REG Study Group Q4 2014 - Page 209

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  • November 22, 2014 at 1:24 am #632318
    MommyBear
    Member

    CPAHopeful–D

    November 22, 2014 at 1:25 am #632319
    Anonymous
    Inactive

    Answer is A! Remember, they are asking for Kray in this question.

    November 22, 2014 at 1:25 am #632320
    MommyBear
    Member

    OK. What is term when shareholders can take action because of management's misappropriation of assets?

    November 22, 2014 at 1:25 am #632321
    Tax lady
    Participant

    Question 3:

    (SECU-0025)

    Need a hint?

    See Reference…

    Roth and Dixon both claim a security interest in the same collateral. Roth’s security interest attached on January 1, and was perfected by filing on March 1. Dixon’s security interest attached on February 1, and was perfected on April 1, by taking possession of the collateral. Which of the following statements is correct?

    Roth’s security interest has priority because Roth perfected before Dixon perfected.

    Dixon’s security interest has priority because Dixon’s interest attached before Roth’s interest was perfected.

    Roth’s security interest has priority because Roth’s security interest attached before Dixon’s security interest attached.

    Dixon’s security interest has priority because Dixon is in possession of the collateral.

    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

    November 22, 2014 at 1:26 am #632322
    MommyBear
    Member

    @cpahopeful–Was does that contemp…. word mean?

    November 22, 2014 at 1:26 am #632323
    Anonymous
    Inactive

    Great question @CPAHopeful!

    November 22, 2014 at 1:27 am #632324
    Anonymous
    Inactive

    In calculating the tax of a corporation for a short period, which of the following processes is correct?

    A.

    Divide current-year income by prior-year income, then multiply the result by prior-year tax.

    B.

    Compute tax on short-period income, then multiply the result by 12 divided by the number of months in the short period.

    C.

    Determine the average taxable income for the past 3 years, then multiply the result by the number of months in the short period divided by 12.

    D.

    Annualize income and calculate the tax on annualized income, then multiply the computed tax by the number of months in the short period divided by 12.

    November 22, 2014 at 1:27 am #632325
    MommyBear
    Member

    Taking a 5 minute break. husband just got home. Started a new job today and wants to tell me about it real quick.

    November 22, 2014 at 1:28 am #632326
    Anonymous
    Inactive

    Contemporaneous means new value. So this isn't an antecedent debt which would be disallowed in this question.

    November 22, 2014 at 1:28 am #632327
    Anonymous
    Inactive

    3 – D

    November 22, 2014 at 1:30 am #632328
    Anonymous
    Inactive

    @CPAHopeful – D – Annualize it

    November 22, 2014 at 1:30 am #632329
    Tax lady
    Participant

    @Bucky A. Do you want to see the explanation?

    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

    November 22, 2014 at 1:31 am #632330
    Anonymous
    Inactive

    @Tax Lady – so even if he has possession, because someone perfected first, they have priority?

    November 22, 2014 at 1:33 am #632331
    Anonymous
    Inactive

    Yep, the answer was D.

    November 22, 2014 at 1:35 am #632332
    Anonymous
    Inactive

    Ok, I need a few minutes too – I have a level 5 meltdown going on over here… Sorry

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