REG Study Group Q2 2015 - Page 210

  • Creator
    Topic
  • #192517
    jeff
    Keymaster

    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

Viewing 15 replies - 3,136 through 3,150 (of 3,544 total)
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    Replies
  • #680364
    Anonymous
    Inactive

    Amor D,

    I usually just go straight to the source: https://www.law.cornell.edu/wex/constructive_fraud

    #680365
    Anonymous
    Inactive

    @anjanja:

    This page can’t be displayed

    #680366
    Anonymous
    Inactive

    huh ok, here it is:

    Constructive Fraud

    Under contract law, a defendant can be liable to a plaintiff for constructive fraud if there was: (1) a false misrepresentation; (2) in reference to a material fact; (3) for the purpose of inducing the other party to rely on such representation; 4) on which the other party did justifiably rely; (5) which resulted in damages or injury; and (6) a fiduciary relationship between the parties. Hagarty v. Ithaca City School District, 423 N.Y.S. 2d 843 (1979).

    Bad intent or dishonesty is not a requirement to satisfy constructive fraud.

    The elements for actual and constructive fraud are the same with two exceptions: constructive fraud drops the element of scienter–knowledge on the part of the injurer of the representation’s falsity–and adds the element of a fiduciary relationship.

    #680367
    Anonymous
    Inactive

    Gleim has taught me to look at constructive fraud as “reckless disregard for the truth”.

    #680368
    magatha12
    Member

    I'm getting all confused with how to treat distributions.

    Corp: the SH records the FMV of property distributed

    PShip: the partner records the adj basis of property distributed

    Is this the general idea? I keep confusing myself with it

    FAR: 79
    AUD: 81
    REG:5/29/15
    BEC:85

    Using CPA Excel, NINJA notes and audio, NINJA MCQs

    #680369
    Anonymous
    Inactive

    I'm freaking out. Three days before my test and I feel completely unprepared. The more I study and read the worse I feel. REG is just not a good test for me. Someone consol me because my family and my girlfriend hate me haha

    #680370
    Anonymous
    Inactive

    REG is tough. The entire exam is tough but REG seems to be a different kind of tricky compared to the rest. I felt the same way going in to my exam. Looking at your past scores I would say you have the intelligence and work ethic to pass. Just go in knowing you put in the work and you'll knock this one out and be finished. Best of luck!

    #680371
    Anonymous
    Inactive

    Hi all,

    I have question regarding how to calculate tax underpayment. For example:

    Individual current year tax underpayment part subject to penalty. Different scenarios were given.

    Known factors: Current year withholding, PY tax liability, CY tax liability, Individual annual taxable income.

    Question: how much will be subjected to penalty ?

    so I should compare current year withholding to the lower of 90% PY tax or 100% of CY tax rule ?

    If current year withholding is lower than the lower to PY or CY? There should be penalty.

    Besides, the balance due should be over &1,000. It means there is 1,000 deductible.

    Am I right above ?

    #680372
    Anonymous
    Inactive

    If the taxpayer has paid the lesser of 100% of PY tax or 90% of current year tax then there is no penalty. If the taxpayer had over 150k of PY AGI then they have to have paid in the lesser of 90% of CY tax liability or 110% of PY tax liability (safe harbor).

    #680373
    Anonymous
    Inactive
    #680374
    Anonymous
    Inactive

    I know a large corporation is 100% of current year only, but what is it for small corporations? Same as individuals? Thanks!

    I really want to go camping. I love it, i live in the perfect place if you like camping, and i haven't gone in at least a year or two due to studying. i have a new dream that if i get licensed, i am hauling my books through the woods and watching them burn in the fire.

    #680375
    Anonymous
    Inactive

    what do you mean by small corporation?

    #680376
    Anonymous
    Inactive

    camping would be good I guess if there were no bugs

    #680377
    Anonymous
    Inactive

    I passed with the perfect score. I couldn't have done it without this q2 group. Thank you all for believing in me! *hugs*

    #680378
    jstay
    Participant

    @cpa8488, 78!!!! we are DONE!! congrats

    to all those: keep at it, keep hitting questions

Viewing 15 replies - 3,136 through 3,150 (of 3,544 total)
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