REG Study Group Q4 2014 - Page 216

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  • November 22, 2014 at 2:36 am #632432
    Tax woman
    Member

    Question 15:

    (TPRO-0059)

    Need a hint?

    See Reference…

    Which of the following is a capital asset?

    Inventory held primarily for sale to customers.

    Accounts receivable.

    A computer system used by the taxpayer in a personal accounting business.

    Land held as an investment.

    November 22, 2014 at 2:37 am #632433
    MommyBear
    Member

    I did BEC, AUD, FAR, and REG. Totally regretting saving the beasts for the last two. I'm so over this junk. I wish I had done REG, FAR, AUD, BEC. I climbed up a hill, when the last part could have been a good slide into home plate.

    November 22, 2014 at 2:37 am #632434
    Tax woman
    Member

    Makes sense Bucky…I do auditing too in my job but I doubt that will make the AUD portion any easier for me.

    November 22, 2014 at 2:37 am #632435
    MommyBear
    Member

    D–investments and personal use items are capital assets.

    November 22, 2014 at 2:38 am #632436
    Anonymous
    Inactive

    15 – D – Land

    November 22, 2014 at 2:38 am #632437
    Tax woman
    Member

    I had planned on doing FAR next but my fail back in Aug. really screwed up my plans! Another fail might kill me! lol

    November 22, 2014 at 2:38 am #632438
    Tax woman
    Member

    D is correct!

    November 22, 2014 at 2:39 am #632439
    Tax woman
    Member

    Question 16:

    (BSTR-0068)

    Need a hint?

    See Reference…

    Smith was an officer of CCC Corp. As an officer, the business judgment rule applied to Smith in which of the following ways?

    Because Smith is not a director, the rule does not apply.

    If Smith makes, in good faith, a serious but honest mistake in judgment, Smith is generally not liable to CCC for damages caused.

    If Smith makes, in good faith, a serious but honest mistake in judgment, Smith is generally liable to CCC for damages caused, but CCC may elect to reimburse Smith for any damages Smith paid.

    If Smith makes, in good faith, a serious but honest mistake in judgment, Smith is generally liable to CCC for damages caused, and CCC is prohibited from reimbursing Smith for any damages Smith paid.

    November 22, 2014 at 2:40 am #632440
    MommyBear
    Member

    My clock started ticking on 08/10/13. I've had two fails since then (AUD, REG). You cry (A LOT), buck up, continue on, and conquer. You've got this. This exam will not break us!!

    November 22, 2014 at 2:42 am #632441
    MommyBear
    Member

    B

    November 22, 2014 at 2:43 am #632442
    Anonymous
    Inactive

    I thought 16 is B

    November 22, 2014 at 2:43 am #632443
    Tax woman
    Member

    @mommy. You've done a great job! And B is correct.

    November 22, 2014 at 2:44 am #632444
    Tax woman
    Member

    @Bucky. That's right.

    November 22, 2014 at 2:44 am #632445
    Anonymous
    Inactive

    I failed AUD (my first test) with a 73 – I realized that I didn't review enough, so I got super mad, reviewed a ton and got a 90. Suck it, AUD!

    November 22, 2014 at 2:44 am #632446
    Tax woman
    Member

    @bucky. Wow! That's awesome!

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