[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

[jstay]

@dpd516 yeah that lines confusing,

so lets assume our stock is trading at 100 and we offer you, an employee, the option to purchase. i think that line means that it option cant be less than $85 when it is granted or exercised.

does this mean…if the stock went up to $120 on the date of exercise, the price of the option couldnt be below 102?

random question, but are you from the 516?

[jstay]

as of right now i have just finished Ninja. i averaged 78 and am trending at 84. What do i do next? i have 9 days till exam day, i have went through becker twice and do progress tests every morning (taking the second final exam tomorrow). i have continued to read a chapter each night (later is R2)

should i do “missed last time” questions or “trouble questions”?

[Anonymous]

@jstay, no, 5/16 is actually my birthday, lol. And, to answer your question, having taken two exams, I found myself also not knowing what to do during the week before each exam. There is definitely something to be said for “tapering” down your studying, especially if your averages on the progress tests have been good. I have printed out all of the Sims and all of the outlines Becker provides on the software. I have been going through all of these, highlighting, and marking anything important. At the end of the day, I have been taking progress tests and going through my wrong answers. Other than that, just keep “in shape” for exam day. I think you're going to do just fine 🙂

[jstay]

ahhh 10 days till your bday! LOL! atleast you will have taken REG by then

[Anonymous]

Not going to lie – I was originally scheduled to take it on May 21 and moved it up a week. Birthdays happen once a year.

[jstay]

haha i hear ya! im thinking about moving mine up but then im thinking when would i move it up to? if im a week out theres no real point in moving it up 3 days

[Anonymous]

Yeah, you're ahead of me considering you have already taken a Becker Practice Exam. I am taking my first one tomorrow and plan on doing the second one Sunday. Then Monday – Wednesday a comprehensive review.

[jaysen465]

Good Luck on anyone taking the Regulation Exam this quarter. I just got my score from April with a 74… 🙁 Back to the drawing board I guess. Would you guys recommend using CPAexcel software along with NINJA MCQ get over that 1 point hump?

FAR: 48, 71, 74, 83
AUD: 74, 78
BEC: 69, 74, 74
REG: 71, 74

I only fail when I quit.

[jstay]

On December 1, 2014, Jeff Weber placed in service office furniture (7-year life), which cost $25,000. Jeff did not elect Section 179 expensing. The office furniture was the only asset purchased during the year. What amount can Jeff claim as depreciation under MACRS for 2014?

A.

$893

B.

$7,000

C.

$1,000

D.

$4,000

[Anonymous]

a? mid quarter?

[canaanko]

@ jstay

A.

25,000 x 1.5/12 (Mid quarter like anjanja said) x 2/7 because DDB in the first year over 7 years.

Btw, you guys should check out the 2015 AICPA released questions. Some of the difficult questions are just confusing…

[Anonymous]

I saw those, I am gonna wait until Roger posts them, I don't like that the right answer is in bold

[jstay]

yep its A

[Anonymous]

from ninja. Wouldn't it be fraud in the inducement?

West, an Indiana real estate broker, misrepresented to Zimmer that West was licensed in Kansas under the Kansas statute that regulates real estate brokers and requires all brokers to be licensed. Zimmer signed a contract agreeing to pay West a 5% commission for selling Zimmer’s home in Kansas. West did not sign the contract. West sold Zimmer’s home. If West sued Zimmer for nonpayment of commission, Zimmer would be:

A.

liable to West only for the value of services rendered.

B.

liable to West for the full commission.

C.

not liable to West for any amount because West did not sign the contract.

Incorrect D.

not liable to West for any amount because West violated the Kansas licensing requirements.

You answered D. The correct answer is C.

A legally enforceable contract must have both an offer and an acceptance. Since Zimmer signed the contract, an enforceable acceptance would be for West to also sign the contract.

[canaanko]

In order for a contract to be enforceable, there has to be acceptance. West did not sign the contract, so nothing is enforceable .

[Author]

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