[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]

Quick quiz: Gabe, you're not allowed to answer 😉

Give the definition or an example of the following types of endorsements on Commercial Paper:

Special:

Qualified:

Restricted:

Blank:

[jeff]

NINJA Dustin Update (REG)

"Study hard, stay on track and I will try to do the same. You’ll look back on this and laugh. Actually, no you probably…

Posted by Another71 on Monday, April 6, 2015

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[jstay]

if S Corp has NO accumulated E&P, amount distributed to shareholder will reduce basis in stock

[Gabe]

correct Jstay. Any excess of that is a capital gain. It is the same as C corps, but without the accum E&P.

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[jstay]

So if my basis in a C corp is 10,000 and they distribute 15,000 my gain is 5,000?

and can you explain the no E&P? but C Corps have an AAA account right? im going over C Corps later this week. Individual today and tomorrow

[Gabe]

@jstay correct. 10k would be a dividend and 5k would be a cap gain.

So…C corp—> S corp. If, for some reason, the C corp has an accum E&P then nothing would be carried over.

The AAA account is like RE. It starts when the S corp starts and tracks all the transactions for the S corp. There is a good explanation a couple pages back, about S corps and C corps, that I did…let me see if I can find it 🙂

@angel- my lips are sealed 🙂 when do you sit again? the 15th?

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[Anonymous]

The 16th. The day after tax day.

[jstay]

The 16th is when I really have to stat cramming. is one month of review sufficient? I'll probably be through R4 next Sunday and already went through BLaw last week (skipped a little of R8)

[Gabe]

@jstay a month should be sufficient review. do not skimp on any blaw, if you can help it.

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[willpassby2014]

angewatch…thank you. i had the same answer in my mind.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[jstay]

do you think if I studied like I did for the other 3 exams (which I passed) that it will work? I just feel like REG is a whole different animal that im not getting? I don't know why I keep second guessing myself

[Anonymous]

Jstay: Without knowing how you studied for the other 3 exams, I'd say that a month is more than enough time for a review. I started my review in Mid-March which gave me a solid month of review. I feel I could take the exam today and give it a very good effort.

The start of the review is going to be rough. It always is. You'll feel like you've forgotten everything but just stick with it and you'll see your scores go up as you remember concepts and things come back. You're also going to have days where you just want to throw up your hands while thinking you're never going to pass. Other days you'll feel like you've got it. You've been through this 3 times now so you know the drill.

I agree that REG is “different” than the other 3 exams. By exam day, I'll have spent more time on REG than I did any other section (including FAR). And for FAR I was studying 6 hours a day for two months. And I still don't feel completely confident in myself for REG. But I feel a heck of a lot better than I did two weeks ago and I'm ready to put this thing to rest once and for all hopefully.

[Sandia]

Special: endorsement names a new payee and always makes CP order paper

Qualified: endorsement is a signature witch adds the words “without recourse” (no guarantee of payment but still has warranty liability)

Restricted: endorsement adds to restriction but does not prevent further negotiation “for deposit only” or “for collection only”

Blank: endorsement does not name a new payee and always makes CP bearer paper.

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[Anonymous]

Correct Sandia.

I woke up in the middle of the night because I couldn't remember restricted. So first thing I did this morning was grab my Becker book… I'm also having REG and tax dreams right now…

[jstay]

Angelwatch, I do the same thing lol. I try and run through topics before I go to bed..if I can remember it in my head, im in goo shape

[Author]

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