REG Study Group Q1 2017 - Page 55

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  • December 19, 2016 at 6:25 pm #1396511
    jeff
    Keymaster

    Welcome to the Q1 2017 CPA Exam Study Group for REG. 🙂

Viewing 15 replies - 811 through 825 (of 1,482 total)
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  • January 20, 2017 at 12:33 pm #1444977
    aatoural
    Participant

    Pawn broker – I don't think there is such thing as feeling ready for any CPA exam, but somehow we all push thru it alive 🙂

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    January 20, 2017 at 1:46 pm #1445036
    JMG
    Participant

    I'm right there with you guys, my exam is on Tuesday and I'm feeling pretty good about it. I feel like I have a good general grasp on everything rather than completely nailing any one specific topic. Keeping an open mind and trying not to stress over it too much. Going to try and put in a solid 16+ hours this weekend as my final review and then just flashcards and notes on Monday and Tuesday morning. Good luck!

    PS – I guess that puts us in the Feb 28 release date. Uggh that's quite a wait!

    January 20, 2017 at 2:40 pm #1445058
    Pawn Maker
    Participant

    Yeah, the wait is going to really suck. I try to schedule tests for a short window on score release but oh well…at least it isn't 4 months. I am hoping I pass Reg and take Far in Q2. That's going to be a fun wait!

    Good luck JMG, your weekend sounds suspiciously like my own 😉

    January 20, 2017 at 3:48 pm #1445108
    aatoural
    Participant

    Yeah, that wait is a nightmare. I have my FAR on the last day of Q1. I am going to try.Let's see how it goes.

    It's going to be a long weekend for us.

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    January 20, 2017 at 7:16 pm #1445187
    jack yassa
    Participant

    Question CPA-01579
    Under the Secured Transactions Article of the UCC, what would be the order
    of priority for the following security interests in consumer goods?
    I. Financing agreement filed on April 1.
    II. Possession of the collateral by a creditor on April 10.
    III. Financing agreement perfected on April 15.
    a. I, II, III.
    b. II, I, III.
    c. II, III, I.
    d. III, II, I.
    Explanation
    Choice “a” is correct. When there are conflicting perfected security interests
    in the same collateral, the first creditor to file or to perfect has priority. Here,
    “I” was filed first. “II” was next perfected by possession. “III” was last to be

    I don't understand it ?
    Why “possession” is # 2 ?

    January 20, 2017 at 9:43 pm #1445240
    aatoural
    Participant

    Jack yassas – there are 5 forms of perfecting a security. One of them is perfection by possession. So. I has priority because it filled first in April 1 and II perfected its security by possession on April 10. III didn't perfect until the 15.

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    January 21, 2017 at 6:58 am #1445324
    HoosierCPA
    Participant

    This is probably a really obvious answer but is there anyway to setup a becker progress test (on thew new version or old) where they don't constantly repeat the same questions. I've done about 5 progress tests no the new version and I get at least 5 repeat questions every time…obviously there test bank is big enough where they don't need to do that! Frustrating! It's the easiest way to browse through all the chapters without having to go to each individual topic…but if I keep getting repeats I guess I will have to go through questions the hard way.

    FAR - 78
    REG - 72,74,71...please just go away REG nobody likes you!
    BEC - 82
    AUD - Aug 16

    January 21, 2017 at 7:10 am #1445328
    HoosierCPA
    Participant

    I know I've actually helped someone out with a question very similar to this…but now I need help!

    Parent company X and subsidiary company Y file a calendar year consolidated federal income tax return. Company X reported a $120,000 tax loss, which included a $10,000 dividend from Y. Company Y reported $140,000 of taxable income, which included $30,000 of dividends received from less than 20% owned stock investments. Neither company took into account any applicable dividends received deduction. What is the group's consolidated tax loss for the year?

    A. $7,000
    B. ($4,000)
    C. ($11,000)
    D. ($20,000)

    FAR - 78
    REG - 72,74,71...please just go away REG nobody likes you!
    BEC - 82
    AUD - Aug 16

    January 21, 2017 at 8:10 am #1445334
    JMG
    Participant

    Is it C?

    Company X:
    (120K) – (100% x 10K) = (130K)

    Company Y:
    140K – (70% x 30K) = 119K

    Company X's loss netted against Company Y's income = 11K loss

    The key to this problem is that the dividends were “included”, most other problems you would have to add the dividends first and then apply the DRD.

    January 21, 2017 at 8:51 am #1445345
    HoosierCPA
    Participant

    @JMG I was on the same page as you. I'm not quite understanding Beckers explanation…they have A.

    “Explanation
    Choice “A” is correct. Because X and Y are a consolidated entity, X should not include the $10,000 dividend from Y in its income. This brings X’s loss to $130,000 [($120,000) – $10,000 = ($130,000)]. The consolidated taxable income for the year, prior to consideration of the dividends received deduction, is then X’s $130,000 loss netted with Y’s $140,000 income, for preliminary taxable income of $10,000. The dividendsreceived
    deduction on the $30,000 dividend received by Y is limited by the taxable income limitation to 30 percent of consolidated taxable income before the dividends received
    deduction, or 30 percent of $10,000, or $3,000. Consolidated taxable income after the dividends received deduction is therefore $7,000: $10,000 of consolidated taxable income before the dividends received deduction less the $3,000 dividends received deduction of $11,000.”

    FAR - 78
    REG - 72,74,71...please just go away REG nobody likes you!
    BEC - 82
    AUD - Aug 16

    January 21, 2017 at 2:13 pm #1445453
    aatoural
    Participant

    @dtat – I have the same issues with Becker progress tests. I don't think there is a solution to it.

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    January 21, 2017 at 2:28 pm #1445462
    JMG
    Participant

    @dtatham10 hopefully I don't get one like that on the exam lol. The explanation kind of throws me off a bit, I thought the taxable income limitation was the lesser of 70% dividends received or 70% of taxable income. So where does the 30% of taxable income come from?

    January 21, 2017 at 3:13 pm #1445490
    Posam
    Participant

    I'm taking REG Monday and it just occurred to me what year numbers I should be using. I haven't found any info but I am using the latest Becker book V1.3. This should include the correct amounts for exemptions, deductions etc for taking the test Q1 17 or will I need to know some different numbers?

    January 21, 2017 at 4:11 pm #1445529
    aatoural
    Participant

    Im so frustrated I have spent 20 minutes looking for the research question regarding treatment of refund received from Schedule A state taxes deducted in prior year and cannot find it.. Grrrr

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    January 21, 2017 at 8:52 pm #1445628
    JMG
    Participant

    Homeowner's exclusion with partial rental property/principal residence mix and depreciation………wow, just wow.

    So to get taxable gain:
    1. depreciation is unrecaptured 1250 and included as gain
    2. if rented immediately, nonqualified use must be prorated based on years over total
    3. realized gain – depreciation x nonqualified years/total years = nonqualified use gain
    4. unrecaptured depreciation gain + nonqualified use gain = total taxable gain

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