[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]

@jstay, I'm using Becker and Ninja MCQ. As far as how I feel…the same as before any of the other exams that I actually spent the time studying for. I feel like I've put in the work but there is so much material I'm still missing questions during my review. The only difference this time is the enormous amount of pressure I feel to pass. I REALLY want this process to be over. I want my weeknights and weekends back. I want my life back.

[Anonymous]

@DPD, I think the main point is that any unused portion of the unified credit by a spouse can be used by the other spouse at their time of death.

[Anonymous]

how is 5340+2340=7630?

[Anonymous]

@Anjanja, I probably typed it wrong. $7680, sorry! Ugh, probably a dumb one to even care about. I am getting nit-picky now.

[Anonymous]

Huh? DPD's question says 5,340+2,340=7,680. Am I missing something?

[Anonymous]

oh I thought you copied and pasted and was wondering what's missing

[Anonymous]

Yeah. You absolutely do not need to memorize the social security formula. Just know the concepts.

[Anonymous]

regarding the question willpass posted earlier. I am just reading this and in my notes it says that title passes when contract is formed, but the risk of loss is passed when goods are received (merchant). So wouldn't the answer be D, not C?

Pulse Corp. maintained a warehouse where it stored its manufactured goods. Pulse received an order from Star. Shortly after Pulse identified the goods to be shipped to Star, but before moving them to the loading dock, a fire destroyed the warehouse and its contents. With respect to the goods, which of the following statements is correct?

A. Pulse has title but no insurable interest.

B. Star has title and an insurable interest.

C. Pulse has title and an insurable interest.

D. Star has title but no insurable interest.

[Anonymous]

@anjanja Yes, title is something the two parties agree to in the contract. It can pass really whenever they say it does. In fact, the buyer can have risk of loss long before he has title, depending on the shipping terms. Anyways, the question does not state when title passes; therefore, I think we have to assume it does not pass until the goods are delivered to Star.

[Anonymous]

OK i guess title passes when contract is formed if buyer picks up goods

[Anonymous]

In this question I think it is safe to assume the seller is a merchant seller and therefore, without stating otherwise, title and risk of loss does not pass until it is delivered. I think that is right anyway. I really hate b-law. I hope I never have to see it again after Friday.

[jstay]

@CTM me too! – to both blaw & weekends, nights, mornings i want them back so bad! it sucks so much scores arent till after memorial day.

doing the 2015 released moderate questions right now. not too bad.

difficult will destroy me but i remember BEC moderate released questions got me so disappointed.

[jstay]

halfway though the difficult and i think i might have had a fighting chance against these questions. question 13 in the difficult – do you know where they got 88,000 from?

[Anonymous]

probably the basis of stock

[Anonymous]

I thought it was only reported when exercised?

[Author]

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