[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

[Tncincy]

welcome back mamabear :-)). When are you testing? I am two weeks behind although I have not scheduled the exam yet. Today is the day I get started…. no more excuses. My book is in, I'm finishing these worrisome extensions, and no more excuses…..I need to pass.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tax lady]

@yassy I would recommend you at least re-write your notes for weak areas. I didn't re-write any of my notes and I often wonder if that would have made the 2 point difference in my score! :-/

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Mamabear]

@yassy–I agree with Tax Lady. I believe rewriting notes is what jumped up my AUD score 20 points on my retake

@tcincy–I'm starting today too! My book isn't in yet because I just ordered it yesterday, but I have an old online book from Lambers that someone sent me. I'm going to start reading that until my new Wiley book comes in. I'm saving the Ninja MCQ until after I've read the entire book. I haven't scheduled my test either. I'm hoping they give an extension again this year, but if not, I'm going to try to shoot for the 30th. I'm just waiting until after I pay my CC bill before I throw the testing expense on it. 🙂 Hopefully there will still be some late dates to choose from at that time. Good luck to you! I'm probably going to be less active on here this time. I need to focus, focus, focus!

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Tncincy]

@Mamabear – I'm not going to be a forum junkie this time either. Before I would start studying and then see what's going on here and lose all interest to study, so I am disciplining myself…..cutting out the other entertainments too. I have no more money to give away from not being prepared. as a matter of fact, I told my husband I don't care who comes to town, who's leaving town, who's sick, who's hungry, what ever….I am not putting my test off anymore for everyone else. It must be an absolutely, positively, no doubt about it emergency for me to stop studying or cancel again.! Then my daughter called from college asking how will she get home for fall break…….go figure. (daddy is going to pick her up)

It begins with a 75
Been here too long as a cheerleader....ready to pass

[yassy]

Thanks @Mamabear and @tax lady

Good points, I think that's what helped me on AUD too except I had more time. I'll do what I can! Already so nervous 🙁

FAR 75 (8/21/13)
AUD 72 (10/29/13) 74 (2/12/14) 84! (04/01/14)
BEC 75 (11/27/13)
REG 72 (05/29/14) 74 (07/10/14) 86 and DONE! (10/02/14)

[Anonymous]

Certainly misleading explanations! So frustrating!

I guess, if I see something like this on the actual test, I just turn the general rule upside down from Becker's R3-3.

It should be the LESSER of, NOT the GREATER of (1) AB + Gain or (2) Debt assumed by corp.

Becker's CPA-06015

Ames and Roth form Homerun, a C corporation. Ames contributes several autographed baseballs to Homerun. Ames purchased the baseballs for $500, and they have a total fair market value of $1,000. Roth contributes several autographed baseball bats to Homerun. Roth purchased the bats for $5,000, and they have a fair market value of $7,000. What is Homerun's basis in the contributed bats and balls?

a. $5,500

b. $8,000

c. $0

d. $6,000

Explanation

Rules: There is no gain or loss to the corporation issuing stock in exchange for property for the issuance of stock. The general rule is that the basis of the property received from the transferor/shareholder is the greater of: (1) adjusted net book value of the transferor/shareholder plus any gain recognized by the transferor/shareholder or (2) debt assumed by the corporation. A shareholder recognizes gain when at least 80% of the voting stock is not owned by the shareholders immediately after the transaction and there is no taxable boot (cash is withdrawn or cancellation of debt exists) on the transaction.

Choice “a” is correct. The general rule is that the basis of the property received from the transferor/shareholder is the greater of: (1) adjusted net book value of the transferor/shareholder plus any gain recognized by the transferor/shareholder or (2) debt assumed by the corporation. Applying the information in the fact pattern and the above rules, there is no “shareholder gain” on this transaction. Further, there is no indication of any debt being assumed by the corporation. Thus, Homerun's basis in the contributed bats and balls is $5,500 [$500 for the baseballs plus $5,000 for the bats], which is the adjusted net book value of the transferors.

Choice “c” is incorrect. Homerun's basis in the contributed bats and balls is $5,500 [$500 for the baseballs plus $5,000 for the bats], which is the adjusted net book value of the transferors.

