[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

[Future_FLCPA]

What about reliance?

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

[Future_FLCPA]

What about reliance?

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

[Kenada]

In the current year, Tatum exchanged farmland for an office building. The farmland had a basis of $250,000, a fair market value (FMV) of $400,000, and was encumbered by a $120,000 mortgage. The office building had an FMV of $350,000 and was encumbered by a $70,000 mortgage. Each party assumed the other’s mortgage. What is the amount of Tatum’s recognized gain?

A $150,000

B $0

C $ 50,000

D $100,000

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

[Kenada]

In the current year, Tatum exchanged farmland for an office building. The farmland had a basis of $250,000, a fair market value (FMV) of $400,000, and was encumbered by a $120,000 mortgage. The office building had an FMV of $350,000 and was encumbered by a $70,000 mortgage. Each party assumed the other’s mortgage. What is the amount of Tatum’s recognized gain?

A $150,000

B $0

C $ 50,000

D $100,000

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

[Skrier]

Under 1933, one only needs to show they bought the stock, they suffered a loss and there was a material misstatement, nothing else. Under 1934 They must show Scienter and Reliance

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

[Skrier]

Under 1933, one only needs to show they bought the stock, they suffered a loss and there was a material misstatement, nothing else. Under 1934 They must show Scienter and Reliance

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

[Future_FLCPA]

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

[Future_FLCPA]

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

[Future_FLCPA]

C? Tatum's original liability less new liability assumed

Seems like a like kind exchange (realty for realty). In such an event, you'll need to take the boot into consideration (liabilities released or assumed)

.

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

[Future_FLCPA]

C? Tatum's original liability less new liability assumed

Seems like a like kind exchange (realty for realty). In such an event, you'll need to take the boot into consideration (liabilities released or assumed)

.

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

[Skrier]

@Furture you can also look at it this was…the earlier you act (1933 ACT) the easier it is to recover…meaning the less you have to show. The later you act (1934 ACT) the harder it is to recover…meaning the more you have to prove (Reliance and Scienter). Kinda cheesy but it helps me keep it straight.

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

[Skrier]

@Furture you can also look at it this was…the earlier you act (1933 ACT) the easier it is to recover…meaning the less you have to show. The later you act (1934 ACT) the harder it is to recover…meaning the more you have to prove (Reliance and Scienter). Kinda cheesy but it helps me keep it straight.

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

[Future_FLCPA]

I like that! Thanks @Skrier

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

[Future_FLCPA]

I like that! Thanks @Skrier

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

[Skrier]

@IY…I also think it is C, $50,000, Under the like kind exchange the gain recognized is the lesser of gain realized or boot received. In this case realized gain would be $150,000 and net boot received would be $50,000. So the lesser of should be the correct answer.

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

[Author]

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