[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

[WANNABE_CPA]

Ans is B.. Trade date, whether cash or accrual, taxpayer selling stock in established markets must recognize gains and losses on the Trade date. This is a Gross income item (Gain or loss on Disposition of Property).

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

[SomedayCPA2015]

Good quiz, guys. I have a question. Are you all memorizing various depreciable lives, or are you assuming that would be provided? I can never remember what would be classified as 5 vs 7 years etc. Should I add it to my ever-growing list of “need-to-knows?”

REG - Passed
BEC - Passed
AUD - Passed
FAR - Passed!!!! I have my life back.

[SullivanNJD]

I actually was wondering that as well. I would guess it would be provided, but who knows

I think the midmonth, quarter etc. stuff would have a higher chance of being a MCQ

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[WANNABE_CPA]

@someday. i think we need to memorize because i have come across questions and simulations where they did not mention what property is what years.

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

[SomedayCPA2015]

Me too, Sullivan. But then again, if we don't bother it surely will be on our exam. Haha.

REG - Passed
BEC - Passed
AUD - Passed
FAR - Passed!!!! I have my life back.

[SomedayCPA2015]

Oh thanks Wannabe!!

REG - Passed
BEC - Passed
AUD - Passed
FAR - Passed!!!! I have my life back.

[SullivanNJD]

So pretty much all cars, buses, trucks, computers are 5 year property

office equipment, furniture are 7

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[SullivanNJD]

I cant imagine they would ask something like “manufacturing of textured yarns”

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[MommyBear]

If they ask me about yams I'm going to laugh out loud during the test.

Oh–YarNs. Haha. I was trying to figure out what manufactured YAMS were.

[SomedayCPA2015]

And is it 39 years for commercial property, 27.5 for residential rental? I don't know why I always blank on these two in particular!

REG - Passed
BEC - Passed
AUD - Passed
FAR - Passed!!!! I have my life back.

[WANNABE_CPA]

HIYAs are back .HIYA 🙂

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

[MommyBear]

I wanted them back before our quiz session later. Love that button. 🙂

[WANNABE_CPA]

What is the difference in the ages 59 1/2 and 70 1/2 for IRA withdrawals..70 1/2 is required to start withdrawals and what can a 59 1/2 has the option, and is upto him to withdraw or not right?

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

[SullivanNJD]

If you draw on an IRA under 59 1/2 then you get a 10 penalty tax i believe. with exceptions of course

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[SullivanNJD]

@Someday yes 27.5 Residential, non residential 39 and they use mid month right?

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[Author]

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