Choice “d” is incorrect. This answer option incorrectly adds the fair market value of the baseballs ($1,000) to the basis of the bats ($5,000). Homerun's basis in the contributed bats and balls is $5,500 [$500 for the baseballs plus $5,000 for the bats], which is the adjusted net book value of the transferors.

Choice “b” is incorrect. This answer option incorrectly adds the fair market value of the baseballs ($1,000) to the fair market value of the bats ($7,000). Homerun's basis in the contributed bats and balls is $5,500 [$500 for the baseballs plus $5,000 for the bats], which is the adjusted net book value of the transferors

[rzrbkfaith]

Amor – gain only applies if there was boot or the debt assumed was greater than the adjusted basis (also considered boot). If it was a taxable transaction, the FMV is used as the basis.

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Stbcpa]

Help needed.

I had requested NASBA for access to Professional Literature for Regulation. But I can only see FASB and Audit literature.

Do we not get access for taxation database? Am I missing something?

[Anonymous]

I have listened to all the becker lectures and will be sticking to ninja mcq until exam day. If I do about 120 mcq a day I will finish them all the day before exam day. Also, I'm going to do the tax sims in becker. Quick question for becker users… if I want to search by keyword in the becker software how can I do it? I know I can pull up the ebook for each chapter but is there a way to pull up ebook for the whole textbook at once? I ask because when I get a question wrong in ninja I want to be able to refer to my textbook and read about that certain area so I can understand it better.

[rzrbkfaith]

@cpa8488 – I don't believe there is a way for you to pull the whole book at one time. You have to pull by chapter. Sorry. You can search by keyword in the ebook chapters though. I also just look at the index sometimes. Becker does a good job of putting all the relevant information in different chapters… not one of my favorite things.

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[yassy]

I'm confused by this question…

Which of the following types of conduct renders a contract voidable?

A. Mutual mistake as to facts forming the basis of the contract

B. Undue influence by a dominant party in a confidential relationship

C. Duress through physical compulsion

D. Duress through threats of a civil suit

I answered B, because in the CPA Excel book it says

“Contracts entered into under undue influence are voidable. The party who is unduly influenced is able to set aside the contract if he or she wishes to do so. “

However, the explanation states that the correct answer is A:

Duress is a wrongful act that compels contractual agreement through fear. Although threats of a civil suit are not considered duress legally, physically threatening a person to do another's bidding is definitely duress and any such contract is illegal and can be voided.

---

I thought that physical duress makes a contract “void” not “voidable”

FAR 75 (8/21/13)
AUD 72 (10/29/13) 74 (2/12/14) 84! (04/01/14)
BEC 75 (11/27/13)
REG 72 (05/29/14) 74 (07/10/14) 86 and DONE! (10/02/14)

[Anonymous]

Spencer, who itemizes deductions, had adjusted gross income of $60,000 this year. The following additional information is available:

Cash contribution to church $4,000

Purchase of art object at church bazaar

(with a fair market value of $800 on

the date of purchase) 1,200

Donation of used clothing to Salvation

Army (fair value evidenced by receipt

received) 500

What is the maximum amount Spencer can claim as a deduction for charitable contributions this year?

A.

$5,400

B.

$5,200

C.

$4,900

Incorrect D.

$4,400

You answered D. The correct answer is C.

why is purchase of art work from a church a charitable contribution?

[leglock]

The value of the artwork is 800 but u paid 1200. So in essence u made a 1200 donation and got something of value worth 800 so u really made a 400 donation. Same thing if u buy a ticket to a charity dinner for 125 and the dinner value is 50. Then ur deductiin is capped at 75. U also see this for educational programming that sells a dvd with a value of 30 for 100 bc they r raising funds for their public programming. U will get a deduction only for the differnce betweeen what u pId and the value of the item u got which would b 70

[Anonymous]

god REG is driving me crazy. studying for these exams is hard enough without having no idea which arbitrary numbers you're supposed to be expected to remember.

I'm doing tax credits lessons today and it's basically pages and pages of limits and phaseouts. so far I've been paying very little attention to these arbitrary limits and the MCQs have been mostly supportive of that strategy but after seeing this section I just don't know anymore.

I've gotten mixed answers basically every time and every place I've asked. these arbitrary limits will be the death of me.

[Anonymous]

[Author]

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