REG Study Group Q2 2015 - Page 42

  • Creator
    Topic
  • #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 - 616 through 630 (of 3,544 total)
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    Replies
  • #677820
    Anonymous
    Inactive

    Taking a break for lunch and to clear my head a bit.

    I'll be hitting more MCQ later. My trending is, slowly, creeping up.

    #677821

    yeah….i am a dumbo…..i just realized it…shoot…..back to studies

    BEC Passed
    FAR Passed
    AUD Passed
    REG Passed

    #677822
    Gabe
    Participant

    @will wouldn't she be taxed on the interest?

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

    #677823
    hunter32
    Member

    No because she's over 59.5?

    BEC - 80 (Becker)
    AUD - 92 (Becker+NINJA MCQ)
    FAR - 87 (Becker+NINJA MCQ)
    REG - 90 (Becker+NINJA MCQ and Audio)

    #677824
    hunter32
    Member

    NVM

    BEC - 80 (Becker)
    AUD - 92 (Becker+NINJA MCQ)
    FAR - 87 (Becker+NINJA MCQ)
    REG - 90 (Becker+NINJA MCQ and Audio)

    #677825
    Anonymous
    Inactive

    Can someone help me with this one?

    Pulse Corp. maintained a warehouse where it stored its manufactured goods. Pulse received an order from Star. Shortly after Pulse identified the goods to be shipped to Star, but before moving them to the loading dock, a fire destroyed the warehouse and its contents. With respect to the goods, which of the following statements is correct?

    A. Pulse has title but no insurable interest.

    B. Star has title and an insurable interest.

    C. Pulse has title and an insurable interest.

    D. Star has title but no insurable interest.

    The answer is C but I thought it would be B because it says that “Pulse identified the goods” which makes me think that since the goods of the contract were identified, title passed at the moment.

    #677826
    Anonymous
    Inactive

    Even though the goods were identified, Star cannot have title to them because that will be decided by the shipping terms. In this case it's irrelevant if it's FOB Shipment or FOB Destination because they never got to a point where title could have passed to Star.

    That's my thinking on it.

    #677827
    hunter32
    Member

    I HATE the UCC stuff…

    BEC - 80 (Becker)
    AUD - 92 (Becker+NINJA MCQ)
    FAR - 87 (Becker+NINJA MCQ)
    REG - 90 (Becker+NINJA MCQ and Audio)

    #677828
    Anonymous
    Inactive

    @Angel, but I don't think title has anything to do with shipping terms – that's risk of loss.

    #677829
    Svitlana85
    Member

    Hi guys, it's a been a crazy couple of days hitting Ninja notes and MCQ's. Scheduled my exam for April 16th (very fitting). Now I am questioning every thing I am reading instead of just memorizing the answers to the questions like I did last time.

    Here is one that I am confused about:

    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/net30.”

    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 shipping conforming goods.

    Why isn't him shipping a different product a counteroffer? How is it an acceptance? (A is correct)

    Thanks Ninjas!

    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

    #677830
    Troblin
    Participant

    Can someone help me with this question? Don't remember learning anything about this in the becker lecture.

    Mel purchased 100 shares of common stock in X Corporation for $1,000. X distributed a nontaxable stock dividend and Mel received 20 shares of preferred stock as a result. On the date of the dividend, the common stock had a value of $19 per share and the preferred had a value of $5 per share. After the distribution of the preferred stock, Mel's bases for the stock held in X Corporation are:

    A.

    $1,000 common and $0 preferred.

    B.

    $950 common and $50 preferred.

    C.

    $830 common and $170 preferred.

    D.

    $792 common and $208 preferred.

    FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
    AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
    REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
    BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

    Date I Got My Life Back!: 8/4/2015 🙂

    #677831
    hunter32
    Member

    Should it be B? Calculate the values based on price and allocate it to original investment?

    BEC - 80 (Becker)
    AUD - 92 (Becker+NINJA MCQ)
    FAR - 87 (Becker+NINJA MCQ)
    REG - 90 (Becker+NINJA MCQ and Audio)

    #677832
    OnlyBelieve
    Participant

    Troblin- the answer is B. Below is the calc.

    we allocate the common stock and preferred stock proportionately

    CS=19 per share*100 shares of CS=1900

    preferred= 5per share*20 shares of preferred=100

    Total of CS and pref=1900+100=2000

    Divide each share by the total number of shares and multiply by the total number of stocks purchased by the corp

    i.e for preferred 100/2000(total shares)*1000=50

    refer to R3-43(@ the bottom)

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

    #677833
    Anonymous
    Inactive

    @OnlyBelieve i think your wording is misleading. its not the number of shares its the FMV of the shares and your multiplying by the basis of the shares, not the number of shares

    #677834
    Anonymous
    Inactive

    @Svitlana85 thats good question. i think he has technically accepted the offer by shipping the parts regardless of whether they are correct. not sure if thats what the question is getting at though

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