[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

[Skrier]

Good Luck tomorrow…let us know how it goes!!

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Kenada]

Thank you UMCPA – Good Luck!! 🙂

FAR 05/27/14; 786/110 - Done !

[Kenada]

Thank you UMCPA – Good Luck!! 🙂

FAR 05/27/14; 786/110 - Done !

[Anonymous]

So building on your question UCMCPA…I know Limited Partnerships and Rental are passive…What else? I am am now confused that S-Corp interests can be passive also?

[Anonymous]

So building on your question UCMCPA…I know Limited Partnerships and Rental are passive…What else? I am am now confused that S-Corp interests can be passive also?

[UCMCPA]

Income from royalties, real estate, partnerships, s-corps

FAR - 84
AUD - 94
REG - 86
BEC - 86

[UCMCPA]

Income from royalties, real estate, partnerships, s-corps

FAR - 84
AUD - 94
REG - 86
BEC - 86

[Anonymous]

Okay, ya I remeber now. Is it if they materially participate in any of those then it is active income? For Ltd. P-ships and S-corps, is the materialiaty measured by the no. of hours participated (or the other lengthy materiality rules…) or % ownership?

[Anonymous]

Okay, ya I remeber now. Is it if they materially participate in any of those then it is active income? For Ltd. P-ships and S-corps, is the materialiaty measured by the no. of hours participated (or the other lengthy materiality rules…) or % ownership?

[UCMCPA]

It's not active income, they can just deduct it against their “at-risk” basis in the activity.

Say taxpayer materially participates in S corp, has a basis of 60,000 and is allocated a 75,000 loss… he can use the full 60,000 to deduct 60,000 of that loss. 15,000 will be suspended and he will have a 0 basis in the partnership

If he doesn't participate it can only offset other passive income.

Someone correct me if I”m wrong.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[UCMCPA]

It's not active income, they can just deduct it against their “at-risk” basis in the activity.

Say taxpayer materially participates in S corp, has a basis of 60,000 and is allocated a 75,000 loss… he can use the full 60,000 to deduct 60,000 of that loss. 15,000 will be suspended and he will have a 0 basis in the partnership

If he doesn't participate it can only offset other passive income.

Someone correct me if I”m wrong.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[Kenada]

I know for Real Property Trades or Business – an individual may avoid passive activity loss limitation treatment on a rental real estate if these two requirements are met.

– 50% or more participation

– 750 hour of service

FAR 05/27/14; 786/110 - Done !

[Kenada]

I know for Real Property Trades or Business – an individual may avoid passive activity loss limitation treatment on a rental real estate if these two requirements are met.

– 50% or more participation

– 750 hour of service

FAR 05/27/14; 786/110 - Done !

[Anonymous]

Okay. Ya, this is a bit confusing for me. I just don't think I have ever applied it as a passive activity loss….I have always reduced partnership/s corp basis. I will have to look over this again. Thanks.

[Anonymous]

Okay. Ya, this is a bit confusing for me. I just don't think I have ever applied it as a passive activity loss….I have always reduced partnership/s corp basis. I will have to look over this again. Thanks.

[Author]

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