[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]

ISO and ESPP are at the end of R1. Barely covered. I really didn't pay too much attention to them. Most rules are pretty common sense. Do they pop up in Ninja MCQ much? Seem like a pretty random thing to test on. Then again, it't the AICPA. They always seem to come out of left field with a few questions.

[Anonymous]

Answer A but I remember picking B

[Anonymous]

Because under UCC shipment or promise of shipment that is in nonconformace is considered as acceptance and breach of contract. (I think don't have my notes infront of me).

[Svitlana85]

Does anyone know where one reports section 1231 gain on schedule 1040?

@Gabe thanks for previous response in regards to 1244 stock loss.

CPA Excel/Wiley/Ninja Notes/MCQs

FAR Feb 2014 85
AUD Aug 2014 88
BEC Nov 2014 85
REG Feb 2015 71 Retake April 16, 2015

[Anonymous]

It depends: If you have a net section 1231 loss, it is an ordinary loss. If you have a net section 1231 gain, it is ordinary income up to the amount of your nonrecaptured section 1231 losses from previous years. The rest, if any, is long-term capital gain. At least I think that is right.

[Anonymous]

So if you had a gain it would flow through from Form 4797 to Schedule D and then to page 1 of the 1040 as a capital gain. Someone please correct me if I am wrong.

[Holly]

@CTM Would the gain go from 4797 to line 14, 1040?

BEC - 79
REG - 85
AUD - 5/27/16

[Svitlana85]

Thank you CTM!

CPA Excel/Wiley/Ninja Notes/MCQs

FAR Feb 2014 85
AUD Aug 2014 88
BEC Nov 2014 85
REG Feb 2015 71 Retake April 16, 2015

[Anonymous]

I thought it would go on line 13 with any other capital gains or potentially be offset by capital losses. Again, someone please correct me if I am wrong.

[Anonymous]

Section 1231 property is netted against each other (gains and losses) with any losses being ordinary (line 14) and any gains being capital (line 13).

[Anonymous]

Just started hitting NINJA. Not doing great. I know it's to be expected since I just started my review but it's still a bit discouraging.

[Anonymous]

Keep at it Angel you will get their. It's always like that when you start off!! You will be trending in the 80s before you know it! Feel free to post questions so we can answer them together and beat AUD lol

[Anonymous]

Ninja MCQ always kicks my butt when I start after finishing Becker but after the last two exams I wouldn't even think about walking in to the testing center without having gone through it. Keep at it and you will be finished with this stupid exam and you'll never have to look at a CPA exam MCQ again!!

[Anonymous]

Which of the following actions will best perfect a security interest in a negotiable instrument against any other party?

a. taking possession of the instrument

b. filing a security agreement

c. perfecting by attachment

d. obtaining a duly executed financing statement

WHY is A and better choice than B?? both can be used for perfection of the security interest.

[Anonymous]

I'm really struggling with secured transactions (r7). How do keep PMSI, perfected security and attachment all straight. I keep getting confused on what the questions are asking for and how to tell which answer choices go with which procedure. What do you guys keep it all straight?

[Author]

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