REG Study Group Q1 2015 - Page 38

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  • January 6, 2015 at 2:33 pm #651600
    Gabe
    Participant

    Thanks Corp! Good luck on AUD!

    CPA, CFE
    CISA- Experience will be completed by August 2016

    January 6, 2015 at 2:47 pm #651601
    Tre
    Member

    Bond fraudulently induced Teal to make a note payable to Wilk, to whom Bond was indebted. Bond deli­vered the note to Wilk. Wilk negotiated the instrument to Monk, who purchased it with knowledge of the fraud and after it was overdue. If Wilk qualifies as a holder in due course, which of the following state­ments is correct?

    A. Monk has the standing of a holder in due course through Wilk.

    B. Teal can successfully assert the defense of fraud in the inducement against Monk.

    C. Monk personally qualifies as a holder in due course.

    D. Teal can successfully assert the defense of fraud in the inducement against Wilk.

    I answered B and was told it was A. The description of the answer involves other names not involved in the question so I am suspicious if this question has the wrong answer marked. The answer description is below. Would someone please explain why it is A and not B when Monk knew it was overdue and fraudulent.

    A holder in due course has accepted a negotiable instrument for value, in good faith, and without notice that the instrument is overdue or dishonored, has irregularities, or that any person has a defense against paying it. Drake was a holder in due course because the instrument was acquired for an existing debt. Hunt is a holder in due course because the instrument was acquired for a purchase. A holder after a holder in due course has all the rights of the first holder in due course. Monk is a holder in due course because Wilk was a holder in due course.

    BEC - 84
    REG - 88
    FAR - 75
    AUD - 71, Nov 2015

    January 6, 2015 at 3:30 pm #651602
    Tre
    Member

    Never mind, found a description of the answer in a different question. Using CPAexcel and on one page it tells you that they cannot be a HDC and then the next page goes over the shelter provision which just cancels out what was previously said.

    BEC - 84
    REG - 88
    FAR - 75
    AUD - 71, Nov 2015

    January 6, 2015 at 3:31 pm #651603
    NJPRU
    Member

    Ugh, I dont want to be at work – I want to study!!

    AUD: DONE
    FAR: DONE
    BEC: DONE
    REG: DONE

    IM GOING TO BE A CPA!!!!!

    January 6, 2015 at 3:52 pm #651604
    Gabe
    Participant

    @tre yep shelter provision is tricky…they try to trip you up by saying, “received note and knew about fraud” but the person BEFORE them was a HDC, so they are too. weird.

    CPA, CFE
    CISA- Experience will be completed by August 2016

    January 6, 2015 at 4:37 pm #651605
    Tre
    Member

    Well I'm averaging 66% on those questions, I think that is good. UCC and, more specifically, negotiable instruments are my least favorite thing to study.

    BEC - 84
    REG - 88
    FAR - 75
    AUD - 71, Nov 2015

    January 6, 2015 at 5:00 pm #651606
    Gabe
    Participant

    @Tre are you using Becker? Wiley? Ninja? I am averaging 60% for all Blaw.

    CPA, CFE
    CISA- Experience will be completed by August 2016

    January 6, 2015 at 5:14 pm #651607
    thawdar
    Participant

    How bad it is? I can't seem to remember individual phase out or credits!!! N exam on Friday IRA n all other numbers

    January 6, 2015 at 5:16 pm #651608
    Tre
    Member

    Ninja for questions and notecards, CPAexcel (provided by work) for the reading material (no access to videos/questions) supplemented with an old version of Bisk for additional questions and clarification if I don't understand the CPAexcel explanation.

    BLaw as a whole I'm averaging 45% but I've only made it through contracts and part 3/4 of UCC and those scores are considerably higher along with averaging 85% on the tax part of my last practice exam so I've got a little over 3 weeks to get everything higher.

    Shooting to have the reading done by this weekend and then question after question after simulation after question.

    BEC - 84
    REG - 88
    FAR - 75
    AUD - 71, Nov 2015

    January 6, 2015 at 5:28 pm #651609
    Svitlana85
    Member

    In 2014, Stone, a cash basis taxpayer, incorporated her CPA practice. No liabilities were transferred. The following assets were transferred to the corporation:

    Cash (checking account) $ 500

    Computer equipment Adjusted basis 30,000

    Fair market value 34,000

    Cost 40,000

    Immediately after the transfer, Stone owned 100% of the corporation's stock. The corporation's total basis for the transferred assets is

    The answer is $30,500

    My question is, why aren't we calculating the gain for the stockholder and adding it to the basis as described in the slides. Thank you!

    CPA Excel/Wiley/Ninja Notes/MCQs

    FAR Feb 2014 85
    AUD Aug 2014 88
    BEC Nov 2014 85
    REG Feb 2015 71 Retake April 16, 2015

    January 6, 2015 at 5:32 pm #651610
    lhmccoll
    Member

    Did anyone come across the following question using Becker?

    Which of the following legal expenses are deductible in arriving at an individual's AGI?

    a. Only the first two options above qualify.

    b. Ordinary and necessary expenses incurred for tax advice relative to the preparation of an individual's income tax return.

    c. Ordinary and necessary expenses incurred in connection with a trade or business.

    d. Ordinary and necessary expenses incurred in connection with rental or royalty property held for the production of income.

    The Correct answer (a.) continuously moves so it's never the same “first two options” I missed it since I went with one of the two correct options.

    January 6, 2015 at 6:16 pm #651611
    Gabe
    Participant

    @svit I believe, since she owed more than 80% after the transfer, there is no gain recognized.

    @lhm- isn't tax prep on sched A? so I would assume C and D are correct

    CPA, CFE
    CISA- Experience will be completed by August 2016

    January 6, 2015 at 7:30 pm #651612
    The_AmYam
    Member

    gabe –

    Real property – think real estate. land, buildings, pavement. or… it would be REALly hard to get rid of it.

    personal – think along the lines of PP&E asset categories.

    capital – NOT business assets. I think this is the biggest thing w/ this one.

    I'm planning on really hitting R4-30 & 31 HARD later this week/next week. What types of property are in each category and how to calculate the mid-quarter convention. I'll be reviewing the MACRS depreciation table w/ a coworker and how to use it.

    how well do you know your AMT calcs?

    REG - 81
    FAR - 79
    AUD - 94
    BEC - OCT 15

    January 6, 2015 at 7:34 pm #651613
    Gabe
    Participant

    @The_amyam thanks!! Not good enough. In Becker and Ninja there are only a handful of AMT calculation questions- I am going to hit the AMT SIMS I can find and R3 and R4 hard…this week I have been focusing on BLaw.

    when do you sit? the 17th? I have mine scheduled for the 20th and keep going back and forth between pushing it back a week- I did this with BEC and AUD too. Since I have never taken it I am scared lol. Might as well stick with the 20th.

    CPA, CFE
    CISA- Experience will be completed by August 2016

    January 6, 2015 at 7:44 pm #651614
    Anonymous
    Inactive

    Gross receipts $700,000

    Salaries 300,000

    Contributions to qualified charitable

    organizations (paid 1/2/14) 60,000

    Capital gains 7,000

    Depreciation expense 28,000

    Dividend income 60,000

    Dividends-received deduction 42,000

    What is the amount of HAS Corp.'s charitable contribution deduction for 2014?

    A. $33,400

    B. $43,900

    C.$46,900

    D.$60,000

    Correct answer is A. So obviously taxable income is 439,000 considering the charitable contribution is

    We start with gross receipts of 700K and subtract out salaries 300k and depreciation expense of 28K, giving us 372K. Then what do we do in order to get tacable income of 439,000?

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