[jeff]

Welcome to the Q2 2015 CPA Exam Study Group for REG.

“Death and Taxes” – Individual Tax for the CPA Exam

Posted by Another71 on Monday, November 24, 2014

Free NINJA: https://www.another71.com/cpa-exam-study-plan/

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

[Sandia]

This is how my mind works:

Negligence = Act 33

Gross negligence = Fraud = Act 34

General Parneship = 1 partner gone = no more partneship and get a new partnership if majority want

Limited parneship = general patner gone = no more partneship

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[Anonymous]

if there were two partners and one was gone, it would be terminated because it can't be a partnership with just 1 partner, but if there is more, it's not terminated

[jstay]

oh the % is 50….damn

[jstay]

Eller, Fort, and Owens do business as Venture Associates, a general partnership. Trent Corp. brought a breach of contract suit against Venture and Eller individually. Trent won the suit and filed a judgment against both Venture and Eller. Trent will generally be able to collect the judgment from:

A.

partnership assets only.

B.

the personal assets of Eller, Fort, and Owens only.

C.

Eller’s personal assets only after partnership assets are exhausted.

D.

Eller’s personal assets only.

[Anonymous]

Hello Everyone. I am also joining this party. Hopefully this is the first and the last party that I have here at REG. LET'S DO THIS EVERYONE!!!!!!!!!!! GET FIRED UP.

[Anonymous]

Sorry guys I took a break and went to the movies. Ok so consensus is if it's multiple partners and one quits it will dissolve unless they agree to keep it. Correct?

And @jstay that question just sucks!! I got it wrong many times the answer is C

[Anonymous]

Loooooll how ironic this just came up in my set of questions!!

When the Uniform Partnership Act applies and there is no general partnership agreement, which of the following events occurs when a partner dies?

The partnership is dissolved.

The deceased partner's estate is free from any partnership liability.

A.

Both I and II

Correct B.

I only

C.

II only

D.

Neither I nor II

You are correct, the answer is B.

If a partner dies, according to section 30 of the Uniform Partnership Act (UPA), the partnership is dissolved but not terminated, since the partnership must continue until the winding up of partnership affairs is completed.

The UPA (section 36) also states, “The dissolution of the partnership does not of itself discharge the existing liability of any partner.” Further, “The individual property of a deceased partner shall be liable for all obligations of the partnership incurred while he was a partner but subject to the prior payment of his separate debts.”

[Gabe]

Good luck on the upcoming exam @elijasixguns!

@cpa correct!

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

[Anonymous]

@gabe what were you trending at? And how many mcq?

[jstay]

right now im trending 70-71% and have an average of 75% i have attempted 250 questions so far

[Anonymous]

Keep it up jstay!!

[lab2008]

any suggestions for downloading mp3s? I'm trying to download roger audio and I have tried 3 times. It's an mp3 and stops partway through.

3 out of 4 passed and sitting for FAR on May 31. Will lose credit for Audit if I don't pass FAR by Aug 4. I love leases and bonds.

[vritti]

Tom Lewis, an individual taxpayer, was assessed $250 in the current year for the construction of street lights in his neighborhood. It is thought that the street lights will reduce crime in the neighborhood. Tom's neighborhood is the only area of the city that is assessed the charges. Before the end of the year, Tom is assessed another $100 for repairing the street lights damaged in a storm. How much of the $350 paid by Tom is deductible as an itemized deduction in the current year?

A.

$0

B.

$100

C.

$250

D.

$350

Correct answer B. I dont understand how. I thought taxes related to street, sewer and sidewalk assessment taxes are not deductible ..

[Anonymous]

Probably because it's r&m, which I think is deductible. I remember this question

[Sandia]

$100 – casualty loss (storm)

$250 increase the property value.

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[Author]

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