[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]

In this case yes, because he was hired to manage the land. One would assume by managing the land he would be aware of what is taking place.

And in general a minority shareholder would not be active in making business decisions along with their limited liability. Does this make sense?

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

[Skrier]

In this case yes, because he was hired to manage the land. One would assume by managing the land he would be aware of what is taking place.

And in general a minority shareholder would not be active in making business decisions along with their limited liability. Does this make sense?

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

[UCMCPA]

Look at this way IY247… If you buy stock in a company on an exchange, do you really think you're going to be liable for anything they do?

No, as a common shareholder the only thing you can lose is your investment.

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

[UCMCPA]

Look at this way IY247… If you buy stock in a company on an exchange, do you really think you're going to be liable for anything they do?

No, as a common shareholder the only thing you can lose is your investment.

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

[Kenada]

I have to ask those using Wiley – I download it onto my laptop. When I opened it just had AUD and BEC on it… I have REG but no idea why it missed on REG. – Did anyone else have that type of issue and how did you resolve it?

Never mind – I uninstalled it and reinstalled it again.. Totally weird !

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

[Kenada]

I have to ask those using Wiley – I download it onto my laptop. When I opened it just had AUD and BEC on it… I have REG but no idea why it missed on REG. – Did anyone else have that type of issue and how did you resolve it?

Never mind – I uninstalled it and reinstalled it again.. Totally weird !

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

[Skrier]

This B-Law is going to kill me. Testing on Thursday, and I am not feeling good about this section!! Guess I know what I will be going over tomorrow 🙁

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

[Skrier]

This B-Law is going to kill me. Testing on Thursday, and I am not feeling good about this section!! Guess I know what I will be going over tomorrow 🙁

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

[Kenada]

I know you will do great Skier !!! I am in a panic attack since I am having internet issues and not being able to as many questions… really annoying

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

[Kenada]

I know you will do great Skier !!! I am in a panic attack since I am having internet issues and not being able to as many questions… really annoying

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

[smsingla]

Candy Valentine owns securities with a tax basis of $5,000. She gives them to Bill Wallace when they are worth $6,100. He holds them but they begin to fall in value. He finally sells them for $5,200. What is the impact on taxable income that he must report on this sale?

A Zero

B $900 loss

C $200 gain

D $1,100 gain

I am really confused about this question. Please can some one tell what will u choose and why?

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

Candy Valentine owns securities with a tax basis of $5,000. She gives them to Bill Wallace when they are worth $6,100. He holds them but they begin to fall in value. He finally sells them for $5,200. What is the impact on taxable income that he must report on this sale?

A Zero

B $900 loss

C $200 gain

D $1,100 gain

I am really confused about this question. Please can some one tell what will u choose and why?

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[UCMCPA]

200 gain.

He gifted them, which would be a roll-over basis. Additionally, his basis was LOWER than FMV so I don't think you ahve to worry about the future selling price. Just remember, the IRS is trying to maximize your GAIN and limit your LOSS.

In this case he sold for 5200 – 5000 roll over basis = 200 gain.

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

[UCMCPA]

200 gain.

He gifted them, which would be a roll-over basis. Additionally, his basis was LOWER than FMV so I don't think you ahve to worry about the future selling price. Just remember, the IRS is trying to maximize your GAIN and limit your LOSS.

In this case he sold for 5200 – 5000 roll over basis = 200 gain.

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

[Future_FLCPA]

I'll say 200 gain as well. In a gifting transaction, his gain basis is the adjusted basis of the donor and the loss basis is the lesser of FMV of the gift at date of transaction or the donor's adjusted basis. In this case, both the loss and gain basis are the same. If he were to have sold the gift for 4000, he would have a 1000 loss. Correct?

B - 80 (Aug 2012)
A - 89 (Jan 2013)
F - 77 (May 2013)
R - 83 (Nov 2013)

[Author]

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