CPA Exam Community | CPA Exam Review & Discounts
REG - Regulation
Latest Activity: Jun 13
MCQ Problem, endorsements & negotiable instruments
Study materials for REG
Consufed by MCQ answers...seem to contradict
REG - Apr/May 2013 Exam Window
From the information that I'm finding, it appears that whether the name has to be changed is dependent upon the partnership agreement. If the agreement doesn't specify that the name cannot be used when a partner dies or leaves, the remaining partners don't have to change it.
Hello Everyone! I need some clarification on General Partnerships. I am studying Becker R-8. My confusion is with dissolutions, it's stated that dissolutions can be done without unanimous consent of the partners. Does this mean that if 1 partner decides to leave the remaining partners can't continue to operate the same business with the same name?
@Alicia B...I was working on the simulations. My depreciation amount was incorrect cos i got most of the conventions wrong. It created a panic in my world. I have full understanding now.
@Blessed Bless. Becker has a good simulation for chapter 3 that will help clarify it as well. Simulation 1 #4.
@ trinicpa... Thanks for bailing me out
@ Blessed Bless it is in relation to the total amount of assets purchased during the year. I'm glad this helped. Good Luck!
@trinicpa....the 40% or more, is it in relation with the total assets that were purchased fro the whole year? Thanks a lot. it helped, i guess this is the question that will set me free.
@ Blessed Bless...this can be quite confusing but this is how I remember it:
Mid Month (Real Estate only) - Think about the proration of a lease if you start in the middle of the month.
Mid Quarter (Personal Property - Machine & Equip) - If 40% or more of the equipment is purchased in the last quarter of the year. E.g. Company trying to ramp up on equipment purchases in Q4 to have less taxable income.
Half Year (Personal Property) - purchases or sales during the taxable year are treated as though they were purchased or disposed of at the midpoint of the year.
Hope this helps :)
Please, I need serious help with the MARCS Convention. I don't understand what makes a purchase or sale a half year, mid quarter and the mid month convention. I need someone to bail me out
@ Alicia, I plan on studying 20 hours during the week and at least 8 hours over the weekend. I plan on getting through half of business law this week and the other half next week and use the final week to review with lots of practice on multiple choice & simulations
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