[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

[WANNABE_CPA]

@mommybear and taxlady…i can join you guys for Blaw and ethics, i am still half way my review of it and hopefully get some more done until you reach Blaw and Ethics section, great if you decide to do it at the end 😉

Thanks Taxlady, feels like sooo much to do, would be good to get a break on regular studying and have fun and study at the same time lol.

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[MommyBear]

Sorry I'm late. Ninja is going down at midnight so I'm going to start quizzing there and post some questions here.

[MommyBear]

In the current year, Tatum exchanged farmland for an office building. The farmland had a basis of $250,000, a fair market value (FMV) of $400,000, and was encumbered by a $120,000 mortgage. The office building had an FMV of $350,000 and was encumbered by a $70,000 mortgage. Each party assumed the other's mortgage. What is the amount of Tatum's recognized gain?

A. $0

B. $50,000

C. $100,000

D. $150,000

[Anonymous]

B $50K

And I miss the Hi-Ya's

[MommyBear]

Correct!

Me too.

[Anonymous]

Are we doing anything goes tonight, or specifics?

[MommyBear]

I'm quizzing in Ninja on all topics so I'm fine with anything goes. If you want to quiz on a specific topic, you may need to post questions until I'm done with this quiz that I have set up and then I'll create a specific quiz next time.

[Anonymous]

Ninja is going down today at 12 am est?

[MommyBear]

I want to see how well this “adaptive learning” phase picks out my weak areas.

[MommyBear]

IRC Section 267 has a special rule for sales to a related party that are unpaid at the end of the year. In which of the following cases does the rule apply?

A. When a cash-basis seller sells to a cash-basis buyer

B. When an accrual-basis seller sells to an accrual-basis buyer

C. When a cash-basis seller sells to an accrual-basis buyer

D. When an accrual-basis seller sells to a cash-basis buyer

[MommyBear]

Yep. Today and tomorrow night from 12 a.m. EST to 4 a.m. EST. They need to upgrade the server so we don't keep having black out periods where it isn't working.

[Tax lady]

Hey guys! So nothing in particular for questions?

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]

@MommyBear – no clue. C?

[MommyBear]

Not unless others want specifics. I don't know who is testing next, kemy maybe. My test is on the 29th so I have time to focus on my own issues later if needed. Thanks for coming back Tax Lady! It is much appreciated!

[Tax lady]

Which of the following terms best describes the relationship between a corporation and the CPA it hires to audit corporate books?

Employer and employee.

Employer and independent contractor.

Master and servant.

Employer and principal.

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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