[jeff]

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

[Anonymous]

C? 600?

[Anonymous]

Which of the following facts must be proven for a plaintiff to prevail in a common-law negligent misrepre­sentation action?

A.

The defendant made the misrepresentations with a reckless disregard for the truth.

B.

The plaintiff justifiably relied on the misrepresentations.

C.

The misrepresentations were in writing.

D.

The misrepresentations concerned opinion.

[taxman89]

yeah its C…i had no friggan clue. i think my response was “well how the f#$@ am i supposed to know that lol

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Anonymous]

Which of the following facts must be proven for a plaintiff to prevail in a common-law negligent misrepre­sentation action?

A.

The defendant made the misrepresentations with a reckless disregard for the truth.

B.

The plaintiff justifiably relied on the misrepresentations.

C.

The misrepresentations were in writing.

D.

The misrepresentations concerned opinion.

[Anonymous]

By the way, I remember that one because $600 is the limit to supply 1099s…not that they have anything in common I realize.

[taxman89]

that actually helps lol and is it B?

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[taxman89]

Lincoln Corp., a calendar-year C corporation, made a nonliquidating cash distribution of $1.5 million to its shareholders with respect to its stock. At that time, Lincoln's current and accumulated earnings and profits totaled $825,000 and its total paid-in capital for tax purposes was $10 million. Lincoln had no corporate shareholders. Which of the following statements is (are) correct regarding Lincoln's cash distribution?

The distribution was taxable as $1.5 million in ordinary income to its shareholders.

The distribution reduced its shareholders' adjusted bases in Lincoln stock by $675,000.

A.

I only

B.

II only

C.

Both I and II

D.

Neither I nor II

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Anonymous]

Yes. B is correct. Glad that helped. I look for literally any parallels I can…no matter how vague, to try and retain this stuff.

[Anonymous]

I believe it is only B (II only).

[taxman89]

yeah it is B. though, correct me if i am wrong, if this was an S corp it would be C right?

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Anonymous]

That I am not sure of so I better not guess. At this point in the game I am staying to whatever facts are in front of me (REG is tomorrow for me).

[taxman89]

good luck!!! i am taking it on wens

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Anonymous]

Thanks! I am generally prepared…I have flashes of panic, but working on my zen. One way or another, it is done tomorrow and there will be some relief in that. Good luck on Wednesday.

[WANNABE_CPA]

For a cash basis taxpayer, gain or loss on a year end sale of listed stock arises on the:

A. Date of delivery of stock certificate

B.Trade date

C.Settlement date

D.Date of receipt of cash proceeds.

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

[Anonymous]

C – Settlement date?

[Author]

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