[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

[MommyBear]

Hello??

[Tax woman]

I got kicked out. UGH 25 was C

[Tax woman]

This answer is correct because the purchase of substantially identical stock within 30 days of the sale of stock at a loss is known as a wash sale. The $800 loss incurred in the wash sale ($5,000 basis less $4,200 amount realized) is disallowed. The basis of the replacement (substantially identical) stock is its cost ($3,600) plus the disallowed wash sale loss ($800). The holding period of the replacement stock includes the holding period of the wash sale stock. The amount realized ($6,000) less the basis ($4,400) yields a long-term gain of $1,600.

[MommyBear]

Ugg. Thanks.

[SullivanNJD]

wash sales can get washy

not a fan

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[Tax woman]

Question 26:

(FEDE-0008)

Need a hint?

See Reference…

Under the Securities Act of 1933, the registration of securities which are offered to the public in interstate commerce is

Directed toward preventing the marketing of securities which pose serious financial risks to the prospective investor.

Not required unless the issuer is a corporation.

Mandatory unless the cost to the issuer is “prohibitive” as defined in the SEC regulation.

Required unless there is an applicable exemption.

[MommyBear]

D

[SullivanNJD]

26 – D?

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[Tax woman]

Yay! D is correct

[Tax woman]

Question 32:

(CONT-0074)

Need a hint?

See Reference…

Sable Corp. has $500,000 of outstanding accounts receivable. On July 10, year 1, Sable assigned a $50,000 account receivable due from Baker, one of Sable’s customers, to Rich Bank for value. On July 15, Baker paid Sable the $50,000. On July 17, Rich notified Baker of the July 10 assignment from Sable to Rich. Rich is entitled to collect $50,000 from

Sable only.

Baker only.

Neither Sable nor Baker.

Either Sable or Baker.

[MommyBear]

A

[Tax woman]

You are doing great Mommy!

[Tax woman]

Question 35:

(PROP-0015)

Need a hint?

See Reference…

Which of the following warranties is(are) given by a general warranty deed?

I.

The grantor owns the property being conveyed.

II.

The grantee will not be disturbed in her possession of the property by the grantor or some third party’s lawful claim of ownership.

III.

The grantor has the right to convey the property.

I only.

I, II, and III.

I and III only.

II and III only

[MommyBear]

C

[SullivanNJD]

a general warranty deed? dont think i even saw that in becker

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[Author]

Replies