[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]

yeah there are exceptions- SPAM

specifically manufactured, partially performed, admits to court, merchant doesn't object. It does say that they apply to sale of goods, but how do you accept down payment and then back out, wouldn't make sense

[willpassby2014]

I am thinking of starting to review Taxation rather than breaking my heads on B law. I am taking too much time on B law and forgetting taxation. Planning to do 2 hours Tax stuff every day starting today

BEC Passed
FAR Passed
AUD Passed
REG Passed

[jstay]

@cpa8488, sounds like a good plan! im so nervous lol but yeah im did R1 yesterday and R2 today. Going to do R3 tomorrow and R4 Tuesday and R5 Wednesday. On thursday i will probably just read some chapters and maybe surf the IRC just to get a feeeel but yeah other than that idk what else to do. Since 4/16 i have done over 5,500 questions and will be close to 6,500 by Thursday, i may have done a third of that for my first attempt.

[canaanko]

@willpassby2014

It's always good to review taxation especially all the entities. Don't underestimate BLaw though because the exam still requires you to know enough to pass.

[Anonymous]

@jstay you doing Becker over only?

[jstay]

no not just becker, still doing some ninja. I am trending 90+ and have done 2,650 questions in ninja with an average of 78. Im happy with those numbers and my progress test results have been 80+ for a good few weeks. When im going through becker again im scoring 90+ (even got a 100 on gross income 58 questions).

This is my routine: wake up do 72 questions progress test in becker, then when im done with that i got to the chapter and do it At this point its probably around noon so i take a break then go do like 90 ninja questions (in sets of 20/30). Like i said, at this point i dont know what else to do, im thinking about moving my test up to Wednesday but ill be pissed if i fail and paid $35 to move it up 2 days

[jstay]

and i probably wont do R6-R8 questions anymore. hopefully i know enough Blaw to get me through it. honestly im mostly worried about the sims

[Anonymous]

Lol jstay your not gonna fail. Even you said you didn't do a third of these questions and didn't study for the last two weeks and got a 73! Your going to blow this exam out of the water. I wouldn't pay $35 for a few extra days. But if you don't care about the money go ahead and move it. I don't think a few days will make a difference between pass/fail. I've studied almost 2 months and still don't feel 100% prepared lol at this point I don't even care! Thursday can't come fast enough.

[jstay]

yeah i know right! at this point your honestly like just give me the freaking exam already. anyways im finishing these 20 ninja mcq and then heading out to my friends house. Hope everyone had a productive weekend and good luck to everyone this week!

[willpassby2014]

@canaanko..ok but still is 80% of the exam tax ?

BEC Passed
FAR Passed
AUD Passed
REG Passed

[willpassby2014]

@canaanko….dont know how much to concentrate on B law

BEC Passed
FAR Passed
AUD Passed
REG Passed

[jstay]

this is one of those questions you would need to know the formula and everything

Danielson invested $2 million in DEC, a qualified small business corporation. Six years later, Danielson sold all of the DEC stock for $16 million and purchased an office building with the proceeds. Danielson had not previously excluded any gain on the sale of small business stock. What is Danielson's taxable gain after the exclusion?

A.

$0

B.

$6 million

C.

$7 million

D.

$9 million

Answer is C

[PasstheCPA7]

Can someone please help with this question on S Corps?

Lane Inc., an S corporation, pays single coverage health insurance premiums of $4,800 per year and family coverage premiums of $7,200 per year. Mill is a ten percent shareholder-employee in Lane. On Mill's behalf, Lane pays Mill's family coverage under the health insurance plan. What amount of insurance premiums is includible in Mill's gross income?

a. $0

b. $720

c. $4,800

d. $7,200

Answer is D.

My question is this: I thought ANY employer paid health insurance premiums (whether it's for the employee or the employee's family) is EXCLUDED from being taxable in Gross Income? That is what I learned in Becker R1. Therefore, why would Mill include the family coverage of $7,200 in Gross income then? It should be excluded. Can someone explain this? Makes no sense at all.

[Anonymous]

@jstay would you mind explaining the example and/or defining where the HECK that was covered in Becker?

[Double-entry Deviant]

Working on business law:

D is correct – but I thought if it was “extreme” duress, then the contract would be void, but “undue influence” would make it “voidable….grr….this is confusing…thoughts?

Which of the following types of conduct renders a contract voidable?

A.

Mutual mistake as to facts forming the basis of the contract

B.

Unbreached contract

C.

Duress through physical compulsion

D.

Duress through threats of a civil suit

REG: 5/30/15 - 77
FAR: TBD
BEC: 8/31/15 - 70, 73, 1/8/16 - 77
AUD: 6/1/16- 73, 8/2/16

[Author]

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