Enjoying a Sailing Adventure + REG Fact Nuggets

09 Jul 2013


Patrick is a NINJA CPA Blogger.

Update from Victoria BC. The trip here was uneventful though we had to dodge many logs along the way.

We are really enjoying ourselves here. So far, we have visited the Maritime Museum, Miniature World, Undersea Garden, and the Bug Zoo where my daughter got to hold 11 different species of insects including a millipede and a praying mantis.

There are many nice parks in this town, all within walking distance. We were treated to an excellent view of the Canada Day fireworks last Monday, from the back of our boat. The marina was completely full including the fairways where boats were rafted to other boats. We had two boats tied up to us, so there was constant foot traffic across our bow, even while we were sleeping.

We were lucky to get the spot that we did, right in front of the Empress Hotel. I actually thought it was a mistake, as we approached the marina gleaming with yachts that cost more than our house.

I've only been scared once by foul weather, but docking terrifies both of us. We've always talked of spending a whole day, practicing our docking routine under different scenarios… upwind, downwind, under sail, parallel parking, etc.

Almost as scary as docking are these Section 1231/1250/1245/291 questions that keep popping up. I've yet to find a straight answer, or method for attacking these problems. Mastery of these questions could easily get me a couple of extra points on the exam.

I have a pretty good stack of flashcards that I add to every day. Some of the questions are rather simple, like “Can Corporations deduct net capital losses.” I thought that writing NO! instead of just no, might better help me to remember this on the exam. So I yell the answer whenever the Admiral quizzes me.

Well, yesterday, she read “Can partnerships declare bankruptcy?” and I replied “NO!” but the answer was “YES!”

Later today, I think I will start taping fact nuggets at strategic places inside the boat. Reg D of the 1933 Securities act is a good candidate. I also need to get the NINJA Audio working on my iPhone so that I can listen to Jeff's calming voice when waves are crashing over the bow. If we had a bathroom, you can bet there would be fact nuggets taped within view of the toilet. (If you haven't done this, you're wrong.)

Last night, I helped a gigantic catamaran dock in front of us. It had a crew of 3 kids (under 30) who flew up from San Francisco to buy the boat and sail it to Mexico. We call it the “Big Left”: sailing out of the Strait and heading south. I've always wanted to do something like that, but what good is a CPA license in the middle of the Pacific?

We will sail east on Saturday, enroute to our next destination, LaConner. We should have favorable wind since it always blows west to east in the Strait.

patrick family

I've read stories of boats literally surfing down the waves moving to the east. Hopefully the current will be in our favor, otherwise, it will be a bumpy ride.

This photo is of my sweethearts having afternoon tea at the Empress. It was a mother's day present and the whole reason we sailed here in the first place.

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