[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for REG.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

[CPA2BEE]

B

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[Just3Letters]

That's what I thought. The correct answer is A and I don't know why 🙁

Ninja Explanation: Fixed assets used in business that have been held for a short-term holding period are taxed as ordinary gains. Business assets include all furniture, equipment, and machinery used in a business venture. Ordinary gains are reported on IRS Form 4797.

But I still don't understand. This is like the definition of a STCG.

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Just3Letters]

Oh I guess I understand. 1231 assets are typically LTCG or Ordinary Loss, but you can only have LTCG if held longer than one year. I've never thought of this or encountered a question using it.

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[CPA2BEE]

Really? I thought assets had to be held as long-term in order to recapture as ordinary gains? Grrrreeeaattttttt

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[Just3Letters]

Another one I got wrong.

On September 10, Harris, Inc., a new car dealer, placed a newspaper advertisement stating that Harris would sell 10 cars at its showroom for a special discount only on September 12, 13, and 14. On September 12, King called Harris and expressed an interest in buying one of the advertised cars. King was told that five of the cars had been sold and to come to the showroom as soon as possible. On September 13, Harris made a televised announcement that the sale would end at 10:00 p.m. that night. King went to Harris’ showroom on September 14 and demanded the right to buy a car at the special discount. Harris had sold the 10 cars and refused King’s demand. King sued Harris for breach of contract. Harris’s best defense to King’s suit would be that Harris’s:

A.
offer was unenforceable.

B.
advertisement was not an offer.
C.
television announcement revoked the offer.

D.
offer had not been accepted.

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[CPA2BEE]

B

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[Just3Letters]

You are right!

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[CPA2BEE]

Thats such a tricky one though, I only knew it cause I've done that one before.

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[CPA2BEE]

I've been drowning in all the C Corp crap all day…feel like I'm doubting things I already know haha not good 5 days before my test!

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[Just3Letters]

I feel the same way. I always second guess myself with everything right before a test :/

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Just3Letters]

OMG. I am just ready to go kill this test! I hate the waiting game. I know Bear just said something exactly like this the other day but I'm really feeling it right now. Even if I wanted to see more questions, they are all just repeats at this point!

Come on Sunday hurry up!

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Bear-Bear]

Exactly. Let's do this #%$@!!!

[CPA2BEE]

This is my second go at it, I am ready to jump out of my chair haha

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[Spartans92]

Just dug out my notes from my tax class and the questions is nothing like Becker's. Though, the material/topic is the same but the level of difficulty is totally not comparable. Becker is so much harder.. :/

BEC- PASS

[Bear-Bear]

I just tore through a set of Wiley Test bank. Just for grins. I'm so ready to demolish this test. Put me in coach!

[Author]

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