REG Study Group Q4 2014 - Page 41

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  • October 18, 2014 at 1:22 am #629767
    Anonymous
    Inactive

    I'm not sure about the wording where it says that the IC is not an agent.

    But the point is that with an IC, EVEN IF they perform something within the scope of employment (and it says that the IC was performing the contract), usually the employer won't be held liable.

    So hypothetically, if a delivery man was considered an IC (and in reality, they probably won't) and they got in a car accident on the way to delivering the product, then the employer won't be held liable. If I remember from my business law class, the exception is if the employer was negligent in the hiring of the IC (e.g. the IC had a bad driving record that should have been known by the employer).

    That's one of the reasons why companies were pushing so hard to get their employees and the reason why we have all sorts of indicators of being an employee rather than an IC (e.g. wearing a uniform).

    So that makes A gone. B and D is gone because it's outside of the scope of employment (e.g. a delivery man took a detour to go to a beer party and got into a car accident).

    To be honest, I don't really get C. All I know is that A, B, and D are sure cases that you can eliminate.

    October 18, 2014 at 1:43 am #629768
    Anonymous
    Inactive

    So hypothetically, if a delivery man was considered an IC (and in reality, they probably won't)

    funnily enough I just read an article about this…and FedEx disagrees.

    https://www.businessweek.com/articles/2014-10-16/fedex-ground-says-its-drivers-arent-employees-dot-the-courts-will-decide

    October 18, 2014 at 1:45 am #629769
    cpain2015
    Participant

    In general, does anyone know what your trending score should be on NINJA MCQ to know you are ready for the exam?

    FAR - 73, 75 PASSED
    AUD - 74, 96
    BEC - 79
    REG - 89! Done. I'm a CPA!!

    October 18, 2014 at 1:50 am #629770
    Anonymous
    Inactive

    @dragnets

    They've been disagreeing for a long time. I think right now they are on the losing side.

    But the important point for the CPA exam (who cares about reality, am I right?) is:

    1) What are indicators of an IC?

    2) What is the significance of being an IC?

    If my memory is correct, basically if you're an employee, your employer can be held liable for things done within the scope of employment.

    If you're an IC, your employer will NOT be held liable for things done within the scope of employment.

    A little shot of reality. If a FedEx driver collides head on in a highway due to sleep deprivation or extremely tight scheduling, would FedEx be held liable?

    Question 1) Is he an IC or employee?

    Question 2) If an employee, was it in the scope of employment?

    October 18, 2014 at 2:21 am #629771
    Amay
    Member

    @cpain, Jeff recommends being at 85%

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    October 18, 2014 at 2:41 am #629772
    Anonymous
    Inactive

    Hi Guys!

    I am confused…. Ninja says that the LLC profits and losses are divide equally unless otherwise state; but Beckers says that are divide according to capital contribution unless otherwise.

    Which one is correct???

    October 18, 2014 at 3:52 am #629773
    Anonymous
    Inactive

    My Becker book says this:

    In most states, P&Ls are shared proportionately based on contributions, but under the Uniform Limited Liability Company Act (followed by only a few states, but sometimes specifically tested on the exam), P&Ls are shared. equally.

    October 18, 2014 at 3:59 am #629774
    Anonymous
    Inactive

    @ Amor… This is very confusing. Thank you! 🙂

    October 18, 2014 at 4:05 am #629775
    Anonymous
    Inactive

    Are you still confused?

    October 18, 2014 at 4:12 am #629776
    Amay
    Member

    I have to call it a night because it is late and I am getting a headache but I am very disappointed that I was not able to get my trending score in NINJA MCQ up. Trying not to focus on the score and I have been learning with every question I have gotten wrong, but I am scared because of how close my trend ing score was last time to my score and I have less than last time! I don't know what to do at this point other than wake up refreshed and give it a go again in the few hours that I will have in the morning. Test is at noon…

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    October 18, 2014 at 4:25 am #629777
    Anonymous
    Inactive

    I have it tomorrow too, at 11:30am. I have a couple of pages of information that really stood out to me while doing MCQs that was likely to be important and I'd also likely forget and that's generally how I handle my morning-ofs. but, whatever works for you.

    REG sucks. read the question carefully. pay close attention to dates. pay attention to what form of business it is. pay attention to what type of asset is being sold, what type of income is being produced. remember your 1231s and 1245s and 1250s. I have taken a year of tax courses recently along with studying for REG for almost 2 months now. what I have learned is, missing questions in tax and law comes from not recognizing what you're being asked for just as much as not knowing the material.

    most of all, try to relax, and good luck. we're both going to beat this damn exam tomorrow.

    October 18, 2014 at 4:33 am #629778
    Anonymous
    Inactive

    I feel you Amay. Today, I just moved my test (from 10/20) back to 10/26. I have been studying 20 hours a day since Monday. My eyes gave up and having terrible headache all weeklong. My new job gave me a week time off to take the test on Monday. I am not too proud to tell them I am still not ready for Monday. But that's the truth. I will return to work next week and take the test on the last weekend of the month. I hope my decision would not make me look that bad at work. After all, I will not ask for another time off for this particular test again. The good news is, I've gotten my momentum back since the passing of my Mom two months ago. So I am on fire!

    Sending you prayers of favor for your test tomorrow! One last big blow and you'll be one HOT CPA this year!

    You can do it!

    October 18, 2014 at 4:52 am #629779
    Amay
    Member

    Thanks for the advice and the words of encouragement!!! I am considering staying up a bit longer tonight. Feeling a bit better after a hot shower. Good luck tomorrow dragnets!

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    October 18, 2014 at 5:02 am #629780
    Amay
    Member

    @Amor I wish I could have rescheduled…it is what it is at this point. I am glad that you are getting in the groove of things again! 😀

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    October 18, 2014 at 5:15 am #629781
    Anonymous
    Inactive

    @Boricuainthehouse

    LLC P/L Sharing:

    (G-C-LP) General Rule-Contributions-LP

    (E-E-GP) Exception-Equally-Gp

    -Generally, and in most states, P/Ls are shared based on contributions, just like a LP.

    -Exception: Under Uniform Limited Liability Company Act [ULLA], (followed by a few states and specifically tested on CPA test), P/Ls are shared equally just like a GP.

    I hope that clears up some confusion.

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