Who is correct Jeff (NIJIA Notes) or Becker for REG

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  • September 20, 2011 at 3:47 am #161776
    gottagetmycpa
    Member

    For like kind exchanges on Jeff notes he is saying take the lessor of recognized gain vs boot received to get your Realized Gain but Becker says to take the lessor of realized gain vs boot received to arrive at Recognized gain. Who is correct????

    FAR 76
    REG 76(2x)
    BEC FAILED (2x)
    AUD FAILED (2x)

    "When you don't give up, YOU CANNOT FAIL"

Viewing 6 replies - 1 through 6 (of 6 total)
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  • September 20, 2011 at 4:36 am #297962
    Minimorty
    Participant

    Both. Realized and recognized gains are separate concepts. Jeff is referring to realized gain. Becker is referring to recognized gain.

    September 20, 2011 at 6:29 am #297963
    gottagetmycpa
    Member

    but both are saying that it based on the lessor of boot received and each other. That makes no sense.

    how can you calculate realized gain and say lessor of recognized and boot received

    but recognized gain is lessor of realized gain and boot received

    In Becker it is saying calculate realized gain and whatever number you receive compare that to boot received and that will = your recognized gain.

    Jeff is saying the same but just switch around. one of them has to be a typo

    FAR 76
    REG 76(2x)
    BEC FAILED (2x)
    AUD FAILED (2x)

    "When you don't give up, YOU CANNOT FAIL"

    September 20, 2011 at 6:32 am #297964
    MikeInMIA
    Member

    becker

    September 20, 2011 at 3:45 pm #297965
    jdiiorio
    Participant

    Uh Oh. If becker is a typo then I probs failed REG haha Are you sure Becker is a typo? When I saw the discrepancy I just went with the Becker option because that's what I remembered from college. I think I checked my notes.

    Maybe check on the authoritative lit. in Becker Software.

    ILLINOIS CANDIDATE
    FAR - Passed
    BEC - Passed
    AUD - Passed

    September 20, 2011 at 4:26 pm #297966
    kperrucci
    Participant

    Becker is correct….realized gain is the ACTUAL gain you experience….recognized gain is amount you recognize (report) on your return. The recognized gain is the lessor of actual realized gain and boot received.

    FAR 4/9/2011: 88 (Becker)
    AUD 5/16/2011: 88 (Becker)
    REG 7/1/2011: 82 (Becker)
    BEC 8/3/2011: 91 (Becker and Ninja)

    September 20, 2011 at 4:30 pm #297967
    gottagetmycpa
    Member

    thanks kperrucci and jdiiorio I though becker was correct. I will check up on some lit. just to be on the safe side.

    FAR 76
    REG 76(2x)
    BEC FAILED (2x)
    AUD FAILED (2x)

    "When you don't give up, YOU CANNOT FAIL"

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