2015).

Answer (A)

Pam's 2014 deduction is:

Section 179 $500,000

20% x ($861,000 – $500,000) 72,200

---

$427,800

Pam's 2015 deduction is:

32% x ($861,000 – $500,000) = $115,520

I just saw this question on Ninja MCQ (question 920). isn't this question and answer are wrong since the $500k 179 have expired?

[Mikdeez25]

@s2sylvir

Thanks for confirming that was a poorly written question.

@Calcpa

I had the same question and it is incorrectly written…

JEFF!!!!

I think you need to fix Ninja MCQ REG Q # 920

AUD - 72 - Retake 05/2015
BEC - 79
FAR - 77
REG - 77 - Lost Credit - Retake 2/07/15

[NJPRU]

@cpa – sorry for going quiet – i studied 12 hours yesterday and was pooped. I sit 2/28. How about you? Laurrrren, how's your birthday weekend?! did you finish R6?

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

IM GOING TO BE A CPA!!!!!

[knicks92]

anyone go through R7 and just be like…

…sayyyyyyyyyy whatttttttttt

Tough times don't last. Tough people do.

B: 88
A: 77
R: 89
F:

[Anonymous]

If I'm taking REG next month (February 2015), should I study the 2013 or the 2014 tax limitations, credits, etc. I'm so afraid I will not know which limitations to apply.

Please advise if you have taken REG in 2015 Q1.

Thanks!

[teamryan15]

Aztec, a C corporation, distributed an asset to Burn, a shareholder. The asset had a fair market value of $30,000 and was subject to a $40,000 liability, assumed by Burn. The asset had an adjusted basis of $25,000. What amount of gain must Aztec recognize?

a. $5,000

b. $10,000

c. $0

d. $15,000

I chose A because the becker textbook says when a corp distributes property its as if the corp sold it. Thus FMV-AB.

The correct answer is D. The explanation is when a corp distributes property with a liability its the greater of the liab. or the FMV minus the AB. I have looked through the entire distribution section for corps in the becker book and have not seen anything that says that. Has anyone else seen this?

[lauren725]

hey NJ – my birthday weekend was good, thanks!!!! I am a little tired today but I did get through R6, but some of it is still ehhh. Some of the BLAW questions remind me of audit with the weird wording and vocab to remember. I think it will just take practicing questions and more review. How about you? Did you get through R6?

I am going to start R7 tomorrow and I am going to be redoing questions from ch.1-2 this week I think and printing out questions/ topics I have a hard time with per my usual routine.

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!

[lauren725]

teamryan – I think gain is recognized when debt exceeds the assets adjusted basis. I am looking at chapter 3 page 4 in the 2013 book. Does this help?

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!

[lauren725]

Arkansas – they are currently testing on 2014 numbers until July this year, per my understanding.

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!

[teamryan15]

lauren725 – Thanks. I think thats a bit weird I would think that they would say that applies to distributions as well. Guess not.

[Author]

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