Wiley CPAexcel Exam Review 2018 Focus Notes: Regulation

Reinforce key concepts for the Regulation section of the CPA Exam with these easy-to-read and carry spiral-bound focus notes. Learn acronyms and mnemonic devices to help you remember accounting rules, checklists and more.  Let Wiley CPAexcel Focus Notes help you memorize formulas, concepts, acronyms and more. Drill yourself on key steps in performing needed financial calculations or tasks. Learn important strategies for taking the exam more quickly and accurately. Solve exam questions and reinforce material being studied with a simplified, focused approach. Memorize a variety of rules and checklists with our acronyms and mnemonics. Covering the entire gamut of required subjects and skills, these handy supplements provide critical knowledge in an easy-to-understand and easy-to-remember format.

Table of Contents:
Preface xi Professional and Legal Responsibilities 1 Treasury Department Circular 230 1 Liability as a Tax Preparer 3 Regulation of Accountants 4 Accountants’ Liability 6 Liability under Common Law 6 Tax Preparer Penalties 9 Liability under Federal Securities Regulations 11 Agency 12 Authority of Agents and Principals 12 Terminating Agent’s Authority 13 Liability 14 Contracts 16 Formation of Contracts 16 Discharge of Performance 25 Passage of Title and Risk Loss 28 Types of Remedies and Formulas for Damage 31 Sales 34 Offer, Acceptance, and Enforceability 34 Debtor-Creditor Relationships 37 Suretyship: Introduction, Creation, and Types 37 Rights of Sureties 38 Defenses of Sureties 39 Cosureties 40 Secured Transactions 41 Collateral 41 Security Agreement 42 Attachment and Perfection 43 Priorities Among Claims 45 Default by Debtor 47 Bankruptcy 48 Voluntary Filing—Chapter 7 48 Involuntary Filing—Chapter 7 49 Business Reorganizations—Chapter 11 50 Repayment Plans—Chapter 13 52 Alternatives to Bankruptcy 53 Powers of Bankruptcy Trustee 54 Distribution of Assets 56 Denial of Discharge 60 Federal Securities Regulation 61 Securities Act of 1933 (33 Act) 61 Exempt Transactions and Securities 63 Emerging Growth Companies (EGCs) 66 Securities Exchange Act of 1934 (34 Act) 67 FICA and FUTA 74 Federal Insurance Contributions Act (FICA) 74 Business Structure 77 Selection and Formation of a Business Entity 77 Partnership Characteristics 77 Limited Liability Arrangements 84 Corporations 87 Characteristics of Corporations 87 Promoters 90 Directors and Officers 91 Property Transactions 95 Realized Gain or Loss 95 Taxation of Gains and Losses 97 Related-Taxpayer Transactions 98 Special Transactions 99 Sec. 1245 Depreciation Recapture 101 Individual Taxation 102 Individual Income Tax 102 Gross Income—Other Inclusions 104 Interest 106 Taxation of Income from Business Entities 109 Personal and Dependency Exemptions 130 Filing Status 133 Alternative Minimum Tax (AMT) 135 Personal Tax Credits 139 Accounting Method 143 Depreciation 144 Depreciable Personal Property 146 Section 179 Expense Election 148 Estate and Gift Tax 149 Tax Due 155 Property Received by Inheritance or Gift 157 Taxation of Estates and Trusts 159 Estates 159 Trusts 160 Computing Taxable Income of Trusts and Estates 163 Corporate Taxation 166 Corporate Income Tax 166 Section 351 Transfer to Controlled Corporation 166 Computing Corporate Income Tax 168 Supplemental Tax Schedules 174 Affiliated Corporation Transactions 180 Non-liquidating Distributions to Shareholders 181 Corporate Complete Liquidation 183 Corporate Reorganizations 184 Section 1244 Stock 185 S Corporations 186 S Corporation—A Pass-Through Entity 186 Foreign Tax Credit 194 Partnership Taxation 195 Formation of Partnerships 195 Taxation of Partnerships 198 Distributions 200 Sale of Partnership Interest 202 Index 204