[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

[taxman89]

thanks!! i feel like a majority of the ninja MCQs on tax are focused on the phaseouts

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Anonymous]

@Tax Lady – I hope you get your scores today too!

[Tax lady]

Me too girl! I'm sooooo ready to know.

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

[Anonymous]

That's good to hear because there are so many phaseouts to remember. I'm guessing we should know at least the AMT phaseout along with the gift tax one?

[Anonymous]

For corporations if cash+property combine over 80% it is tax free, but for partnerships it is tax free regardless of the percentage, correct?

[Tax lady]

For contributions..yes. Unless the p-ship relieves liability from a partner that exceeds his basis then it creates a gain to the partner.

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

[Anonymous]

Thanks, how should I study the simulations?

[win2bet]

In which of the following types of action, brought against a CPA who issues an audit report containing an unqualified opinion on materially misstated financial statements, may a plaintiff prevail without proving reliance on the audit report?

A. An action for common law fraud

B. An action for common law breach of contract

C. An action brought under Section 11 of the Securities Act of 1933

D. An action brought under Rule 10b-5 of the Securities Exchange Act of 1934

Confused why answer isnt A as well, i thought with common law fraud you dont need to prove reliance.

The answer is C – A plaintiff does not have to prove reliance on materially misstated financial statements under Section 11 of the Securities Act of 1933.

REG 68,87
BEC 85
FAR 75
AUD 64,64, 86!

[Texan_Stuck_In_OK]

1934 added the reliance aspect. The question doesn't say anything about fraud or breach. The unqualified opinion may have been performed according to standards, just didn't detect the misstatement.

A 88, B 76, F 84, R 76 Passed 2014

Licensed in OK

[MommyBear]

I have that common law fraud has to have “reasonable reliance” so basically any third party that you know will rely on the material or can foresee relying on the material. For Section 11 of the 1933 act you just have to prove that a material misstatement occurred & damages were incurred. You DON'T have to prove negligence or reliance.

[Anonymous]

MommaBear, when are you taking your test? You seem on top of everything which is good to see.

I'm taking mine on the 30th and will use majority of the time on the tax sections. Maybe two or so days on Business Law/Ethics.

[MommyBear]

My test is on the 29th. I verify my notes sometimes before I post because I don't want to confuse anyone by posting incorrect information so I don't KNOW everything I post for 100% certainty until I look it up. You and I are probably chugging along at the same pace. I haven't done too much with blaw this time around and I'm not sure how I'm going to approach that section seriously. I think reviewing flashcards and notes is a better use of my time than doing hundreds of MCQs on it. What are you doing for blaw/ethics?

[MommyBear]

I slept a little this morning and went into work late. I am refreshed and will be quizzing tonight if anyone wants to join in. Hopefully covering all topics to jump start my final review week. I should be on by 6:30 EST.

[Anonymous]

For BLaw I'm going to read those sections again and do most of the MCQs on Ninja. Not all as there is I believe over 700 BLaw questions. I took good notes on them but I feel like I will have to read the sections again to fully feel comfortable.

These tax rates for capital gains continue to confuse me. Have you figured them out yet?

[Tax lady]

Hey guys. I'll be on a little later. Taking my son to a school dance and then a quick dinner with my hubby but it won't be real late. Maybe like 7:30? See you guys in a bit!

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

[Author]

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