[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Anonymous]

Can anyone confirm whether the Ninja MCQ are different from the ones offered by Becker?

[juventa36]

@_Nick_ they are the same. Depending on the topic one has more/less than the other. I like Ninja MCQ better because it subdivides each topic.

[Anonymous]

Figured seeing as they all draw from the AICPA. Guess I won't be buying the NINJA MCQs.

Sorry, Jeff!

[juventa36]

The major difference is in the SIMs. NINJA MCQ has 69 vs Becker's 12!

[Amay]

@jhawkins your comment made me literally lol. That is soooo me! It doesn't help that I study in the dining room, which is right next to my living room (aka couch) so when I start bobbling I just jump right over. Sometimes there is no waking me up until the next day :/

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

Thinking about hitting the coffee shop early tomorrow morning. I have not made any real progress today at home and it's almost 7pm!!! 🙁

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

Anyone have a nice summary of basis and when to use FMV vs adjusted basis?

[Anonymous]

if FMV is less then adjusted basis (NBV) then it depends on the selling price otherwise you use the donors basis (NBV)

Selling price higher then NBV then use NBV and recognize gain

Selling price inbetween NBV and FMV then basis is selling price – no gain or loss

selling price below FMV then use FMV and recognize loss

[Anonymous]

Is that for all business structures?

[Anonymous]

that was the gift basis but partnerships

+ property at adjusted basis

-liabilities assumed by other partners

+services at FMV – taxable

+liabilities assumed by incoming partner

Corps

Greater of adjusted basis or liabilities assumed

no gain or loss if 80% control and boot is not involved

Basis to shareholders

cash

property at adjusted basis

services at FMV – taxable

minus cash recieved and liabilities assumed by corp and all that good stuff

[Anonymous]

Thanks! My notes are confusing and I keep getting the basis questions wrong. I really appreciate your response!

[Amay]

I just picked up that gift basis is the same as related party transactions basis. I don't have a summary yet, but once I am closer to my review stage I will try to post something!

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

Basis is pretty important to know i'm assuming because in becker about half of all the questions are either basis related or like kind exchange calculations

[Amay]

Yes it is! It is on my list of must-knows before exam day!

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

now because we think were gonna see a couple questions on it there aren't gonna be any of those questions on the exam.

[Author]

Replies