[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

[linkman311]

50@mamabear

Perfect explanation, thanks! Does that percentage (50% shares just previously sold bought) always work, like if they later bought 25% instead of 50%? I remember Becker allocating the loss on a per share basis I think, I just get confused with the details in between

Confidence is a prerequisite for success

FAR - 1/1
AUD - 1/1
BEC - 1/1
REG - Q4

Have Becker, wish I got Roger

[IQEX]

Thanks for your response Mamabear. I think 2 hours sounds like a great amount of time for the SIMS, but that only leaves 1 hour to do 72 MCQ's. That is less than 1 minute per question or 20 minutes per testlet. I don't know how that is possible to complete it in that time. How much time are other people factoring for the SIMS? I'm just trying to work things out before my test as that will be one thing less to worry about.

[linkman311]

I think I'm going to shoot for 1 hour 45 minutes for sims. On FAR I spent about 2 hours on sims (used the codification to help on tricky parts but I'm really glad I gave myself that cushion).

Confidence is a prerequisite for success

FAR - 1/1
AUD - 1/1
BEC - 1/1
REG - Q4

Have Becker, wish I got Roger

[Mamabear]

@linkman–For REG I only spent 1 minute or less on each MCQ. Some were a breeze and some weren't so it evened out. I used the codification for every SIM even though it didn't really help me since I obviously didn't get the bigger picture last time. I am a fast reader though. I couldn't average that time for AUD because the questions were so lengthy, but REG questions weren't as long. If you take a couple of practice MCQ sets and time them you will have a better idea of whether or not an hour is realistic for you.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[MICpaCandidate89]

Which of the following must pay taxes for federal income tax purposes?

A. General partnership

B. Limited Partnership

C. Joint Venture

D. C corp

Answer is D I'm just looking for a brief explanation of why each is wrong/right

[Mamabear]

@linkman–The percentage will change depending on how many shares are considered “wash sale” shares. If 25 shares were bought in the second purchase then 25% (25/100 shares sold) of the unrecognized loss would have to be added to the basis on the new shares and 75% of the loss could be recognized.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Anonymous]

@MIC — All the others are pass-through entities and would get a K-1 and is taxable to the partners/shareholders.

[Julia_anika]

Alright, here's another one:

Which of the following types of conduct renders a contract voidable?

A. Mutual mistake as to facts forming the basis of the contract Incorrect

B. Undue influence by a dominant party in a confidential relationship

C. Duress through physical compulsion

D. Duress through threats of a civil suit

My answer was B. The CORRECT answer is C.

NYC, NY
FAR - 82 Jan 2014
AUD - 86 Apr 2014
BEC - 77 Aug 2014
REG - 79 Nov 2014

[WANNABE_CPA]

@julia..i remember there are few questions which i feel are wrong too in respect of Void and voidable.

As per this one, i think C is suppose to be Void right?

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

[WANNABE_CPA]

and i searched google for both B and C …Seems like answer is incorrect:

Undue influence is voidable and Duress through physical compulsion should be Void.

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

[Julia_anika]

Yeah, C is void.. even explanation for this question states that C is “void”, nonetheless it is the correct answer.

There are quite a few mistakes in REG ninja test bank. It's not the first question I came across where the “correct” answer doesn't relate to the question ((((

NYC, NY
FAR - 82 Jan 2014
AUD - 86 Apr 2014
BEC - 77 Aug 2014
REG - 79 Nov 2014

[OneGiantWarrior]

@julia

Do you have the explanation? I though physical duress would be a void contract not a voidable contract. My answer would have been D because duress other than physical would be a voidable contract.

[Julia_anika]

This is the explanation from the test bank:

“Duress is a wrongful act that compels contractual agreement through fear. Although threats of a civil suit are not considered duress legally, physically threatening a person to do another's bidding is definitely duress and any such contract is illegal and can be voided.”

I was also debating between B or D.

NYC, NY
FAR - 82 Jan 2014
AUD - 86 Apr 2014
BEC - 77 Aug 2014
REG - 79 Nov 2014

[Tax lady]

I agree with all the above. C should definitely be VOID.

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[WANNABE_CPA]

Then it seems, its a mistake…Answer written incorrectly or question was meant to be Voided instead of Voidable.

But enough for us to doubt our understanding lol

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

[Author]

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