[MCLKT]

I know intangible personal efforts are not considered capital assets, but what type of property are they?

Just ordinary? I need to know to keep it straight in my mind. Ugh, less than 24 hours until my exam and all the little things are freaking me out!

Not 1231 right? Because 1231 is:

noncurrent >1year

Depreciable or Real business

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

I am not sure on that one.

I took REG today. AWFUL exam. Probably failed.

It's funny, I hit the propery tax stuff hard. ONE questions. ONE! Yet, it's 12% – 15% of the exam

[Gerg, CPA]

can you give an example of intangible personal efforts (effects?)

FAR - 1/26/2012 - PASSED (78, but Lost credit), re-do 11/27/2013 - PASSED (87)!
AUD - EPIC FAIL, 71, 69; 68; 5/25/2013 - PASSED (85)!
REG - 10/1/2012 - 72; 7/1/2013 - 73 UGH, 10/1/2013 - PASSED (85)!
BEC - 2/28/2013 - PASSED (82)!
Licensed CPA!

Used Becker self-study materials (just this for FAR original & REG #1), WileyTestBank, NINJA notes/audio, and Roger cram course for AUD #5, REG #3 & FAR reboot. CPA!

[MCLKT]

Example of something created by person effort: Music, poetry

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[gobias]

I can't remember the specifics, but I believe it has to do with whether it is in the possession of the original artist or not. Sorry I can't be of more help.

Good luck tomorrow!

F - 86
R - 90
A - 97
B - 91

[MCLKT]

https://www.irs.gov/publications/p544/ch02.html

I'm not going to worry about it. I found this^

You're right Gobias, if you made it, or it was created for you, or if your basis in it is in any way related to the original creator, then there is a rule. That rule is that if it meets any of those, it is not a capital asset.

I think that means if you purchase an intangible personal effort (or rights to it) then it can be a capital asset.

Either way, thank you all for the responses! This should all be over soon enough 🙂

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Gerg, CPA]

https://www.irs.gov/publications/p544/ch02.html

definitely not a capital asset. but for certain assets like this you can elect to treat as a capital asset

sounds like something like that should be 1231. i'm fairly certain that rights to music & poetry, etc would be amortized. it's not 100% clear. i can't imagine that you will see something like this on the exam though.

FAR - 1/26/2012 - PASSED (78, but Lost credit), re-do 11/27/2013 - PASSED (87)!
AUD - EPIC FAIL, 71, 69; 68; 5/25/2013 - PASSED (85)!
REG - 10/1/2012 - 72; 7/1/2013 - 73 UGH, 10/1/2013 - PASSED (85)!
BEC - 2/28/2013 - PASSED (82)!
Licensed CPA!

Used Becker self-study materials (just this for FAR original & REG #1), WileyTestBank, NINJA notes/audio, and Roger cram course for AUD #5, REG #3 & FAR reboot. CPA!

[MiketheCPAWannaBe]

Dem80, I totally relate. Took REG on Sat 5/25 and I think my body temp went up a few degrees by the end, I was so mad and flustered. I studied for 2.5 months and reviewed for 2 weeks. The problem is the brain only has so much memory. My study program said it's not important to memorize detailed lists but I disagree. They throw you the most random questions and then you hardly see the ones you studied the most for. How can you not try to memorize everything knowing anything can be tested?

Anyway, I feel your fear because I probably failed too but the success stories of how people thought they bombed and then passed (with good scores) keeps me going. If I do fail, I will just review hard and take it again in July but I'll be studying Audit at the same time. Does anyone think this is a bad idea and I am overloading?

FAR - 84
REG - 71, 75
AUD - 90
BEC - 84

Did it!!!!!!!!!!!!!

[Anonymous]

I don't think I'd study both at the same time, I'd probably delay audit until the end of the window. If I find out I failed, I'm scheduling reg for the last day I can of the earliest test score release to minimize score release anxiety.

[ti807910]

I had a question on this one the other day and I wrote down the explanation because I've never seen this type of thing before:

If you bought a copyright from someone, it's a capital asset

If you are the original creator of the copyright, it is not a capital asset.

FAR: 72, 68, 73, 78 (passed)
REG: 61, 70, 73, 63, 78 (passed)
AUD: 65, 84 (passed)
BEC: 89 (passed)

NASBA gave Doby a passing score, Doby is freeee!!

[Author]

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