[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]

@kemy – enjoy your Spa Day too! And, good luck tomorrow!!!

[Anonymous]

20 is B!

[MommyBear]

22-A

[MommyBear]

Good luck Kemy! You've got this!

[SullivanNJD]

22 is complex

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[Tax woman]

It's a complex trust.

[Tax woman]

Question 23:

(CONT-0048)

Need a hint?

See Reference…

Macy agreed orally to repaint Rich’s home for $2,000. Rich required that it be done in 16 months although Macy said he might have it done in 10 months. The work actually took 14 months. Does this contract fall within the Statute of Frauds?

Yes, because the contract was for $2,000.

Yes, because the work actually took 14 months to complete.

Yes, because Rich required that the contract be completed within 16 months.

No, because the work could have been completed within 1 year.

[Anonymous]

Why is it complex? What did I miss?

[Tax woman]

Here is the explanation for the trust question:

This answer is correct. The requirement is to determine the type of trust that was created by Brown when the trust instrument provides that “current income plus $6,000 of principal must be distributed annually to the beneficiary.” A complex trust is one in which the trustee (1) has discretion whether to distribute or accumulate its income, (2) may make charitable contributions, and (3) may distribute trust principal. A simple trust is one that (1) is required to distribute all of its income each year, (2) cannot make charitable contributions, and (3) cannot make distributions of trust principal. Since the trust must distribute $6,000 of principal each year, it is a complex trust. Also note that since Brown retained no powers over the trust, the trust cannot be a grantor trust nor can it be a revocable trust.

[Kemy]

Thanks guys! @Mamabear – I saw your posts about the adaptive learning phase – it was really confusing to me too as I just kept seeing the same questions over and over again. So I just did my own mix – I rotated through new questions, missed last seen – and would go back and forth on focusing on only certain topics – hope that helps!

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

[Kemy]

Thanks guys! @Mamabear – I saw your posts about the adaptive learning phase – it was really confusing to me too as I just kept seeing the same questions over and over again. So I just did my own mix – I rotated through new questions, missed last seen – and would go back and forth on focusing on only certain topics – hope that helps!

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]

Oh, that makes sense now. Darn it

[MommyBear]

23-D

[MommyBear]

It does. Thanks Kemy!

[Tax woman]

@mommy. Yep!

[Author]

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