REG Study Group Q2 2015 - Page 28

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    Topic
  • March 5, 2015 at 8:08 pm #192517
    jeff
    Keymaster

    Welcome to the Q2 2015 CPA Exam Study Group for REG.

    “Death and Taxes” – Individual Tax for the CPA Exam

    Posted by Another71 on Monday, November 24, 2014

    Free NINJA: https://www.another71.com/cpa-exam-study-plan/

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
Viewing 15 replies - 406 through 420 (of 3,544 total)
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  • March 17, 2015 at 7:10 pm #677607
    Anonymous
    Inactive

    Currently scheduled for May 1. Thinking of moving up a couple of weeks to mid/lateish April.

    March 17, 2015 at 7:24 pm #677608
    Gabe
    Participant

    @angel you in review mode? I find, especially with all the tax details, it's better to not be in “review” mode for too long. Otherwise you'll start forgetting stuff.

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

    March 17, 2015 at 7:25 pm #677609
    Anonymous
    Inactive

    Am I only one annoyed that I'm at home studying and everyone else is out killing their brain cells with alcohol!??

    March 17, 2015 at 7:32 pm #677610
    Gabe
    Participant

    @cpa I am at work…down the street I can hear people in the street drinking 🙁

    So, if a principal is disclosed by an agent, BOTH the agent and the principal are liable to the third party?

    here's the question I was having trouble with:

    Part agrees to act as Young's agent to sell Young's land. Part is instructed to disclose that he is acting as an agent but not to disclose Young's identity. Part contracts with Rice for Rice to purchase the land. After Rice discovers Young's identity, Young refuses to fulfill the contract.

    Against whom does Rice have a cause of action?

    Answer: both

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

    March 17, 2015 at 8:03 pm #677611
    OnlyBelieve
    Participant

    Gabe- Young is required to fulfill the contract after disclosure of his identity because, Part contracted on his behalf. Part is also liable because he had actual authority to contract.

    It's just like acting as a store manager for an owner. The manager has actual authority to some extent and both he and the owner can be sued for wrongful acts committed by him(the manager) against a customer if it is within the scope of employment.

    I am trying to help us overtake the AUD group here:) @Angel.

    AUD - DONE
    BEC - DONE
    REG - 04/04
    FAR - 05/30

    March 17, 2015 at 8:12 pm #677612
    Gabe
    Participant

    @only believe thanks for breaking that down for me! So, no matter what, as long as the agent is acting within the scope of their employment, both are liable.

    Also kudos to you- sitting for FAR and REG within 1 window?

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

    March 17, 2015 at 8:17 pm #677613
    OnlyBelieve
    Participant

    If an agent has apparent authority, it means that the other party may have known of the principal's identity before contracting, so in that case, only the principal will be liable.

    i know there is a lot to cover in FAR, however, if ‘i can take it, i can make it'!

    AUD - DONE
    BEC - DONE
    REG - 04/04
    FAR - 05/30

    March 17, 2015 at 8:20 pm #677614
    Gabe
    Participant

    Ah so it must be implied authority on the agent's part?

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

    March 17, 2015 at 8:20 pm #677615
    OnlyBelieve
    Participant

    Gabe- do you have any good/simplified notes on stocks?

    AUD - DONE
    BEC - DONE
    REG - 04/04
    FAR - 05/30

    March 17, 2015 at 8:23 pm #677616
    OnlyBelieve
    Participant

    Implied is right

    AUD - DONE
    BEC - DONE
    REG - 04/04
    FAR - 05/30

    March 17, 2015 at 8:34 pm #677617
    Gabe
    Participant

    @only for FAR? or REG?

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

    March 17, 2015 at 8:38 pm #677618
    OnlyBelieve
    Participant

    For Reg…. ISO's, ESPP's, Non-qualified stock options, etc

    AUD - DONE
    BEC - DONE
    REG - 04/04
    FAR - 05/30

    March 17, 2015 at 8:41 pm #677619
    OnlyBelieve
    Participant

    I heard AICPA sometimes test on Stock options especially in the Sim section

    AUD - DONE
    BEC - DONE
    REG - 04/04
    FAR - 05/30

    March 17, 2015 at 8:51 pm #677620
    Gabe
    Participant

    No sorry. I remember there were a few questions in Becker, right? None in Wiley…I heard it wasn't widely tested. What chapter is that? 2?

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

    March 17, 2015 at 9:08 pm #677621
    Gabe
    Participant

    On May 2, Handy Hardware sent Ram Industries a signed purchase order that stated, in part, as follows:

    “Ship for May 8 delivery 300 Model A-X socket sets at current dealer price. Terms 2/10/net 30.”

    Ram received Handy's purchase order on May 4. On May 5, Ram discovered that it had only 200 Model A-X socket sets and 100 Model W-Z socket sets in stock. Ram shipped the Model A-X and Model W-Z sets to Handy without any explanation concerning the shipment. The socket sets were received by Handy on May 8.

    Which of the following statements concerning the shipment is correct?

    A Ram's shipment is an acceptance of Handy's offer.

    B Ram's shipment is a counteroffer.

    C Handy's order must be accepted by Ram in writing before Ram ships the socket sets.

    D Handy's order can only be accepted by Ram's shipping of conforming goods.

    I always choose the wrong one.

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

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