[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/

[kappa1032]

Good luck tomorrow Cricket! And to everybody else taking it tomorrow!!

FAR - 81
REG - 74, 87
AUD - 88
BEC - 88

Finally.

“The only guarantee for failure is to stop trying”
― John C. Maxwell

[letsfinishthis100]

Hey guys. Hows it going? I am taking REG on Weds night. Quick question for you guys.

I was just reviewing some partnership taxation and computing basis in the Becker book.

Basis + Income -losses-withdrawals = Ending capital account + %recourse liabilities = year end basis

Cool makes sense!

A few pages later the book starts to go into detail about tax basis and at risk amount.

The tax basis included the recourse liabilities and the non recourse liabilities. Then At risk amount is just recourse liabilities.

So my question is are tax basis, at risk amount, and year end basis 3 different concepts?

If someone could clear this up for me. I would appreciate it. Last think I want is to trip up on the exam over something small and something that could even end up as a simulation.

FAR 87
REG 08/27/14

[Anonymous]

Getting in some last minute AMT studying before my exam in a couple hours. Good luck to anyone else sitting today.

[SeePeaAye]

I am up to 1580 questions completed; 334 yesterday alone. My. Brain. Hurts. With this being my (hopefully) last exam, I am feeling SO much pressure. Testing Friday. Good luck to everyone and please keep your fingers crossed for me. So ready to be done with this journey.

BEC - 69,77(exp), 77
REG - 65,60,79(exp),73,79 DONE!!
AUD - 50,71,68,69,73,87!
FAR - 57,59,74,72,66,76!

[Qlad]

@seepeaye…I love ur determination…need to learn from you…all the best…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[gorbuha]

Hi guys,

Can you help me solve the following question? Thank you very much!

Lane, a single taxpayer, received $160,000 in salary, $15,000 in income from an S corporation in which Lane does not materially participate, and a $35,000 passive loss from a real estate rental activity in which Lane materially participated. Lane's modified adjusted gross income was $165,000. What amount of the real estate rental activity loss was deductible?

A.

$0

B.

$15,000

C.

$25,000

D.

$35,000

FAR - 89
AUD - 84
BEC - 84
REG - 49, 86
ETHICS - 96........ DONE!!!

[Tax lady]

C? Wouldn't the loss be capped at 25K since he materially participates?

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[JamesBJames]

Almost sure that one's B. Passive losses offset passive income, so you can offset the S corp income with the real estate loss. C is wrong because Lane's MAGI is too high — the normal $25,000 exemption is entirely phased out by $150,000.

FAR: May 1st, 2014 - 91
AUD: May 29th, 2014 - 97!
BEC: July 16th, 2014 - 91
REG: August 29th, 2014 - 88

Licensed December 2015

Feel free to add me on LinkedIn by clicking my username!

[Tax lady]

Yep…didn't think about the phaseout.

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[How many letters do you need]

Agreed…15K. Curious though. Is the 25K limit against active income in addition to the amount you claim against passive income or is it 25K max between the two? So in the above example, if the taxpayer had income below 100K, would they be able to deduct 15K + the remaining 20K or would it be 15K+ only 10k of active due to the 25K limit?

MBA,CMA,CPA, CFF?, ABV?

[kappa1032]

Is anybody else's Ninja MCQ not working/super slow right now? I got kicked out of a progress test but luckily it saved the questions I already completed (unlike becker!)

FAR - 81
REG - 74, 87
AUD - 88
BEC - 88

Finally.

“The only guarantee for failure is to stop trying”
― John C. Maxwell

[gorbuha]

Not sure why the answer is C.

Passive loss from rental real estate = (35,000)

Only $25,000 from rental real estate can be used to offset ordinary income, right? Only from rental real estate, not from any other passive activity?

Out of this loss, 25,000 can be offset by regular income provided it does not exceed $150,000 (the phase-out limit). So since MAGI was $165,000 which is over $150,000 the $25,000 should be fully phased out and the taxpayer would not be able to use any to offset the ordinary income, right?

FAR - 89
AUD - 84
BEC - 84
REG - 49, 86
ETHICS - 96........ DONE!!!

[How many letters do you need]

Kappa: Yes my NINJA MCQs are crazy slow….not good timing!

MBA,CMA,CPA, CFF?, ABV?

[How many letters do you need]

Gorbuha: I'm pretty sure that you can use it to offset the 15K in SCorp passive income first. That's where the 15K comes from. There is no doubt that they make too much money to qualify for the 25K offset of active income….the question I'm curious about is if the 25K against active income is (assuming they made under 100K, for example) reduced by anything also taken against passive income. I've never seen a MCQ that has both passive and active in it so I'm curious. I can just see the AICPA sticking us with one like that

MBA,CMA,CPA, CFF?, ABV?

[thechapman]

Anyone else feel very unprepared/nervous about taking REG in the next week? I am almost certain I will fail this one which makes studying this week pretty difficult…

Passed - 2014

[Author]

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