[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

[Anonymous]

18 is D

[Tax woman]

@Bucky. Yes, he's really good to me. 🙂 I'm a blessed girl!

[Tax woman]

Question 19:

(EMEN-0007)

Need a hint?

See Reference…

For the entire year year 1, Ral Supermarket, Inc. conducted its business operations without any permanent or full-time employees. Ral employed temporary and part-time workers during each of the 52 weeks in the year. Under the provisions of the Federal Unemployment Tax Act (FUTA), which of the following statements is correct regarding Ral’s obligation to file a federal unemployment tax return for year 1?

Ral must file a year 1 FUTA return only if aggregate wages exceeded $100,000 during year 1.

Ral must file a year 1 FUTA return because it had at least one employee during at least 20 weeks of year 1.

Ral is obligated to file a year 1 FUTA return only if at least one worker earned $50 or more in any calendar quarter of year 1.

Ral does not have to file a year 1 FUTA return because it had no permanent or full-time employees in year 1.

[MommyBear]

B

[Anonymous]

19 – B? These govt agency questions confuse me.

[Tax woman]

B is correct. 🙂 Y'all ok to keep going with random questions or do I need to narrow down a specific topic?

[Kemy]

I just found a mistake in sim #63 of Ninja MCQ – I swear, I thought I was losing my mind and forgot to add – smh. The calculation below should add up to $12,825.

The hearing aid batteries are not deductible as a medical expense nor are nonprescription drugs per IRC Section 213(b). The reimbursement decreases medical expenses in the year received.

The calculation is as follows: Transportation $125 + Physical therapy $6,200 + Dental implants $6,500 = $12,850

FAR - 02/24/14 - 86
AUD - 04/03/14 - 88
REG - 05/29/14 - 68 Retook 11/22/14 - 81 I PASSED!!!!!!!!! IM DONE! Thank You Jesus!
BEC - 07/19/14 - 85

[MommyBear]

I like random, but I'm fine with switching to specific.

[Anonymous]

20 – Bond and Spear orally agreed that Bond would buy a car from Spear for $475. Bond paid Spear a $100 deposit. The next day, Spear received an offer of $575, the car's fair market value.

Spear immediately notified Bond that Spear would not sell the car to Bond and returned Bond's $100.

If Bond sues Spear and Spear defends on the basis of the Statute of Frauds, Bond will probably

A. Lose, because the agreement was for less than the fair market value of the car.

B. Win, because the agreement was for less than $500.

C. Lose, because the agreement was not in writing and signed by Spear.

D. Win, because Bond paid a deposit.

[Tax woman]

Question 22:

(OTAX-0019)

Need a hint?

See Reference…

Brown transfers property to a trust. A local bank was named trustee. Brown retained no powers over the trust. The trust instrument provides that current income and $6,000 of principal must be distributed annually to the beneficiary. What type of trust was created?

Simple.

Grantor.

Complex.

Revocable.

[Anonymous]

I'm fine with random too

[Kemy]

@Taxwoman – that's soooo funny – I just schedule a massage for myself tomorrow – literally right after my exam… sooooo excited!

FAR - 02/24/14 - 86
AUD - 04/03/14 - 88
REG - 05/29/14 - 68 Retook 11/22/14 - 81 I PASSED!!!!!!!!! IM DONE! Thank You Jesus!
BEC - 07/19/14 - 85

[Anonymous]

22 – A?

[MommyBear]

20-B

[Tax woman]

@kemy. Good for you! That's an excellent reward for yourself! And that will help to push you through the exam. 🙂

[Author]

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