REG Study Group – Q1 2018 - Page 29

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    Topic
  • December 11, 2017 at 10:58 am #1676693
    jeff
    Keymaster

    Welcome to the Q1 2018 CPA Exam Study Group for REG. 🙂

    Introduce yourselves and let your fellow NINJAs know when you plan to take your exam.

    The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

Viewing 8 replies - 421 through 428 (of 428 total)
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  • March 16, 2018 at 6:35 am #1738209
    pr718
    Participant

    Hi,

    I've scheduled REG for 4/16/2018 after failing twice already. Does anyone know when the REG test will change to reflect the new tax code? Also, should I be studying version 7.1 or 7.2 of the REG chapters using Becker?

    Thanks,

    March 17, 2018 at 12:23 am #1738986
    wmont92
    Participant

    Hey, hitting REG again, but its been a year since I Took the last REG test. For individuals, how deep do we need to go into studying tax credits? Same question for phaseout amounts.

    March 17, 2018 at 9:22 am #1739066
    Anonymous
    Participant

    Thanks for all the motivation guys. That is all what i need to pass. 🙂

    March 17, 2018 at 6:22 pm #1739409
    Joetse
    Participant

    AICPA sample tests. Their sample tests look and feel exactly like the real thing. Their sims are closest to the real thing, in terms of difficulty and type of question. (I used Becker and Becker's sims are nothing like the real thing.) Becker does have an authoritative literature function database, but it's missing a lot of the sections. AICPA's is too, but might be the closest thing you'll find for practice looking up certain sections. As a practice to see how good it works, try qualified pension plans and see if it pulls up $401-k.

    March 17, 2018 at 6:23 pm #1739411
    Joetse
    Participant

    Jan 1, 2019. Follow another 71.com and Becker on Twitter they tell you that. You should be using v3.2.

    March 19, 2018 at 3:05 pm #1741262
    spandey27
    Participant

    Hi Guys,

    Can anyone help me explain this question? I feel the answer is not right however, I may not be thinking this right.

    Jack Carson transferred a building that had an adjusted basis of $75,000 and a fair market value of $130,000 to Corporation R in exchange for 80% of R’s only class of stock and a car with an adjusted basis to R of $25,000. The fair market value of the stock at the time of the transfer was $100,000 and the car’s was $30,000. What is the amount of R’s basis in the building?
    A. $130,000
    B. $105,000
    C. $100,000
    D. $75,000

    The answer is $105,000

    March 19, 2018 at 8:12 pm #1742019
    I_just_wanna__pass
    Participant

    @spandey27 I'm not very good at explaining things, but I'll try my best. Since the corporation is paying a boot (the car) to get the building, the FMV of the car must be included in the adjusted basis of the building. Thus $75,000 + $30,000 = $105,000. Any time a corporation pays a boot, the tax basis in the property contributed will equal the NBV plus boot paid.

    March 19, 2018 at 9:07 pm #1742118
    spandey27
    Participant

    thank you! So i guess stock should never be included in the basis right?

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