[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]

I'm not even sure anymore, I thought it was allowed to accredited investors for 504 but not 505/506. I know a rule changed but some answers have it not being allowed for 506 either.

[taxgeek83]

I've been confused on this all day – my understanding is that it is prohibited under Rules 504 & 505; however, as of September of 2013, it is now permitted under Rule 506(c) (implemented because of the JOBS Act).

I've been searching the SEC website and that's what I'm coming up with anyway….

[taxgeek83]

There are exceptions for State laws/regulations I think under Rule 504; I'm not seeing it under Rule 505?

https://www.sec.gov/answers/rule504.htm

https://www.sec.gov/answers/rule505.htm

https://www.sec.gov/info/smallbus/secg/general-solicitation-small-entity-compliance-guide.htm

[Anonymous]

Harp Corp. is offering to issue $450,000 of its securities pursuant to Regulation D of the Securities Act of 1933. Harp is not required to deliver a disclosure document in the states where the offering is being conducted. The exemption for small issues of $1,000,000 or less (Rule 504) under Regulation D

Requires that the issuer be subject to the reporting requirements of the Securities Exchange Act of 1934.

Does not require that any specific information be furnished to investors.

Permits the use of general solicitation.

Requires that each investor be a sophisticated investor or be represented by a purchaser representative.

This answer is incorrect because Regulation D specifically does not permit the use of general solicitation.

[Anonymous]

@Jeff Is the audio for “Death and Taxes” available for download? It's so cool and informative!

[Anonymous]

Thanks taxgeek, so what would we answer on the test if they came up?

[jimmymac814]

Has anyone come up with a good way to tackle the sims? I have gone thru the sections done the multiple choice, and worked the sims and i still tend to struggle on some of them. i am using becker. has anyone come up with a good way to prepare for these? or is the best just to keep doing them and doing them and doing them?

[taxgeek83]

@CPA Hopeful – Unless I run into something else later today (exam is tomorrow), I'm going with Yes for Rule 506, and No for Rules 504 and 505. Just because of what the SEC website says – and a couple of other threads on here have agreed as well I think. Wiley is really confusing on that.

@jimmy – I think the only way to prepare is to just keep doing them. I've gone through a few and will probably do a few more – only because it's helping to hammer in a few of the tax topics I'm not so familiar with (mainly C corp tax).

[jeff]

^ Death and Taxes Audio will be out tomorrow 🙂

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

[rachel525]

Robert had current-year adjusted gross income of $100,000 and potential itemized deductions as follows:

Medical expenses (before percentage limitations) 12,000

State income taxes 4,000

Real estate taxes 3,500

Qualified housing and residence mortgage interest 10,000

Home equity mortgage interest (used to consolidate personal debts) 4,500

Charitable contributions (cash) 5,000

What are Robert's itemized deductions for alternative minimum tax?

How would you calculate this question?

[taxgeek83]

Is the answer 29,000?

[Anonymous]

2,000+10,000+5,000

Medical expenses up to the excess of 10%

Interest for residence is included but not for personal debts.

The entire charity amount is included.

Taxes are NOT deductible for AMT.

[taxgeek83]

I thought taxes weren't included either…?

Edit – Nevermind. I have no idea what I was doing when I calculated that. It's been a long day. 🙂

[win2bet]

Just took the test today, must say I think it was more than fair. I'm still mad at myself for not being able to solve certain parts i was certain i knew well. I think I got quite lucky honestly with the questions.

I did both Wiley MCQ and NINJA MCQ, I would say the test is in between the difficulty of those 2 (Wiley being harder)

REG 68,87
BEC 85
FAR 75
AUD 64,64, 86!

[Anonymous]

How were the sims? Did the Ninja sims help or should I just worry about the MCQ?

[Author]

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