[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

[hunter32]

Green owes unsecured creditors: Rice, $5,000; Vick, $3,000; Young, $7,500; and Zinc, $2,750. Green has not paid any creditor since January 1, 20X1. On March 15, 20X1, Green's sole asset, a cabin cruiser, was seized by Xeno Marine Co., the holder of a perfected security interest in the boat. On July 1, 20X1, Rice, Vick, and Young petitioned Green into involuntary bankruptcy under Chapter 7 of the Federal Bankruptcy Code. If Green opposes the involuntary petition, the petition will be:

A.

upheld, because the 3 filing creditors are owed more than $15,325.

B.

upheld, because 1 creditor is owed more than $12,300.

dismissed, because there are less than 12 creditors.

D.

dismissed, because the boat was seized more than 90 days before the filing

Can someone maybe explain this to me? I was under the impression that if there are under 12 creditors that one sole creditor had to be over the 15,325 threshold.

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[Holly]

for those of you who have already taken REG – are the simulations similar to Becker's?

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

[Anonymous]

No the sims suck and you never know what your going to get. You can get tax forms or not. You may get 2 research questions or not. You can get sims on topics you know you can get sims out of left field. Learn the material as much as you can and practice the sims. But don't expect to get something exactly like a Becker sim. It's really a needle in a haystack is how I look at it.

[Holly]

What I should have added to my question was about the functionality of the simulation. I found NINJA simulations a little harder to use.

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

[Anonymous]

Yea the layout of the sims and functionality look very much alike to Becker sims I wouldn't worry about that. Just know how to utilize the IRC and practice different sims as much as you can.

[Pwrcat]

Ok I am sitting on Monday and obsessing about something that probably isnt that important but if someone can help i can move on.

So a preparer can‘t sign a return period if the client wants to take a bad deduction less than 20% ie: My bird is my dependent, right and can sign one with a reasonable basis (20%) if it is disclosed or can it be undisclosed?!?

They can‘t advise a client to take a position that there isnt a reasonable possibility (33%) ?? So I guess for the reasonable basis the client came up with it because the CPA couldn't advise them to take it??

Then you can be penalized for signing a return with an undisclosed position if you aren't more likely than not sure it will be sustained (50%). You always have to advise the client about penalties right? I got a question where the answer was you didn't have to if you were more likely than not. My book is a little confusing.

FAR - 87 11/15/14
AUD - 88 1/26/15
REG - 91 4/6/15
BEC - 86 5/11/15

[jstay]

my business law weak areas are definitely UCC Sales Articles and R7

[hunter32]

Yeah jstay, I have a few weeks left but could probably pass right now if it weren't for blaw

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[PasstheCPA7]

Hi guys,

Does anyone have a chart or table that summarizes the KEY differences between “Common Law” and “UCC”? I am trying to keep track of all the differences because I keep getting confused with all of the details and differences between Common Law and UCC.

Any help would be appreciated. Thank you!!

[PasstheCPA7]

Hi guys,

Does anyone have a chart or table that summarizes the KEY differences between “Common Law” and “UCC”? I am trying to keep track of all the differences because I keep getting confused with all of the details and differences between Common Law and UCC.

Any help would be appreciated. Thank you!!

[imgonnabacpa]

Anyone using NINJA MCQs ? I was doing NINJA SIMs#18 and have a doubt … If a property is rented for only 9 months in the year, why are we not prorating the expenses for 9 months only?

Please advice

BEC - 78
AUD - 69,72,78
FAR - 73, 77
REG - 74, 74, April 20(Monday). Not anymore (Fingers Crossed xxxxx)

[Anonymous]

How can I remember AMT. Seems like a ridiculously complex equation that I cant get for the life of me. smh

[OnlyBelieve]

imgonnabacpa-

The question states that the expenses were incurred in relation to the property. So the expenses incurred for property A will be for the period during which the property was put into service(in this case 9 months).

Another point to note is that Proration will come into play when the property would have been used between rental and personal.

Hope this helps

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

[Troblin]

You guys aren't the only ones having trouble with Blaw. I'm trending like 65% in both BLaw and Federal Taxation on Entities. It's killing me!

FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

Date I Got My Life Back!: 8/4/2015 🙂

[jstay]

yeah tomorrow is 6 weeks to exam day for me, freaking out starts right about now. but still, I just counted I have about 22-25 days where I am going to be studying alllll day, no work so hopefully that's enough but I don't think it will be

[Author]

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