REG Study Group Q3 2016 - Page 7

Viewing 15 replies - 91 through 105 (of 315 total)
  • Author
    Replies
  • #784690
    Teal
    Participant

    This may be a dumb question, but just trying to understand a concept here. Per Ninja: “The claim for refund must be filed within three years from the date on which the tax return that relates to the refund was filed, or within two years of actual payment of the tax if that time is later.”

    What does it mean by “payment of the tax”? If you are receiving a refund, why would you be paying any tax?

    AUD - 82
    BEC - 79
    FAR - 75
    REG - 77
    NINJA & Roger

    Passed AUD!

    Passed BEC!

    Passed FAR!

    Passed REG!

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    #784691
    Teal
    Participant

    Also, can anyone tell me how important you think it is to practice the TBS's? I feel like I mostly did that before because I was so afraid of them, and it didn't really help me pass? Let me know what peoples personal opinions are!

    AUD - 82
    BEC - 79
    FAR - 75
    REG - 77
    NINJA & Roger

    Passed AUD!

    Passed BEC!

    Passed FAR!

    Passed REG!

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    #784692
    Teal
    Participant

    Also, can anyone tell me how important you think it is to practice the TBS's? I feel like I mostly did that before because I was so afraid of them, and it didn't really help me pass? Let me know what peoples personal opinions are!

    AUD - 82
    BEC - 79
    FAR - 75
    REG - 77
    NINJA & Roger

    Passed AUD!

    Passed BEC!

    Passed FAR!

    Passed REG!

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    #784693
    N2BCPA
    Participant

    @Teal, Two years from the date you paid the tax would be for example if you were filing just to get a refund. If you only made a small amount for the year and your job took taxes out your check. You “paid” the taxes. Since you don't have a filing requirement, the statute of 2 years from the date you paid the taxes will apply to claim the refund. Hope this helps.

    "Be phenomenal or be forgotten." -Eric Thomas

    Roger/ Ninja

    REG Q3
    BEC
    FAR
    AUD

    REG 07/2016....ROGER/NINJA AUDIO/MCQ/NOTES--62, retake 10/1
    BEC
    FAR
    AUD

    "A PART OF BEING A BEAST JUST AINT EATING A GAZELLE; A PART OF BEING A BEAST IS THE HUNT! YOU CANT WISH TO BE GREAT WITHOUT PUTTING IN THE WORK!"
    -ETHIPHOPPREACHER

    #784694
    Anonymous
    Inactive

    Teal Geiger, i think that's referencing a 1040x refund claim for erroneously paid taxes? the statute of limitations is 3 years from date of filing or 2 years from when the tax was paid if the taxpayer didn't file a return

    #784695
    jad11
    Participant

    Jen offers to sell Bob her laptop computer for $500. Bob is not sure he can afford it and asks Jen if she will keep the offer open until noon the next day. Jen tells bob that she will keep her offer open if he gives her his promise that he won't buy another computer before that time. Bob gives her his promise not to buy another computer. Jen is:

    Answer: obligated to keep the offer open until noon the next day because there is a valid option contract in place.

    I can see how that is the answer, but I am wondering if the UCC Statute of frauds applies here. This was not an option in the MC, but shouldn't this be in writing because it is for goods and it is 500 or more? Although it doesn't say, I am inclined to believe that this is an oral agreement, and if that is the case, Jen shouldn't be required to hold the computer for bob since she didn't sign a contract, right?

    #784696
    .
    Participant

    Ugh. Why are there so many questions on the installment method in Ninja? I didn't see any installment stuff in Wiley.

    FAR- 88- 6/16- (Ninja Avg. 74%)
    REG- 89- 7/16- (Ninja Avg. 77%)
    AUD- 95- 8/16- (Ninja Avg. 81%)
    BEC- 82- 9/16- (Ninja Avg. 75%)
    [Wiley CPAExcel + Ninja MCQ]

    Finally licensed.

    FAR - June 2016 - 88
    REG - July 2016 - 89
    AUD - Aug 2016 - review phase currently
    BEC - Sep 2016 -

    Wiley CPA Excel & Ninja MCQ

    #784697
    Anonymous
    Inactive

    i don't think the UCC applies because they are nonmerchants. not sure

    #784698
    Teal
    Participant

    jad11 – maybe it's because it's exactly $500? – so like if it was $501 it would have to be in writing?

    AUD - 82
    BEC - 79
    FAR - 75
    REG - 77
    NINJA & Roger

    Passed AUD!

    Passed BEC!

    Passed FAR!

    Passed REG!

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    #784699
    jad11
    Participant

    @Teal Geiger

    The rule says over $500 or over. I think Dr. Cash is right. The text says that UCC is not limited to merchants and that it applies to all contracts of sale of goods. Right above that, however, it says that “A number of UCC rules depend on whether one or more of the parties are merchants.” I think the written rule might not apply because neither of them are merchants. I don't know, but that is what I'll stick to for now.

    #784700
    PeiChieh Tsai
    Participant

    @Dr Cash A Milli

    Thanks for helping me figure out Sim#36!! It makes perfect sense now!!! I almost thought the answer was wrong… given that a lot of questions in Sim were not updated for the July 2016 exams – aka due dates for partnership and C corp tax return.

    #784701
    kpanna92
    Participant

    Anyone have a list of numbers to memorize for the REG exam? Or mnemonics? I was just about to start making a list but I figured it would be helpful to have a list to start from!

    AUD - 89
    BEC - 79
    FAR - 81
    REG - 79
    AUD - 89 (April 2016, 3rd attempt)
    BEC - 79 (January 2016, 1st attempt)
    FAR - 81 (April 2015. 1st attempt)
    REG - 79 (October 2016, 2nd attempt)

    FAR: 81
    AUD: 72, 71, 87 finally!
    BEC: 79
    REG:

    #784702
    csvirk
    Participant

    @Kpanna I found these links, h0pe it helps.

    https://quizlet.com/6247149/reg-mnemonics-flash-cards/

    AUD - 80
    BEC - 86
    FAR - 77
    REG - 84
    Hardwork will always pay off!

    FAR: 71, 77!
    AUD: 69, 80
    BEC: 72
    REG: 84

    #784703
    Anonymous
    Inactive

    here's a good question on sale of partnership interest if any of you want to try it:

    The personal service partnership of Allen, Baker & Carr had the following cash-basis balance sheet at December 31, Year 1:

    Adjusted Basis Market
    Assets per Books Value
    Cash $102,000 $102,000
    Unrealized A/R — 420,000
    Totals $102,000 $522,000

    Liability and Capital
    Note payable $60,000 $ 60,000
    Allen, capital 14,000 154,000
    Baker, capital 14,000 154,000
    Carr, capital 14,000 154,000
    Totals $102,000 $522,000

    Carr, an equal partner, sold his partnership interest to Dole, an outsider, for $154,000 cash on January 1, Year 2. In addition, Dole assumed Carr’s share of the partnership’s liability.

    What amount of ordinary income should Carr report in his Year 2 income tax return on the sale of his part­nership interest?

    A.
    $0

    B.
    $20,000

    C.
    $34,000

    D.
    $140,000

    #784704
    csvirk
    Participant

    @DR D, 140K as ordinary gain.

    AUD - 80
    BEC - 86
    FAR - 77
    REG - 84
    Hardwork will always pay off!

    FAR: 71, 77!
    AUD: 69, 80
    BEC: 72
    REG: 84

Viewing 15 replies - 91 through 105 (of 315 total)
  • You must be logged in to reply to this topic.