[jeff]

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Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[SullivanNJD]

What do you guys think the important points of secured transaction are? I dont think I can nail everything perfectly down before my exam tuesday, but attachment, perfection, priorities maybe?

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[Anonymous]

Is 23 – D – No?

[Tax woman]

@Bucky. It is D. good job.

@Sullivan. Definitely know that!

[MommyBear]

Yes Sullivan. That order of who is first in line is important.

[Anonymous]

24 – Under the UCC Secured Transaction Article, what is the effect of perfecting a security interest by filing a financing statement?

A. The secured party can enforce its security interest against the debtor.

B. The secured party has permanent priority in the collateral even if the collateral is removed to another state.

C. The debtor is protected against all other parties who acquire an interest in the collateral after the filing.

D. The secured party has priority in the collateral over most creditors who acquire a security interest in the same collateral after the filing.

[Tax woman]

Question 24:

(EMEN-0019)

Need a hint?

See Reference…

Employers may not be given OSHA citations for

Breach of the general duty obligation.

Breach of specific safety and health standards.

Failure to keep records of job-related injuries, make reports or post notices as required by the Act.

Failure to provide a risk-free work environment.

[MommyBear]

Bucky–D–I don't like the word “All” even though I initially thought that was right. Most reviews say to be careful of ALL, MUST, etc.

Tax Lady-D

[Anonymous]

Tax Woman – is your 24 A?

[WANNABE_CPA]

bucky 24…D?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Anonymous]

My 24 is D – The secured party, in perfecting the security interest, gives notice to others of its superior claim to most others. There are exceptions. For example, those secured parties who acquire a purchase-money security interest in the collateral may take priority over a previously perfected nonpurchased money security if certain conditions are met.

[Tax woman]

Sorry! Just saw it was the same question number! Mine is D. I will be right back guys…

[Tax woman]

Question 25:

(TPRO-0021)

Need a hint?

See Reference…

On March 10, 2013, James Rogers sold 300 shares of Red Company common stock for $4,200. Rogers acquired the stock in 2011 at a cost of $5,000. On April 4, 2013, he repurchased 300 shares of Red Company common stock for $3,600 and held them until July 18, 2013, when he sold them for $6,000. How should Rogers report the above transactions for 2013?

A long-term capital loss of $800.

A long-term capital gain of $1,000.

A long-term capital gain of $1,600.

A long-term capital loss of $800 and a short-term capital gain of $2,400.

[MommyBear]

25-B

[Anonymous]

I suck at wash loss sales. How do you get that answer @MommyBear?

[MommyBear]

Since all 300 shares were “washed” I used the original basis and the final sale price.

[Author]

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