REG Study Group – Q2 2018 - Page 20

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  • June 6, 2018 at 10:55 am #1823273
    A-L
    Participant

    Hi all – I have a question about the deduction of life insurance premiums for corporations. I know that premiums on key persons where the company is beneficiary are not deductible, and I know premiums as fringe benefits for employees are deductible. What about employees where the company is beneficiary but they aren't a “key person? Are these deductible?
    Thanks!

    June 6, 2018 at 11:18 am #1823308
    Anonymous
    Inactive

    @A-L

    It is unlikely that a company would pay for life insurance for non-key employees (let alone for key employees). But if that is the case, whomever is the beneficiary cannot deduct the premiums. It's easiest understood by – “if I am the one that reaps the benefits of untaxed life insurance proceeds than that means I first must pay taxes on the premiums”.

    June 6, 2018 at 11:49 am #1823330
    A-L
    Participant

    @greg okay that makes sense – thanks!

    June 6, 2018 at 12:39 pm #1823383
    jeff
    Keymaster

    Video: Finished CPA Exam Early – Bad Sign (AUD)?

    June 7, 2018 at 7:51 pm #1825183
    itooshallpass
    Participant

    So I'm taking Reg tomorrow and I just looked at the AICPA sample test. I got kicked out mid-problem, but I'm confused about it–the task was to calculate allowable theft/casualty loss for individuals, WITHOUT any AGI limit or Sch A phaseout. In the answer key, they ALSO did not apply the $100 per event reduction. Just confused why that would not have applied that when it's not dependent on AGI?? All it did was take the lesser of basis or decrease in FMV, less reimbursements from insurance. Why not the $100?

    June 8, 2018 at 1:30 pm #1826033
    dab88
    Participant

    A taxpayer died in year 1 with a gross estate valued at
    $100,000,000. In the taxpayer's will, he gave $40,000,000 of
    his gross estate to his surviving spouse, with no restrictions.
    His surviving spouse also receives $20,000,000 in assets not
    included in the taxpayer's gross estate. What is the amount
    of the marital deduction for the taxpayer's estate?

    the answer is 40,000,000 million. I am confused why it is not 60 million since it is the spouse?

    June 8, 2018 at 2:01 pm #1826104
    esyc
    Participant

    Hi all,

    Do we need to memorize all exemptions, phaseouts, tax rates, and thresholds? I was trying to memorize what I have seen on practice MCQs and SIMs but not anything else.

    Any comments would be appreciated. Thanks!

    June 8, 2018 at 2:07 pm #1826117
    esyc
    Participant

    @dab88 This is because the 20 million is not included in the txpr's gross estate. Because the amount is not included in the gross estate in the first place, it cannot be part of the marital deduction.

    Hope it helps.

    June 8, 2018 at 2:22 pm #1826143
    itooshallpass
    Participant

    @esyc I tested today and numbers like that were either given in the problems or you were told to disregard phaseouts etc. Hope that is ok to share?

    June 8, 2018 at 2:57 pm #1826192
    dab88
    Participant

    Thanks @esyc

    June 8, 2018 at 2:58 pm #1826195
    esyc
    Participant

    @itooshallpass Thanks alot!! Hope we all pass this time.

    June 8, 2018 at 10:09 pm #1826644
    rami_94
    Participant

    Hi Friends,

    I took Reg yesterday and I performed medium on both MSQ teslets, but simulation it was very diffcult and I am not sure about all question..research question i answered correctly

    Is there any chance to pass based on your experience?

    Thank you

    June 9, 2018 at 12:01 pm #1827304
    dab88
    Participant

    does anyone know for the exam period if the gift is 14000 because that is what it is for 2017 or 15000 because that is what it is for 2018. I am confused on which ones to use for the question on my practice MCQ it can be either and they do not state the year. My test is tomorrow.

    June 9, 2018 at 12:10 pm #1827323
    dab88
    Participant

    @rami_94 there is always a chance. You never know until you get your score.

    June 11, 2018 at 8:36 am #1829228
    jeff
    Keymaster

    Get it on iTunes/Android – ratings/reviews always appreciated.

    HIYA!

    https://www.another71.com/cpa-exam-podcast-85-score-release-19-exams-business-law/

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