[jeff]

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

[Gabe]

HR answer is D. I'll do some research and see if I can't find anything else about it…

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

[Holly]

I just got a NINJA question on the Affordable Care Act. I didn't think anything that current was tested??

AUD - 76
BEC - 82
FAR - 82
REG - 86

Becker & Ninja MCQ

 

 

 

BEC - 79
REG - 85
AUD - 5/27/16

[okcpa2015]

@Gabe, I chose D by process of elimination.

A. The offering is exempt from registration, because of the intended use of the offering proceeds. – INCORRECT because the intended isn't the only reason that would make a offering exempt.

B. Under Rule 147 (regarding intrastate offerings), Zack may make up to five offers to non-residents without jeopardizing the Rule 147 exemption. – INCORRECT because you wouldn't be able to make out of state offerings to get the exemption.

C. If Zack complies with the requirements of Regulation D, any subsequent resale of a limited-partnership interest by a purchaser is automatically exempt from registration. – INCORRECT – You would have to wait 9 months for any resell.

D. If Zack complies with the requirements of Regulation D, Zack may make an unlimited number of offers to sell the limited-partnership interests. CORRECT – There is no limit to the amount of investor, or amount, under Rule 147.

Hope that helps.

FAR - 91
REG - 88
AUD - 98
BEC - 88

[Anonymous]

When you guys do the mcq first time around do you use your book/notes for reference?

[Holly]

@cpa8488 I usually don't use the book the first time just to see what I've retained and to weed out the ones I KNOW. Then, I use the book for the next time around one the ones I initially missed for extra reading/review.

AUD - 76
BEC - 82
FAR - 82
REG - 86

Becker & Ninja MCQ

 

 

 

BEC - 79
REG - 85
AUD - 5/27/16

[Holly]

With NINJA MCQ, what's the difference between average score and average trending score?

AUD - 76
BEC - 82
FAR - 82
REG - 86

Becker & Ninja MCQ

 

 

 

BEC - 79
REG - 85
AUD - 5/27/16

[Anonymous]

I believe average score is the percentage since you started using ninja. And the average trending score is the percentage since only your last mcq session.

[Anonymous]

I think using the book/notes for reference the first time around helps solidify the information more. I also find that taking notes while listening to the lecture (ocassionally pausing) is more efficient than listening to the lecture completely then going back and reading it on your own + take notes.

[okcpa2015]

I'm using CPAExcel and the Wiley test bank, but I went through all the CPAExcel Material, then did all the Wiley questions to see what I retained.

FAR - 91
REG - 88
AUD - 98
BEC - 88

[Anonymous]

For misc. itemized deductions (2% AGI test) can someone explain when employee business expenses go here and when they go elsewhere. I'm getting confused.

[Gabe]

@HR I think the only thing you'd need to know re: ACA is there is a penalty involved

@okcpa is the 90 day rule for all limited pship interests?

re: ninja avg score is overall avg. trending avg is a combination of most recent avg and weighted by CSO topics.

@cpa unreimbursed biz expenses (required education, uniforms, etc)….the ONLY ones that go above the line for businesses are related to moving/relocation (use form 3903).

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

[okcpa2015]

@gabe I don't have a reference for Limited Partnerships being a security, but I LLC units are a security.

Logically I would think a limited partnership interest would be a investment contract that would need to be registered.

The limited partner is investing, but not actively participating and is excepting a return. Just like shares in an corporation.

FAR - 91
REG - 88
AUD - 98
BEC - 88

[Holly]

@Gabe it was actually a question asking the penalty dollar amount.

@Gabe/cpa I'm going to add this to the answer because I saw a question that asked about employee expenses. Wage earners (W2 employees) can have expenses that will go on Schedule A. The question I'm remembering wanted to know about Sch C expenses – which would be self-employed and not an employee.

AUD - 76
BEC - 82
FAR - 82
REG - 86

Becker & Ninja MCQ

 

 

 

BEC - 79
REG - 85
AUD - 5/27/16

[okcpa2015]

@HR think of Schedule A and Seclude C for a tax payer this was.

Schedule A is for unreimbursed EMPLOYEE expenses.

A Sole Proprietor is not a *employee* of their business and would include their expenses on Schedule C.

FAR - 91
REG - 88
AUD - 98
BEC - 88

[Gabe]

@HR yeah- I believe there are literally 2 questions about ACA in Ninja, one about the penalty and one asking the specific penalty.

@ok thanks for the explanation of limited pships! Makes sense 🙂

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

[Author]

Replies