[jeff]

Welcome to the Q3 2016 CPA Exam Study Group for REG.

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

[melissahoff]

https://www.another71.com/cpa-exam-forum/topic/ninja-mcq-simulations-complete-topic-list-by-sim

Is this what you were looking for?

AUD - 74,72,74,73,67,80
BEC - 69,80
FAR - 50,51,50,74,71,79
REG - 69, 72, 81.. and I am DONE...
Ethics-93

[cpa81]

yes, thank you.

[rajwinder84]

Hello, Can anyone has example of partnership complete liquidation and where a partnership distribute property with liability and partner assumed the liability. Suppose Partner A has basis in partnership $20,000 and partnership interest is 40%. Partnership distributes cash $5,000 and land with basis $6000 and liability $3000. How the liability work?

[rajwinder84]

I have lots of example where a partner contribute property to the partnership with liability and partnership assumed the liability. I know very well how the liability effect on partners. But i don't have any example where a partnership distribute property with liability and partner assumed liability. How the liability effect on partner who is received property with liability in complete liquidation and non-liquidation.. If anyone has examples, please share…….. Thanks………….

[Spartans92]

Rajwinder, for your first question the distribution of cash reduces the Partner's basis. While for the assumption of liability, generally it does not trigger any gain recognition unless it is greater than the basis of the property. In this case the basis of the land is 6,000 which is greater than the liability amount. But increase liability does increase the basis. Since Partner A is 40% he will assume 40% of the 3k and that portion will increase his basis.

Anyone correct me if I am wrong. Been a while since I touch tax questions. Still trying to knock out B-Law then final review phase. On the side note, what software are you using? I got becker and I think they really prepare u well enough for the tax questions.

BEC- PASS

[Spartans92]

Under a personal services contract, which of the following circumstances will cause the discharge of a party's duties?
a.
Cost of performing the services has doubled.
b.
Death of the party who is to receive the services.
c.
Bankruptcy of the party who is to receive the services.
d.
Illegality of the services to be performed.

I know illegality will void the contract but if the question asks what will cause a party to discharge their duty.. wouldn't B be a better answer? I just can't agree with Becker's reason.
I mean if let's say someone sells cocaine (illegal) but does it mean the seller won't sell it? Versus I am someone to perform surgery on this patient and they die.. wouldnt I be discharge from performing since that person know longer is alive.

BEC- PASS

[rajwinder84]

Spartans92, i am using Yaeger + Ninja notes & MCQ. I didn't find any example where a partnership distribute property to his partner in complete liquidation. That property has liability and partner assumed liability. Now how does liability calculate. In the simulation, this is very common question. That's why i am trying to get example or correct answer for it.

[Spartans92]

@rajwinder, the liability assumed by the partner is what u r asking? if that is the case, it would be 40% or the % of ownership multiplied by the liability amount.. the partner should get his/her share. That applies to the partnership profits as well.

BEC- PASS

[rajwinder84]

I think death is the strong reason to discharge the party from performing.

[.]

The dirty deed has been done.

FAR - June 2016 - 88
REG - July 2016 - 89
AUD - Aug 2016 - review phase currently
BEC - Sep 2016 -

Wiley CPA Excel & Ninja MCQ

[melissahoff]

@Circadian – Good luck! My special day is tomorrow. May we both receive positive results August 4th!

Any inclination on how you did? Or how it went rather?

AUD - 74,72,74,73,67,80
BEC - 69,80
FAR - 50,51,50,74,71,79
REG - 69, 72, 81.. and I am DONE...
Ethics-93

[.]

Thank you. I had plenty of extra time even though I'm a slow test taker. A lot of the questions were worded weirdly. Sims were weird but simple…. Even though I had plenty of time I couldn't find the answers in the IRC. I'm pretty iffy on the SIMs. Research SIM was very easy to find though.

FAR - June 2016 - 88
REG - July 2016 - 89
AUD - Aug 2016 - review phase currently
BEC - Sep 2016 -

Wiley CPA Excel & Ninja MCQ

[Zaky]

Best material for REG?

[Josh]

@csvirk, my suggestions for test anxiety are 1 remember why you're doing this whether a positive like to provide for your family or a reverse negative like get a better job because you're like me and detest what you do for a living 2 meditation – we are ninja's right? 3 exercise – I've heard there were no “fat” ninja's, although I wonder about me. 4 stop looking for answers on forums or social media – that probably causes enough anxiety itself and 5 reward yourself for what you do with time with people who you really care about/care about you like family. I'm about to go into final review myself, and I'm still wondering if any cram-styles would be good? after all, 10+ weeks on REG is probably not suggested. Now for bankruptcy (BK?) law.

[Spartans92]

Card communicated an offer to sell Card's stereo to Bend for $250. Which of the following statements is correct regarding the effect of the communication of the offer?
a.
Card is required to mitigate any loss Card would sustain in the event Bend rejects the offer.
b.
Card is not obligated to sell the stereo to Bend until Bend accepts the offer.
c.
Bend should immediately accept or reject the offer to avoid liability to Card.
d.
Bend may not reject the offer for a reasonable period of time.

I was gonna go with B.. My thought was changed the more I think of the question. I thought even if the offer was accepted the seller could still revoke the offer as he has the right to not sell..

Anyone have tips for these type of questions?

BEC- PASS

[Author]

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