[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

[Tax lady]

Perfection trumps possession but possession trumps attachment. At least that's how I learned it. If neither had perfected, and one had attached AND possession…he would win.

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

[Tax lady]

Ok..no problem. 🙂

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

[SullivanNJD]

didnt Roth perfect first though?

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[Tax lady]

Here's the explanation:

This answer is correct because perfection of a security interest takes place when all of the elements for attachment have occurred as well as one of the alternate methods of perfection. Roth’s security interest was perfected on March 1. Dixon’s security interest was perfected on April 1. Therefore, Roth’s security interest has priority over that of Dixon because Roth’s was perfected first.

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

[MommyBear]

I'm back and all caught up. Thank you for the question about perfecting. i guessed D too, but now I know perfection>attachment>collateral possession. Thanks!

[SullivanNJD]

yea so isnt the answer A?

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[Tax lady]

Question 4:

(FEDE-0045)

Need a hint?

See Reference…

Rey Corp.’s management intends to solicit proxies relating to its annual meeting at which directors will be elected. Rey is subject to the registration and reporting requirements of the Securities Exchange Act of 1934. As a result, Rey must furnish its shareholders with

A copy of its registration statement and bylaws.

A copy of its proxy statement 2 weeks before the proxy solicitation.

An annual report containing its audited statements of income for the 5 most recent years.

An annual report containing its audited balance sheets for the 2 most recent years.

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

[SullivanNJD]

my bad, didnt see that you corrected bucky's answer

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[MommyBear]

She said the answer was A. CPAHopeful said his answer was D. It gets confusing with all the questions and scrolling, doesn't it? Good practice though! Keep em coming!

[MommyBear]

Not to beat a dead horse, but that answer about giving the brother the money after he knew he was insolvent sounds completely unethical. I would never choose that on a test as a first response. Me no likey!!!

[Anonymous]

@MommyBear – Yes! Totally agree – but, the question was about some other dude. I think I was so outraged about that and completely missed the last (unrelated) part. Whoops!

[MommyBear]

Oh nevermind–I missed the part where he loaned the company money. RTMFQ!

[MommyBear]

Good grief–Completely missed the part about the other dude as well. Geez louise! Thanks for clarifying Bucky!

[Anonymous]

I don't know what # we are on, so I'm picking #8 –

Which of the following types of entities is entitled to the net operating loss deduction?

A. Partnerships.

B. S corporations.

C. Trusts and estates.

D. Not-for-profit organizations.

[MommyBear]

D–NFP

[Author]

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