[lovexly]

Hey everyone, I’m freaking out with understanding what numbers to use. Can someone please give input? Thanks!

For Sec 179, the 500k/2mil only affects property place in service beginning 1/1/2010 right? Anything before, it will still be 250k/800k.

For the startup costs, the 10k/60k is after 1/1/2010 as well right? Startup costs beforehand will still be 5k/50k. Also, does this mean that Organization Costs are still 5k/50k?

For Personal Casualty loss, instead of $500, it will be $100 for ALL years right?

Yea… I shouldn’t have this many doubts since I’m taking this exam on Monday 🙁

FAR - 83 - 05/23/2011
BEC - 85 - 07/02/2011
AUD - 79 - 08/13/2011
REG - scheduled Oct 10

[Howarce]

Don't worry! Haha I take REG this week also and I just logged on to ask all of the same questions you did. If anyone knows these answers I'd really appreciate the help! I use Becker and was confused with the start up costs bc on the updated info, it says you take the 10k for start up costs for corporations but on partnerships, it doesn't have this update applying to them. Does it not apply the same for both corps and partnerships?

I have another questions regarding estates. Is the unified estate and gift tax credit now 1,730,800 with an applicable exclusion amount up to 5,000,000? And I am confused bc is this the same as the transfer tax on cumulative lifetime and deathtime gifts/transfers?

[Author]

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