[jeff]

REG Resources:

Free REG Notes & Audio – https://www.another71.com/cpa-exam-study-plan

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Score Release: https://www.another71.com/cpa-exam-scores-results-release

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[icanhazcpa]

@peetree ok maybe I'll still in FAR world, but would I not have to record some kind of basis in the property? That's my question is basis. What amount am I going to show for that asset?

BEC - 83
FAR - 83
REG - 74, 78
AUD - 76

Becker Self Study

[peetree]

@icanhazcpa remember, throw all that GAAP right out the window when thinking about receiving gifted property in the taxable world.

I know you want to go

Dr. Property (at basis)

Cr. Misc income (at basis)

But that is not how it goes in the taxable world.

IF HOWEVER, you received property for performing some sort of service or act, then of course, the taxpayer would recognize the fmv as income by.

Dr. Property (at FMV)

Cr. Income (at FMV)

Gited property is different. Remember income needs to be realized and recognized. Gifted property is realized, but is not recognized until it is disposed of.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[peetree]

@icanhazcpa remember, throw all that GAAP right out the window when thinking about receiving gifted property in the taxable world.

I know you want to go

Dr. Property (at basis)

Cr. Misc income (at basis)

But that is not how it goes in the taxable world.

IF HOWEVER, you received property for performing some sort of service or act, then of course, the taxpayer would recognize the fmv as income by.

Dr. Property (at FMV)

Cr. Income (at FMV)

Gited property is different. Remember income needs to be realized and recognized. Gifted property is realized, but is not recognized until it is disposed of.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[icanhazcpa]

aaaaaaaaaaaah thank you thank you I get it now

BEC - 83
FAR - 83
REG - 74, 78
AUD - 76

Becker Self Study

[icanhazcpa]

aaaaaaaaaaaah thank you thank you I get it now

BEC - 83
FAR - 83
REG - 74, 78
AUD - 76

Becker Self Study

[Serg8522]

thanks God I passed it already… Ufff

✓REG 81 (10/13/2012)
✓FAR 82 (01/14/2013)
✓AUD 61 (05/23/2013), 93(07/01/2013)
✓BEC 79 (12/04/2013)

Becker and ONLY Becker

[Serg8522]

thanks God I passed it already… Ufff

✓REG 81 (10/13/2012)
✓FAR 82 (01/14/2013)
✓AUD 61 (05/23/2013), 93(07/01/2013)
✓BEC 79 (12/04/2013)

Becker and ONLY Becker

[Heidi-O]

@Peetree Good Luck!! I know you can do this!! You got it!! Here's to the first booklet questions being at the “Bob” level!! “Bob and his wife, who are filing a joint return, have their first baby on 12/31/2013. How many exemptions can he claim?”

@Lsync @ORcpaHopeful is right. I wanted to extend my REG exam date by one week and my husband talked me out of it. I went to take the exam, felt very VERY anxious and is if I was completely unprepared and couldn't think during the m/c part of the exam. I got a 74. I could have passed it if I would have been able to mentally calm down, but it was hard for me to do that. I just kept thinking “I need one more week, that's it.” He meant well, he was just trying to give me support.

Ok, back to the books!! I have to finish up handwriting my notes for chapter 4 (Yeehaw!!) and then I can blow through the others quickly!!!

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[Heidi-O]

@Peetree Good Luck!! I know you can do this!! You got it!! Here's to the first booklet questions being at the “Bob” level!! “Bob and his wife, who are filing a joint return, have their first baby on 12/31/2013. How many exemptions can he claim?”

@Lsync @ORcpaHopeful is right. I wanted to extend my REG exam date by one week and my husband talked me out of it. I went to take the exam, felt very VERY anxious and is if I was completely unprepared and couldn't think during the m/c part of the exam. I got a 74. I could have passed it if I would have been able to mentally calm down, but it was hard for me to do that. I just kept thinking “I need one more week, that's it.” He meant well, he was just trying to give me support.

Ok, back to the books!! I have to finish up handwriting my notes for chapter 4 (Yeehaw!!) and then I can blow through the others quickly!!!

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[Anonymous]

hahahahaha peetree is back lol …

[Anonymous]

hahahahaha peetree is back lol …

[K_Sunshine5]

Peetree, I hope you've considered going into academia. That explanation was on point. Hope you rocked REG today! From reading that explanation, I think you've pretty much got it down pat 🙂

FAR: 65, 77!
AUD: 72, 72, 80!
REG: 64, 84!
BEC: 83!
Ethics: 98!

Delaware CPA as of May 23, 2014 at 10:43am EST.

"She believed she could, so she did."

[K_Sunshine5]

Peetree, I hope you've considered going into academia. That explanation was on point. Hope you rocked REG today! From reading that explanation, I think you've pretty much got it down pat 🙂

FAR: 65, 77!
AUD: 72, 72, 80!
REG: 64, 84!
BEC: 83!
Ethics: 98!

Delaware CPA as of May 23, 2014 at 10:43am EST.

"She believed she could, so she did."

[peetree]

I'm glad it helped!

2.5 hours to go, just went over the ninja notes one more time. At this point, anything I don't know, I'm not going to know before 6:00 pm. I'll let everyone know my thoughts in the reg experience thread.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[peetree]

I'm glad it helped!

2.5 hours to go, just went over the ninja notes one more time. At this point, anything I don't know, I'm not going to know before 6:00 pm. I'll let everyone know my thoughts in the reg experience thread.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[Author]

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