[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

[lauren725]

I just wanted to stop by and say good luck for those of you gearing up to take REG this quarter. Keep plugging away at those questions and SIMS (don't leave these out!!) and it will definitely pay off. I am rooting for all of you!!!! I am still so used to coming to this website 78683498 times a day 🙂

AUD - 73,91
FAR - 79 - Thank you God!
BEC - 73,79!!!!
REG - 92 whatttt??!

I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

Done! Praise God!

[Gabe]

@only sounds like you're doing great! I've seen all of Ninja- trending 97%, average 80%, with lowest average being 77% (blaw lol). Seen all of Wiley (doesn't do averages, but going over flagged questions and SIMS over specific topics- basis, distributions, etc) Listening to audio at work, and yes, I am also reciting Jeff :). Feeling good. Trying to really nail down some trouble areas, but overall, feeling good!

CPA, CFE
CISA- Experience will be completed by August 2016

[Gabe]

I know this has been posted before, but I still hate stock splits so…

Sold 1,225 shares of ABC Corp. stock at $9 per share. Green purchased 600 shares several years ago at $30 per share. Three years ago, when the stock price was $21, there was a 2-for-1 stock split, and two years ago, when the stock price was $25, there was a 3-for-2 stock split. No other shares were sold by Green prior to Year 2.

Can anyone walk me through the stock split portion?

Starting with 600 shares * 2 = 1200 shares…somewhere between here and the 3/2 split they get 1,800 shares. Thoughts?

CPA, CFE
CISA- Experience will be completed by August 2016

[Gabe]

lauren!! hellooo! Glad you're done and congrats AGAIN on that amazing REG score 🙂 Taking your advice and going over SIMS this quarter as well!

CPA, CFE
CISA- Experience will be completed by August 2016

[OnlyBelieve]

Thanks for your well wishes and advise Lauren. Will take your advise in good faith based on your REG score:). Will see all of Ninja sims one more time and R1-R4 of becker as well!

AUD - DONE
BEC - DONE
REG - 04/04
FAR - 05/30

[Gabe]

@only we GOT this! ~sending positive vibes~ 🙂

I'll be studying tomorrow early (6am- 11am/12pm), hopefully I'll see some of you all is well!

CPA, CFE
CISA- Experience will be completed by August 2016

[Holly]

When being asked about having to use the accrual method of accounting, does anyone know what exactly they mean by tax shelters?

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

[stoleway]

@gabe

Regarding your stock split question

1st split….2/1 x 600 = 1200

2nd split….3/2 x 1200 = 1800

Treat the new stock prices using the same logic

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Anonymous]

Here's a quick quiz question:

Under the position taken by a majority of the courts, to which third parties will an accountant who negligently prepares a client's financial report be liable?

A. Only those third parties in privity of contract with the accountant

B. All third parties who relied on the report and sustained injury

C. Any foreseen or known third party who relied on the report

D. Any third party whose reliance on the report was reasonably foreseeable

[Anonymous]

C

[Anonymous]

I have 137 business structure questions to do that I have ZERO desire to begin! 🙁

[Anonymous]

Correct:

The most common standard is any actually foreseen third parties who will rely on the CPA's report. This is considered to be Common Law or, if you really want to be technical, Rusch Factors, Inc. vs. Levin.

Ultramares isn't used in many states but it gives a CPA the most protection and requires privity of contract for a CPA to be held liable.

There are actually two other categories but I think that these are the two most commonly tested levels of CPA liability.

[Anonymous]

@angel how is ninja mcq going for you? I asked you a few pages back but you must've missed it amongst the other posters posting a lot of questions 🙂 which is awesome!! I'm not at the tax section yet so I haven't participated. But next week I will be!

[Anonymous]

I'm trending in the low 70's right now. Becker I was averaging mid-80's.

Right now I'm going very slow and trying to really understand why I'm missing questions and understanding what the correct answer is. I know that sounds like basic stuff but I believe that is extremely important due to all of the nuances and little rules with REG.

It's better to only do 30 questions and truly understand those questions than to slam through 200 questions and not really understand why you're missing the ones you are.

[Anonymous]

I 100% agree. First time I took the exam I was more concerned with finishing as much questions as possible vs. Going slower and really understanding the topics. Keep us posted and you will have your trending up in no time 🙂 you've got plenty of time before your exam

[Author]

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