Working on Continuing Professional Educational credits (CPEs) in order to keep my accounting license, that is, my CPA.
So… CPA CPEs.
Decided to focus on real estate issues this year.
The process in completing CPEs, these days, is that you pay the outrageous fee, register for one of these online classes, download the course content, and then take a multiple-choice exam to prove that you know how to read.
Depending on the number of credit hours, there might be anywhere from fifteen to one hundred multiple-choice questions.
Thank goodness the course content is in searchable PDF format. Because some of the questions look like this:
The two types of recharacterization rules under §469 are the active business income and the portfolio income rules. If at least one recharacterization rule applies, what may consequently be treated as passive?
a. The taxpayer’s net income from significant participation activities.
b. Gain of a sale of developed rental property, where the sale is under a binding contract entered into earlier than 12 months after commencing the rental.
c. An amount of the gross income if the unadjusted basis of depreciable property rented in an activity is less than 30% of the unadjusted basis of all property rented in the activity.
d. Income from an equity financed lending activity if the average balance of debt incurred in the activity exceeds 80% of the average balance of interest-bearing assets held in the activity.
In case you’re wondering, the answer I chose was:
e. You made a poor choice of professions and have very few redeeming qualities as a human being. You should go back to being a jazz bassist.
Thanks for reading and stay tuned for more dysfunction!