[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]

The sequence of events for passing a new tax law

1) originates in the house ways and means committee
2) voted on by the full house
3) sent for approval by senate finance committee
4) voted on by the full senate
5) any differences are resolved by the joint conference committee
6) if changes were made, the full house and the full senate have to re-vote
7) president can either veto or sign into law
8) if president vetoes, the veto can be overridden by a 2/3 vote from both the house and senate

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

[Reg_Slayer]

house committee
full house
senate committee
full senate
joint

[jonm857]

What are the 3 courts referred to as “courts of original jurisdiction”?

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

[jonm857]

The standards of compliance

1) more likely than not – – – – – – – – > 50% chance of succeeding
2) substantial authority- – – – – – – – > 33% but < 50% chance of succeeding
3) reasonable basis – – – – – – – – – – > 20% but < 33% chance of succeeding
4) a position that is not frivolous – – < 20% chance of succeeding
5) a frivolous position – – – – – – – – -No chance of succeeding

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

[Reg_Slayer]

the U.S. Tax Court, a U.S. District Court, and the U.S. Court of Federal Claims are considered trial courts.

The U.S. Court of Appeals, the Federal Court of Appeals, and the U.S. Supreme Court are considered appellate courts

[jonm857]

that's the same reaction I have when I see the first Sim on the exam

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

[Reg_Slayer]

Form 870

Signed after taxpayer agrees with results of audit

[A1lessio]

Who is in charge of interpreting and enforcing the AICPA Code of professional Conduct?

A) The board of Legal Advisors of the AICPA
B) The Professional Ethics Executive Committee of the AICPA
C) The Executive Board of the AICPA assisted by legal Counsel
D) The Public Responsibility Advisory Board of the AICPA

I feel like Becker doesn't ask us these simple but very direct questions which you either know or don't.

AUD (08/02/2016)

[jonm857]

Is it B?

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

[A1lessio]

Yes!

If I take the exam on Oct 24th does anyone know when the score release date will be? I plan to do business Law all of this week and then when my busy season ends have two weeks of review.

AUD (08/02/2016)

[Reverie]

Why is US regulation so convoluted? IMO they need to streamline it.

[jonm857]

Actual fraud – MAIDS

1) misrepresentation of a material fact
2) actual & justifiable reliance
3) intent to induce reliance
4) damages
5) scienter (intent to deceive)

Constructive fraud – MAID-R

1) misrepresentation of a material fact
2) actual & justifiable reliance
3) intent to induce reliance
4) damages
5) recklessness

Negligence

1) owed a duty of care
2) breached the duty of care
3) damages
4) damages were caused by breach

Section 11 of the 1933 Act

1) plaintiff acquired the stock
2) plaintiff suffered a loss
3) there was a material misrepresentation or material omission

Rule 10b-5 of the 1934 Act

1) plaintiff acquired the stock
2) plaintiff suffered a loss
3) there was a material misrepresentation or material omission
4) scienter
5) justifiable reliance
6) there was some means of interstate commerce

Statute of Frauds – MYLEGS

1) marriage
2) contracts that cannot be performed in one year
3) interests in land
4) executors paying estate debts out of personal funds
5) sale of goods for $500 or more
6) surety contracts

Statute of Frauds exceptions – SWAP

1) specially manufactured goods
2) written confirmatory memo, object within 10 days
3) contracts admitted in court
4) contract that have been performed

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

[jonm857]

@a1lessio

you'll get your score on Nov. 22. see the link below for the dates.

https://www.nasba.org/exams/news/2016-q3q4-score-release-timeline/

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

[jpowell31]

Thanks.

i've got 200 more MCQ (about 75 business law, 30 individual tax and the rest entity tax) and i'm reorganizing and emphasizing notes…then doing the AICPA practice test, free gleim online test and the AICPA practice questions. i'm averaging 78%, trending 79% on Ninja, granted i've marked loads wrong so i can do them again.

what's everyone else working on today

[jonm857]

Gonna knock out ch. 5 and then get on tax at some point tonight……..

Have you been keeping track of how many MCQs youve done? My total is a little over 3,000. Hard to believe. If you keep poking at it every day it really builds up.

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

[Author]

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