FMV vs Adjusted Basis

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    Topic
  • March 16, 2015 at 3:11 pm #192748
    Last Chance CPA
    Participant

    Are there any comprehensive tables out there that list out when FMV is used vs Adjusted Basis for Individual and Entities?

    This stuff is killing me…

    FAR - 76
    AUD - 75
    BEC - 75
    REG - 76

    Now I need some experience!!! And some networking...

Viewing 6 replies - 1 through 6 (of 6 total)
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  • March 16, 2015 at 4:19 pm #657198
    govtec
    Member

    Not really, can you create your own table on a notepad? I understand what you are saying but with NINJA Notes, I just memorized the whole damn thing for entities and individual.

    BEC - 12/13
    FAR - 5/14
    AUD - 8/14
    REG - 2/15
    Passed 6 of 6 CLEP Exam

    March 16, 2015 at 5:00 pm #657199
    Last Chance CPA
    Participant

    I am memorizing them now using flip charts, but I haven't created a nice table or anything yet…

    I have Ninja notes as well.

    FAR - 76
    AUD - 75
    BEC - 75
    REG - 76

    Now I need some experience!!! And some networking...

    March 16, 2015 at 5:00 pm #657200
    Last Chance CPA
    Participant

    I am memorizing them now using flip charts, but I haven't created a nice table or anything yet…

    I have Ninja notes as well.

    FAR - 76
    AUD - 75
    BEC - 75
    REG - 76

    Now I need some experience!!! And some networking...

    March 17, 2015 at 4:06 am #657201
    govtec
    Member

    If you have NINJA Notes…got to know it stone cold and be able to recall basis for Indy, Corp, Partnership etc. If you can't recall from memory then you do not know the material that well. I was also confused in the beginning as well but I kept at it starting with each entity and “memorizing” until the next entity. Soon, it will be stuck in your head and there is no way you can forget about it.

    I also write mnemonics like for Individual Charity Calc…I'll write down from top to bottom LTCG, STCG, 50%, 30% and then I match top to bottom (LTCG up to 30% @ FMV and STCG up to 50% @ adjusted basis).

    BEC - 12/13
    FAR - 5/14
    AUD - 8/14
    REG - 2/15
    Passed 6 of 6 CLEP Exam

    March 17, 2015 at 2:17 pm #657202
    Last Chance CPA
    Participant

    @govtec – Yep, writing down everything really helps. I have charts pasted all over my walls in the second bedroom. I sharpie everything I can't grasp – e.g., CC LTCG 30% @FMV – and read it over and over again.

    I hope 4th time is a charm…

    FAR - 76
    AUD - 75
    BEC - 75
    REG - 76

    Now I need some experience!!! And some networking...

    March 17, 2015 at 5:20 pm #657203
    govtec
    Member

    Writing does help but for me it is mostly rote memorization.

    BEC - 12/13
    FAR - 5/14
    AUD - 8/14
    REG - 2/15
    Passed 6 of 6 CLEP Exam

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