[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

[Anonymous]

Can anyone give me any advice on how to use the IRC. I can find the answer to about 50% of the Becker research questions but I'm wondering if anyone has found a website or has any advice in general on how to peruse through the IRC in the most efficient/timeliest manner.

Anyone with any advice on what I should REALLY hone in on in Becker the last few days before exam? Maybe a certain section? I take it Thursday.

[occams_razor]

Hello Everyone,

Armed with my new found confidence due to passing AUD in one try I am tackling REG again. Sadly, I have to re-learn everything. Just a nitpicky type question to anyone that can answer it: When calculating the gain recognized for a like-kind exchange I know that it is the lesser of the gain realized or the boot received (not below $0). My question is, by boot received is it just the boot received or is it the net of the boot paid and the boot received? I've had questions that have it both ways and get all of these questions right on this topic but don't want to screw it up on a small detail like this. Is there a difference in the format of the calculation if the boot involved is from a liability instead of just cash and/or property? Thanks!

AUD - 79!
REG - (67,69-without NINJA and Wiley Test Bank) 84!(with NINJA and Wiley Test Bank)
FAR - 75!
BEC - 83!
Every test I passed, I used Ninja Notes. Couldn't have done it without them!
I am done!!!

[Anonymous]

It is boot received unless there is mortgage debt involved. If that is the case, then the mortgage debt relief received is considered boot, but you can offset that with relief given. That is the only case for net boot.

You assume $30K in debt, other party assumes $40K of your debt and gives you $10K cash. You don't have $50K of boot received. You have net relief of $10K plus $10K in cash for a Net Boot Received of $20K.

[jokami]

Please explain to me why the answer here is letter C when, as far as I know, LP do not have perpetual life!!!!!!

Can someone explain me this one:

Green, Able and Holmes wish to form Able, L.P., and operate as a limited partnership. Under the provisions of the Uniform Limited partnership Act (2001), which of the following would NOT be required of Able, L.P.?

A – Designation of an agent for service of process.

B – Removal of Able's name from the partnership name if Able is a limited partner.

C – Delivery to the state of current annual reports.

D – Deliver to local filing offices of a certificate stating the name of the limited partnership, the name and the street and mailing address of each general partner, and, whether the limited partnership is a limited liability limited partnership.

B - 62, 70, 72, 79!!!
A - 68, 81
R - 70, 82
F - 84

"The limit to your abilities is where you place them" - Fortune Cookies

[CPA_Runner]

Either I am stupid or burnt out, but property tax transactions are hurting. Does anybody else have issues with property tax?

What are some of the more difficult topics in REG? I am just starting and have never been a fan of tax…

AUD - 80 (05/23/2012)
FAR - 75 (08/09/2012)
BEC - 81 (12/05/2012)
REG - 71 (10/16/2012); 70 (02/12/2013); 78 (04/08/2013)
Ethics - 98

[Mr.NiceWatch]

Hi guys.

I apologize if this questions has been asked a million times. I am starting REG this Monday and I wanted to ask if you guys think I should focus on certain topics/ Becker chapters? I passed FAR not too long and I believe the advice on this forum really helped me narrow down my review, especially in the last couple days. Basically, everyone stressed journal entries, NFP, and governmental for FAR and they were spot on. Is there a strong focus on certain topics with REG? Appreciate any advice.

Journey begins in July 2012.

FAR - 87 (8/7/2012)
REG - 89 (11/19/2012)
AUD - 95 (1/17/2013)
BEC - 81 (2/26/2013)

[splinter1643]

I would use the exam breakdown for REG to identify what chapters to focus on, it should be dead on with what people will tell you about REG. Some topics can be hard to pick up because it's not used often at work.

Also, based on your reviews, what are the chances of seeing a question on topics relating to joint tenancy and the race-notice statute on your exam? Becker ignores it completely (except where it comes to intellectual property), but Wiley has quite a few questions devoted to it.

CPA license in progress....

[Roma]

Hi Jokami,

My thinking on the question is that it is asking for the answer that is NOT required by the Act.

I know that some type of Certificate must be filed with the Secretary of State of each state – and answers A and D are definitely required information (name of agent + name/address of firm with INFO on all general partners).

Answer B is required by the Act – as the name of a limited partner (Able) can NOT be in an LP name.

