[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

[Reg_Slayer]

Section 11 of the 1933 Act = ALABAMA MAN (from south park)

1) Aquisition
2) Loss
3) Material

rule 10b-5 of the 1934 Act:
= ALM + “Southpark Really Is Comical”

4) scienter
5) reliance
6) interstate commerce

[jpowell31]

i've reset since my last exam and didn't want to get into them right away for fear of memorization so i've done 1650ish. it'll be closer to 2400 when i'm done. i did about 3300 last time i did the exam and i don't know if i was doing repeats of the same ones over and over and forgetting some of the more simple stuff but it clearly didn't do me any favors but i hope i've made the right decision.

[jonm857]

Yep. You have to open up the book. Flip flop between that and MCQs. Always remember this… whenever you walk out out of the exam and youre questioning all the ones you think you got wrong, it's not the MCQs you go to for guidance… it's the book.

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

[jpowell31]

hey i have conflicting notes, can someone confirm that a PMSI takes priority over conflicting security interests as long as it's perfected within 20 days? i just saw somewhere it was 10 days….

[Porma Fierles]

Hey so this is a study group eh? What are the rules for the group? REG is kicking my butt so far, trending 49 and take the test October 13. Across the board, I have work to be done. Does everyone just throw questions out to be answered cause I have one.

[jpowell31]

yeah what pissed me off coming out of the last exam wasn't – i wish i studied this more….it was WTF WAS THAT. seriously there are two SIMs still haunting me that i wouldn't be able to do to this DAY. i spent almost a whole day trying to figure it out. bunch of MEANIES

[jonm857]

@porma

Fire away

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

[jonm857]

@jpowell

I thought it was 20 days also

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

[Reg_Slayer]

A purchase money security interest (PMSI) is perfected automatically when it attaches in
a consumer sale.

A PMSI has highest priority if the creditor fulfills requirements Requirements for PMSI in noninventory goods to have highest priority.
– Must be perfected within 20 days of debtor possessing collateral

[sonja90]

what materials are you guys using?

[jonm857]

Becker only

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

[sonja90]

Paul Pappas owns all of the stock of an S corporation which had previously been a C corporation. The S corporation had the following balances at the beginning of its tax year:

Accumulated adjustments account $ 8,000
Accumulated earnings and profits 10,000
Paul's stock basis was $20,000 at the beginning of the tax year. The S corporation made a distribution of $19,000 to Paul during the year. What amount of the distribution is taxable to Paul?

A.
$0

B.
$8,000

C.
$10,000

D.
$18,000

[jpowell31]

ok i saw 10 just now in ninja book but maybe that was the older version of the book. good to know i remembered something soooo important … 🙂

[jpowell31]

hopefully easy questions for you but just tidbits go through my brain when i'm away from my computer (3rd cup of coffee HooRAY):

-How long must you wait to reapply for Scorp status if it's been revoked?
-How long must you wait to involuntarily elect bankruptcy if it's been granted? (i feel like this is a repeat of mine on here but oh well, we have some newbies around)

[sonja90]

5 years for S-corp
8 years for bankruptcy
🙂

[Author]

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