[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

[Anonymous]

Zimmer (payer) signed it though

[Anonymous]

@jstay, regarding the use of the midquarter convention, would we be given tables on the exam? That is how I had been working those problems while studying.

[Anonymous]

About to start studying (its 4:40pm!!!) Also, I did check out those 2015 aicpa released questions they were ALL hard!! Like every single one!!! No wonder they got released.

@jstay glad you finished ninja and your trending score is great! your gonna kill this exam

I'm going to try to finish the Becker questions by this weekend. I'm almost done with chapter 5 so that task shouldn't be to difficult. Then I want to re-do R3 and R5 because i totally messed those up.

In the meantime, you can listen to ninja blitz and read the Becker outlines for each chapter. You can also do ninja “troubled questions” or “missed last time”. Did you ever look at R3 sims?

[hunter32]

@cpa, let's just say that some of those looked very familiar to me, and now I feel a little better

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[Anonymous]

HAHA @hunter thanks! i was thinking if these are the questions on the exam I'm F**ked. lol

[jstay]

@dpd, i think we'll get the tables if its a sim but not for MCQ i dont think

@cpa8488, i did the 1st set of simulations in R3 but need to do the other 2 still, probably tomorrow..or maybe later

@anjanja, that question and becker have different answers. In becker, your answer was correct with the license. In ninja its the other one. I think the becker one is right because in the book it says something about protecting the public from professionals (suchs as attorneys, CPA, real estate brokers, etc) and only if it is a license that is to “raise money” then it would not make it void…hope this made some sense

[Anonymous]

Thanks Jstay!

[Anonymous]

@canaanko – Would you mind explaining why your calculation used 1.5/12 as a factor for the midquarter convention? And also, is the 2/7 DDB only for the first year, meaning the remaining years, we would only use the 1.5/12 factor to depreciate the property?

[canaanko]

@DPD516

Since the property was purchased in the last month of the year (December) and that asset was the only thing purchased during the year (anything more than 40% purchased would require us to use mid-quarter convention), we would only use 1.5 of the 12 months in that year (year 1).

The first year would be 1.5/12 x 2/7

Years 2-6 would be 2/7

Year 7 (last year) would be the remainder from the first year, so 10.5/12 x 2/7

I hope that makes sense.

[Anonymous]

Yes, that makes sense.

So, if other property had also been placed into service throughout that same year, during the other three quarters, as long as 40% of the property (in the same class) had been placed into service in quarter 4, we would still use the mid quarter convention. Thus, if a machine was placed into service in May, we would use a factor of 2.5/12? Because we take half of quarter #2 plus the other two quarters that will get us to Dec 31? Hope that wasn't too confusing, but just want to make sure I am understanding.

[Anonymous]

how many times do you guys read the textbook? I've listened to the Becker lectures plus read/skimmed the book 2x. There is 2 chapters I don't feel confident about should I go back and re-read those chapters?

[willpassby2014]

I thought we need to get SH approval for all actions below. Can you guys crack this?

Which of the following actions may be taken by a corporation's board of directors without stockholder approval?

A.

Purchasing substantially all of the assets of another corporation

B.

Selling substantially all of the corporation's assets

C.

Dissolving the corporation

D.

Amending the articles of incorporation

BEC Passed
FAR Passed
AUD Passed
REG Passed

[jstay]

is it A? i hope its A

@cpa8488 if you think you dont understand a chapter i would definitely go back and read it. I like to do questions on a topic then read it cause then your reinforcing it

[willpassby2014]

Thats right it is a. J stay you rock

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Ai]

@willpassby2014 A? I think I just read this in the Becker review book.

AUD (x3)81 (expires SEPT 2015)
BEC (x2) 81 (Lost Credit in March), Retake- 79
REG (x5) 76
FAR (x1) 62 Retake August 2015

[Author]

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