[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Anonymous]

@Amay–It is contracts. That makes sense. I don't know why I made that harder than it needed to be. You guys are about to see my weaknesses, seriously.

[Amay]

@mama no worries that's what this is for! And you are about to see mine. Trust me I feel so unprepared.

To your second question, is it 6k?

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

@Melans I know EXACTLY what you mean! :/

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

For some reason I don't have the official answer, just a few questions from Becker on this topic so I won't post anymore without the answer, but I would assume that he needs to claim $6K for teaching and $1.5K leftover from the scholarship that didn't go to tuition/fees/books for a total of $7.5K

[Amay]

Q: What is the statute of limitations for filing a claim for a credit or refund after you filed your tax return?

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

Answer: 3 years from the date the return was filed or 2 years from the date the tax was paid

[Anonymous]

Q: According to the Securities Act of 1933, which of the following statements is correct regarding an issuer of securities?

A. All securities issuers must provide potential investors with a prospectus containing specified information.

B. An issuer is permitted to advertise an initial offering of securities only through distribution of the prospectus.

C. All securities issuers must register the securities offering with the Securities and Exchange Commission (SEC).

D. If an issuer sells a security and fails to meet certain disclosure requirements, the purchaser may sell it back to the issuer and recover the price paid.

[jfernandes256]

@CPAMommyof3 The answer should be $7500 because an individual cannot deduct an expenses related to room and board. Whether you are a student or not…you need to sleep somewhere. 🙂 Also, Jeffrey is teaching accounting courses and getting compensated for his services. In this case it's cash so he has to include the money as part of his income. It's like a part time job. Hope this helps.

[jfernandes256]

By the way…hello everyone 🙂

[Anonymous]

@jfernandes–It does. Thanks! And hello to you too!

[Amay]

I found it! Took forever with Becker. Should have started with the NINJA notes. Yeah, I forgot scholarships are normally excluded from income but room and board is included in income.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

Hi J!

@mama correct, except my notes say the later of the 2.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

Noted–Later of either 3 years from the date filed or 2 years from the date paid. I'm going to go ahead and say one big Thanks! now to everyone so I don't have to type it every time. 🙂

[Amay]

@mama Answer is A? All securities issuers must provide potential investors with a prospectus containing specified information.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

Question 4: On May 1, Year 5, two months after becoming insolvent, Quick Corp., an appliance wholesaler, filed a voluntary petition for bankruptcy under the provisions of Chapter 7 of the Federal Bankruptcy Code. On October 15, Year 4, Quick’s board of directors had authorized and paid Erly $50,000 to repay Erly’s April 1, Year 4, loan to the corporation. Erly is a sibling of Quick’s president. On March 15, Year 5, Quick paid Kray $100,000 for inven­tory delivered that day.

Quick’s payment to Kray would:

A. not be voidable, because it was a contemporaneous exchange.

B. not be voidable, unless Kray knew about Quick’s insolvency.

C. be voidable, because it was made within 90 days of the bankruptcy filing.

D. be voidable, because it enabled Kray to receive more than it otherwise would receive from the bankruptcy estate.

[Author]

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