[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

[Anonymous]

Doing good. Just going over some stuff last minute today.

I'm taking half the day off from work tomorrow just to relax and keep my head clear. I may do some light studying but, probably, won't go in too deep.

[jstay]

Im doing alright, finished R4 so now im going to do progress tests until Friday then start again (becker again) with BLAW then move into Tax. Hopefully by next weekend I will be through it all for the second time at which point I will start doing Ninja MCQ. I may end up pushing up the date, I surprised myself with how well I did on R4, deff wasn't expecting scores in the 70s so that's a plus

[Anonymous]

Jstay: My personal opinion is that progress tests are a waste of time. If you get an answer wrong, you want to know immediately so you can correct your mistake going forward (not just for the next few questions but for all eternity). With a Progress Test you don't see your score until the very end and a lot of times you don't remember why you choose Elephant over Cactus. NINJA is a much better “Progress Test” in my opinion since it draws from the full test bank but tells you immediately if you're right or wrong and why.

Just my opinion though.

[jstay]

yeah I know others feel the same about progress tests, but I kind of like them (haven't hurt me on the other 3 exams). I feel like I remember it better when I go through the second time and work just the ones I got wrong and why I got it.

[Anonymous]

I find gleim mcq's very difficult and detailed. It's depressing. I wonder if that's what I am going to see on the exam

[Anonymous]

jstay, when is your test?

[jstay]

anjanja, 5/15. 1 month from tomorrow and 4 weeks from this Friday. so overwhelming

[Anonymous]

I rescheduled for 5/14 and I'm currently trending at 74% and 700 Nina mcq completed. I'm debating if I should complete the ninja test bank or just stop at some point and go back to Becker. Thoughts?

[Gabe]

@cpa have you already gone through Becker? I would keep at Ninja…

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

[Anonymous]

yea I've gone through the test back once excluding optional questions. First exam, I did about 1200 ninja mcq only

[Anonymous]

Did you move your exam up or back? I can't remember your original date.

I'd focus on both NINJA and on Becker. If you have trouble spots, hit Becker to go over those again. Otherwise just hit as much NINJA as possible.

[Anonymous]

I moved it back 10 days. Will still get my score at the same score release date so I figured what the heck! $35 fee for an extra 10 days is worth it.

[Anonymous]

Which of the following promises is supported by legally sufficient consideration and will be enforceable?

A.

A person's promise to pay a real estate agent $1,000 in return for the real estate agent's earlier act of not charging commission for selling the person's house

Incorrect B.

A parent's promise to pay one child $500 because that child is not as wealthy as the child's sibling

C.

A promise to pay the police $250 to catch a thief

Correct answer: D.

A promise to pay a minor $500 to paint a garage

I don't understand why D would be correct. If the individual is a minor and they went to court it wouldn't be enforceable.

[Anonymous]

You're thinking about it backwards.

The adult promises to give the child $500 to paint the garage. No money is going to change hands until the garage is painted. The child cannot say “Nope, not going to paint your garage, now give me my $500 bucks.”

[julietul]

Here is my question:

Martha contributed fully depreciated, zero ($0) basis property valued at $16,000 to the MB Partnership in exchange for a 50% interest in partnership capital and profits. During the first year of partnership operations, MB had net taxable income of $5,000 and tax-exempt income of $6,000. The partnership distributed $4,000 cash to Martha. Her share of partnership recourse liabilities on the last day of the partnership year was $1,500. Martha's adjusted basis for her partnership interest at year end is:

a$8,500

b$0

c$19,000

d$3,000

I got it. The answer is D. My question IS …what if this was a S-Corp and not a partnership. Would the partner's basis be different?

FAR - pass (expires 7/31/15)
AUD - pass
BEC - pass
REG - April 20

[Author]

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