REG Study Group Q1 2015 - Page 63

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  • #651976
    Gabe
    Participant

    jan yr 2 I believe

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

    #651977
    WantThatCPA
    Member

    @cpasucks23 you would be considered an S Corp from the beginning of the year Jan Y1 because you elected before march 15

    #651978
    Anonymous
    Inactive

    ok thats what i thought….also can someone explain the following question. the explanation i got was poor

    Lane Inc., an S corporation, pays single coverage health insurance premiums of $4,800 per year and family coverage premiums of $7,200 per year. Mill is a ten percent shareholder-employee in Lane. On Mill's behalf, Lane pays Mill's family coverage under the health insurance plan. What amount of insurance premiums is includible in Mill's gross income?

    a.

    $0

    b.

    $720

    c.

    $4,800

    d.

    $7,200

    #651979
    Anonymous
    Inactive

    ok thats what i thought….also can someone explain the following question. the explanation i got was poor

    Lane Inc., an S corporation, pays single coverage health insurance premiums of $4,800 per year and family coverage premiums of $7,200 per year. Mill is a ten percent shareholder-employee in Lane. On Mill's behalf, Lane pays Mill's family coverage under the health insurance plan. What amount of insurance premiums is includible in Mill's gross income?

    a.

    $0

    b.

    $720

    c.

    $4,800

    d.

    $7,200

    #651980
    WantThatCPA
    Member

    @cpasucks23 since Mill is more than a 2% shareholder the fringe benefit is nondeductible and is included in there W-2 income. Since he is using the family coverage it will be the $7,200. See R3-51 on the bottom of the page.

    #651981
    Gabe
    Participant

    Under which Ch's are trustees appointed (required)

    ch 7 involuntary- required

    ch 13- optional

    ch 11- none

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

    #651982
    terryharm
    Member

    @gabe and everyone else taking the exam next week Good Luck, Hope your studying goes well this weekend. Get plenty of sleep and be confident knowing that you have put the time in and you will succeed…. Let us know how the exam was and hopefully we are all done. Terry

    BEC: 81
    FAR: 75
    AUD: 81
    REG: 85

    PA license Pending..

    #651983
    Gabe
    Participant

    Thanks @terry! I have one last weekend then I take it on Tuesday. Hopefully our last one!!

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

    #651984
    The_AmYam
    Member

    Thanks terry!

    quick question guys:

    I have my NTS, photo ID, .. prob going to take a passport for 2nd form of ID….

    anything else I'm missing? I'm dressing in layers so if it's cold, i'll still be warm without a jacket but if it's hot I can take off the long sleeves and have another shirt underneath… my standard test-taking gear lol

    just trying to make sure I have everything squared away before I go. I'm about to jump out of my skin w/ anxiety.

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

    #651985
    omalloy
    Member

    Burn Manufacturing borrowed $500,000 from Howard Finance Co., secured by Burn’s present and future inventory, accounts receivable, and the proceeds thereof. The parties signed a financing statement that described the collateral and it was filed in the appropriate state office. Burn subsequently defaulted in the repayment of the loan and Howard attempted to enforce its security interest. Burn contended that Howard’s security interest was unenforceable. In addition, Green, who subsequently gave credit to Burn without knowledge of Howard’s security interest, is also attempting to defeat Howard’s alleged security interest. The security interest in question is valid with respect to:

    A.

    both Burn and Green.

    B.

    neither Burn nor Green.

    Incorrect C.

    Burn but not Green.

    D.

    Green but not Burn.

    You answered C. The correct answer is A.

    Where multiple security interests exist in the same collateral, priority is given based on the time of filing of financing statements. Howard Finance would have priority over Green, but Green still has a valid interest.

    Isn't it suppose to be Howard and Green?

    FAR 65, 70, 78
    REG 64, 76
    BEC 70, 80
    AUD 81

    Ethics 96

    Péter un plomb

    #651986
    Gabe
    Participant

    @omalloy yep

    @am- looks like you have everything in order. Get a good night's sleep. Relax. YOU GOT THIS!

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

    #651987
    s2sylvir
    Member

    @The_AmYam

    I wrote this at another place, so I'm copy/pasting… It's probably a little excessive for what you're asking, but better to have it and not need it right? And goodluck!! I can't believe my exam is tomorrow!

    Signing in:

    – I arrived 30 minutes early and was immediately allowed to take the exam (which is great if you're ready to get it over with like me).

    – I only needed to show them 1 ID, but bring more just in case.

    – You are asked to turn your pockets inside out, so make sure they're empty or have the contents stored in the locker.

    – Lockers are provided and *everything* must be stored. They are roughly ~1 ft. by ~1 ft. and ~1 ft. deep.

    – The only thing they let you take in that aren't provided by the test center are foam earplugs.

    – If you're wearing jewelry, it might be better to keep them in the lockers, because once you start the exam, you can't take it off. That day, I wore my usual army of jewelry to the exam like any other day, because let's be honest, jewelry and shoes puts this girl in a cheerful mood! But it also makes for some pretty distractions, hah!

    During the exam:

    – The testing room was neither hot nor cold. I was in a short sleeve shirt and jeans and felt fine. A sweater is probably too much, but a light cardigan might be okay if you're susceptible to the cold.

    – The staff is very nice. My exam had designated bathroom breaks, which made no sense to me because my timer didn't even stop during those designated breaks, but the staff reassured me that if I needed to go, then I needed to go.

    – I highly, highly recommend bringing your own earplugs and passing on the bulky over-the-head earplugs they provide. I was lucky to not encounter a protest that day, but there was a guy coughing every so often. Honestly, he didn't sound too well. Poor chap.

    – I was provided with 2 double-sided laminated pages and 2 washable markers for the exam, which I really appreciated. Even if you're not taking an exam that requires calculations, it really helped me to be able to write down the multiple choice options (A, B, C, D, etc) and then cross out the ones I knew were wrong. When the answers are a couple of sentences, you don't really have the luxury to reread each one on the computer when you forget which ones you've eliminated.

    – Keep in mind: If you run out of the paper/markers, they'll take away your previous ones.

    – Each test station is sectioned off into cubicles, so you won't be distracted by others taking the exam.

    (Oops, some of that may be irrelevant, but this particular testing location is in DC… And with DC there are protests pretty often >.<)

    BEC - PASS (79)
    AUD - PASS (63, 71, 74, 74, 83)
    REG - PASS (88)
    FAR - PASS (58, 89)

    Becker for all + FAR 10 Point Combo

    #651988
    jeff
    Keymaster

    Here is the link to the NINJA MCQ REG questions with answers:

    https://www.another71.com/cpa-exam-forum/topic/test-your-might-reg-ninja-mcq-giveaway-x-3

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
    #651989
    NJPRU
    Member

    Wahooo! I won the MCQ contest! I'll have NINJA REG MCQs now! yayyy

    Good luck with your exams tomorrow omalloy and s2! kick some butt!

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

    IM GOING TO BE A CPA!!!!!

    #651990
    s2sylvir
    Member

    @NJPRU

    Congrats!! I see you've got REG left :O So excited for you…

    And thank you!

    BEC - PASS (79)
    AUD - PASS (63, 71, 74, 74, 83)
    REG - PASS (88)
    FAR - PASS (58, 89)

    Becker for all + FAR 10 Point Combo

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