So we are left only with answer C – and I am just not aware that the Act required any specific annual reporting. I assume that is left up to the various States. Also, if the question relates to the formation of an LP, no such reports would be available.

I am not sure of what your reference to ‘perpetual life' is, as I did not consider that.

Hope this helps a bit. Good luck.

Using Wiley
FAR = 94 Feb 2012
BEC = 92 April 2012
AUD = 95 July 2012
REG = 91 Nov 2012

[Anonymous]

My brain is so stuffed that I'm starting to lose basic bits of info. Here are 2 questions I'm hoping someone can help me with…

1. Does a guaranteed payment to a partner have any effect on that partner's basis? I don't think it does but can't find that specifically spelled out in the Wiley book.

2. When does the holding period of property transferred by gift begin? Is it the date the gift is received or does it include the holding period of the person who made the gift?

Thanks!!

[Anonymous]

@apbandj,

1. No, it is not considered a withdrawal. However, it does have an indirect effect on the partner's basis, as it reduces the income of the partnership, thus reducing the increase in the partner's basis due to his share of that income.

2. Generally, gifts use a rollover holding period, so the recipient would use the donor's holding period. However, if the FMV of the gift is used as the recipient's basis, the holding period resets to the time of the gift. Note: this only happens when the adjusted basis of the gifted asset to the donor is less than its FMV at the time of the gift AND the recipient later sells the gifted asset for less than that FMV.

[Anonymous]

Thanks so much, CPA!! Great explanations!! 🙂

[jokami]

@Roma

Yes… you are right!!! I was talking (arguing, fighting, bothered) about another mc and copied the wrong one. I am so tired at this point in time that I don't even look what I am writing!

This is the question that I was referring to when protesting about the LP not having a perpetual duration:

Under the Uniform Limited Partnership Act:

I. A limited partnership is an entity distinct from its partners.

II. A limited partnership has a perpetual duration.

A – I only is correct

B – II only is correct

C – Both I and II are correct.

D – Neither I nor II is correct.

My choice was A, because as per Becker CPA Exam Review Course, LP do NOT (underlined and bold) have perpetual life, unless stated otherwise. Soooooo you might think that as a general rule LP have no perpetual duration.

But apparently the correct choice is C. WHY?!?!?!?!?!?

B - 62, 70, 72, 79!!!
A - 68, 81
R - 70, 82
F - 84

"The limit to your abilities is where you place them" - Fortune Cookies

[occams_razor]

@Jokami,

I think you're right, I'd e-mail or tweet Becker with the question number because I found exactly what you were looking at. R8-16 Section I (A)(1) definitely says “… does *not* have a perpetual life…”. And the way the question is phrased doesn't say that the contract says otherwise but it doesn't say that it doesn't say otherwise either, so my thought is yours as well. If it doesn't state it specifically, it's the general rule… Of which I'm pretty sure Olinto said as well. I've had a few questions in the past be just completely off, so it's worth a shot to ask Becker about it if you haven't already done so. Good luck!

AUD - 79!
REG - (67,69-without NINJA and Wiley Test Bank) 84!(with NINJA and Wiley Test Bank)
FAR - 75!
BEC - 83!
Every test I passed, I used Ninja Notes. Couldn't have done it without them!
I am done!!!

[jokami]

@occams_razor

Yes… I emailed my Becker professor where I live and he explained me to have in mind that LP are a hybrid between a Partnership and a Corporation… and it is to the LP discretion to have a perpetual life.

So technically the perpetual life “is” correct, but to the choice of the LP.

I still think this answer (letter C) is wrong… my choice remains A.

B - 62, 70, 72, 79!!!
A - 68, 81
R - 70, 82
F - 84

"The limit to your abilities is where you place them" - Fortune Cookies

[occams_razor]

It's that sort of ambiguity that I find only in REG. I studied Audit and everything was clearly black or white. Every Financial Accounting class from college same thing. Even the various aspects of BEC it's all very discernible. Why REG, why do you make us hate you?

AUD - 79!
REG - (67,69-without NINJA and Wiley Test Bank) 84!(with NINJA and Wiley Test Bank)
FAR - 75!
BEC - 83!
Every test I passed, I used Ninja Notes. Couldn't have done it without them!
I am done!!!

[Author]

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