[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/

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

[MommyBear]

OK–I'm not going to bother changing my pic because I'm dumping this user name after this REG exam, but i am Mamabear AKA CPAMommyof3 AKA MommyBear. Good lord. If I get locked out again, I'll just see you guys on the score release thread.

[Ninja Juice]

i did some gleim questions and their estates, trust, questions are WAY harder then becker to the point i feel lost. Do you guys think this is very important to review again?? Test on monday

[pia ach]

so yday i thought individual was bad, now corporate is making me think to postpone my exam to jan…i got a miserable 40% :(. just not sticking in my head…thinking of skipping corporate n moving on..if i have time (which i doubt i test on 26th) i will come back to it.

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[Anonymous]

That's so impressive that you guys could just read the material once and never come back to it. I have to go over every section like four times before my exam. Corporate and Individual were and are still brutal for me but I have gotten better. Just went over individual today and got a 78% on Wiley which is better than the 40s-60s I was scoring beforehand. Going over corporate for the next few days and I'm hoping to make the same type of improvement. My test is on the 30th and not feeling too good about it.

[pia ach]

I read the book more than once and even sometimes watch the videos again..that is why i end up taking so much time .

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[Anonymous]

Gotcha, but how are you doing with the Law part?

To qualify for the child care credit on a joint return, at least one spouse must:

have an adjusted gross income of $15,000 or less.

be gainfully employed when related expenses are incurred.

A.

Both A and B

B.

Neither A nor B

C.

Only A

D.

Only B

I thought the rule was you could be looking for a job at that time and don't actually need to be employed? Well, at least that's what I took from the Wiley book.

[Anonymous]

A $10,000,000 offering of corporate stock intended to be made pursuant to the provisions of Rule 506 of Regulation D of the Securities Act of 1933 would not be exempt under Rule 506 if:

A.

the offering was made through a general solicitation or advertising.

B.

some of the investors are nonaccredited.

C.

there are more than 35 accredited investors.

D.

the SEC was notified 14 days after the first sale of the securities.

You are correct, the answer is A.

Rule 506 allows exemption for an offering to up to 35 unaccredited (but sophisticated) investors. It says nothing about notification of the SEC. It is not acceptable for the offering to be made through a general solicitation or advertising.

But I thought on the Ninja Notes a new rule recently stated that 506 DOES allow general solicitation or advertising?

[pia ach]

is the answer A for the child care credit?

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[Anonymous]

@CPA Hopeful11 – is the answer to the child care question D?

[Anonymous]

It was D.

[pia ach]

@cpahopeful are you preparing for Reg and BEC at the same time?

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[Anonymous]

@CPAHOPEFUL I encountered the same question for child care credit and the answer in Gleim was B, neither A or B. And yes you are correct you can be either actively searching for a job OR (not must be) gainfully employed.

Per my note on Rule 506, general solicitation and advertising are permitted if sales are to accredited investors ONLY. So since not accredited investors up to 35 are allowed, then the restriction on solicitation will apply.

[Anonymous]

Thanks CPAby2015, there's been a few questions that have gotten me like that.

Pia, BEC on the 20th and REG on the 30th.

[MommyBear]

Per my notes general solicitation would mean to everyone, accredited and nonaccredited. So the term general is what you should be looking at. If it is general then it would be to everyone, which is not allowed.

[MommyBear]

Got some great news today. My brother and his family are coming down for Thanksgiving. They are going to take turns quizzing me with flashcards on Thursday so I am going to stay upstairs while the kids are downstairs and my brother, his wife, and his two teenagers are going to rotate each hour quizzing me. That way I get to participate in lunch and study the rest of the day and none of them have to miss too much. Added bonus–they are taking my kids to Legoland on Black Friday so I can study all day without them missing me. I was really worried about my kids noticing I was busy for the holiday. My brother is awesome!

[Author]

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