[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for REG.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

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

[jonm857]

amor D, like a boss

B - 81
A - 87
R - 73
F - July 5th

[jpowell31]

the accountant owed a duty, (s)he breached that duty, the breach caused injury and damages

should be an easy one but just pulling them out as i do questions – how long must an individual wait to file for bankruptcy if they've just been granted it.

[Reg_Slayer]

negligence, dont B a DIC

Breach
Duty
Injury
Casualty

[jonm857]

Somebody else go. At once!

B - 81
A - 87
R - 73
F - July 5th

[jonm857]

WTF is the difference b/w the “mirror image rule” for the Common Law and “perfect tender doctrine” under the UCC.

I am getting these confused big time.

B - 81
A - 87
R - 73
F - July 5th

[Anonymous]

@jonm857 mirror rule is when you are accepting the offer you must make no change otherwise it is considered a counter offer and a form of rejection.

perfect tender doctrine is if the good are tendered not as ordered or did not arrive on the date agreed, the buyer can reject, accept all or part of the goods. He can also buy somewhere else and sue for the difference in price if any.

[jonm857]

Makes sense. I'm going to review that hard because it can be a little confusing in the MCQs.

B - 81
A - 87
R - 73
F - July 5th

[jpowell31]

yeah think of it as mirrored contract, perfect tender relates to the actual goods in the contract. it is confusing though

[jonm857]

Somebody tell me the difference b/w tax avoidance and tax evasion….

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

avoidance was legal (using tax strategies..loopholes etc..)

evasion was illgeal, breaking the rules.

[jonm857]

very good

B - 81
A - 87
R - 73
F - July 5th

[jpowell31]

what ^ said.. avoidance is playing it smart by making certain elections…etc. to reduce liability. evasion would be illegally doing something to hide money or report a lower amount to avoid/reduce liability.

[Reg_Slayer]

ok no politics, back to CPA.

[Anonymous]

Tax Avoidance = Tax Minimization
• Is the perfectly legal way to minimize taxable income and lower taxes payable.

Tax Evasion
• Is the illegal avoidance of taxes through misrepresentation or similar means.

[jonm857]

Finish this sentence…

A tax preparer is not always required to obtain supporting documentation, unless…

B - 81
A - 87
R - 73
F - July 5th

[Author]

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