[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]

@j12

you're referring to a merchant's firm offer, which:

1) must be made by a merchant
2) must be in writing and signed by the merchant, and
3) must give assurances it will be kept open for a certain time

The UCC governs contracts for the sale of goods, and generally those contracts only require the quantity of goods to be certain.

The Common Laws governs “RISE” contracts, and those contracts require all essential terms to be present and certain in the contract:
1) price
2) identity of the offeree and the subject matter
3) quantity
4) time of performance
5) the nature of the work to be performed

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

[Anonymous]

Is it C?
I'm thinking that just because somebody assumed your mortgage doesn't necessarily relieve you of your personal liability.

oh gosh, does anyone have any tips on final review for Blaw? I just pushed my exam date from Oct 7 to Oct 20 because my trending score on BLaw is so pathetic. I spent 70+ hours on REG already…. my overall trending score is about 80-85, but BLaw on its own is miserably standing at 65-70. I don't know why I'm so clueless at Blaw – which is supposed to be the easy points?

[Anonymous]

@jonm857 – much appreciated!

[jonm857]

is the answer B?

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

[jpowell31]

it's B. although he's ASSUMED the mortgage, there was no novation. pretty silly but i've got that memorized now. to go along with this assuming the mortgage means that the new party is also liable however if they were to just take something SUBJECT to a mortgage, they have not actually assumed it and the originally party is liable completely to the (bank).

i am doing pretty well on these individual tax SIMs if i do say so myself. 🙂 i think i'm going to go workout in an hour or so. i need an outlet and to interact with some other people for an hour if i'm going to maintain my sanity for the next few days lol.

[jonm857]

I think the creditor beneficiary can sue either party

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

[jpowell31]

haven't stared at the forms but where would the kiddie tax go? only on the child's form? i got a SIM right but it made me think. the mother could claim the daughter as a dependent but she didn't report any of the child's income. further okay, so it should go only on the child's tax return but how do you split the amounts to be taxed on the form. ($1050 exempt, $1050 at childs rate and anything above at parents rate)? especially if they give you a breakdown of the childs income (wages, interest, gambling winnings)…just a thought….

[jonm857]

@jp

No idea. that's a good thought though. I'll look into that

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

[jpowell31]

i can't wait to tell you how i got “one of the several things we said we would get just because the world is evil” for my SIMs…. lol considering there's been quite a few…i'm sure i wouldn't be breaking any rules lol.

[jpowell31]

how are we supposed to know when to put brackets to indicate a negative number? i assume on the forms we don't as that's what you'd normally do when you're doing your taxes but the one sim i just did (happened to remember this particular one needing it though), insurance proceeds were more than the loss so the deductible amount was included as a negative number and further “less adjustments” being the excess of AGI and $100 floors were included as negative amounts (needed the brackets). i mean i'd really like to hope that this is just the best our software can do and the exam is more fair because i don't remember seeing instructions on this (only to round to whole numbers, enter zeros where zero etc)….but maybe they do – just not all the examples we get? then is it just brackets that will work or will a negative sign work… ok i'm rambling

[jonm857]

@jp

The instructions are sometimes confusing about using brackets for negative values. Sometimes there are no instructions.

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

[jonm857]

What are the 5 refundable tax credits?

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

[jpowell31]

WEACE
withholding taxes
earned income credit
american opportunity
child tax
andddd ummmm excessssssss something
damn

[jonm857]

excess social security paid

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

[jpowell31]

i got my cheat sheets ready to read and re-read on the plane on thursday. hopefully those little guys stick. be back in a couple hourrss

[Author]

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