[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

[smsingla]

IY….Answer should be B. right? Ward was not in privity of contract with Huff.

Because under 1933 Act, Privity doesn't have to be there

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

[smsingla]

Good luck Skrier!!! I m sure u will do an awesome job.

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

[smsingla]

Good luck Skrier!!! I m sure u will do an awesome job.

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

[Kenada]

yes its B

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

[Kenada]

yes its B

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

[Kenada]

Frank Lyon was held up and robbed of $800 cash in June 2012. One month later, Frank had $2,000 cash stolen from him by his housekeeper. Frank’s adjusted gross income for 2012 was $10,000. How much was deductible by Frank for theft losses in 2012?

$1,600

$1,800

$ 900

$1,700

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

[Kenada]

Frank Lyon was held up and robbed of $800 cash in June 2012. One month later, Frank had $2,000 cash stolen from him by his housekeeper. Frank’s adjusted gross income for 2012 was $10,000. How much was deductible by Frank for theft losses in 2012?

$1,600

$1,800

$ 900

$1,700

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

[UCMCPA]

1,600.

10,000 x .1 AGI limit – 1,000

Total losses = 2,800

$ 100 floor limitation x 2 events = 200

deductible amount = 2,800 – 1,000 – 200 = 1600

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

[UCMCPA]

1,600.

10,000 x .1 AGI limit – 1,000

Total losses = 2,800

$ 100 floor limitation x 2 events = 200

deductible amount = 2,800 – 1,000 – 200 = 1600

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

[Kenada]

Yes its 1600.00

I don't know why i had it in my head it was a one time 100.00 Not per event. But good to know

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

[Kenada]

Yes its 1600.00

I don't know why i had it in my head it was a one time 100.00 Not per event. But good to know

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

[terranz]

@UCMCPA couple Qs for ya:

how did you keep all the different rules for IRA contributions (roth, traditional, coverdell, non-deductible) clear?

did you memorize the amounts for individual AMT?

and did you memorize a lot of Circular 230 and SSTS?

@skrier good luck tomorrow – i think you'll do great.

[terranz]

@UCMCPA couple Qs for ya:

how did you keep all the different rules for IRA contributions (roth, traditional, coverdell, non-deductible) clear?

did you memorize the amounts for individual AMT?

and did you memorize a lot of Circular 230 and SSTS?

@skrier good luck tomorrow – i think you'll do great.

[Anonymous]

Regarding IY247's question…

Murd Corporation, a domestic corporation, acquired a 90% interest in the Drum Company in 2010 for $30,000. During 2013, the stock of Drum was declared worthless. What type and amount of deduction should Murd take for 2013?

Long-term capital loss of $30,000.

Long-term capital loss of $3,000.

Long-term capital loss of $15,000.

Ordinary loss of $30,000.

I thought losses were disallowed on related party transactions? Is there an exception for worthless stock?

[Anonymous]

Regarding IY247's question…

Murd Corporation, a domestic corporation, acquired a 90% interest in the Drum Company in 2010 for $30,000. During 2013, the stock of Drum was declared worthless. What type and amount of deduction should Murd take for 2013?

Long-term capital loss of $30,000.

Long-term capital loss of $3,000.

Long-term capital loss of $15,000.

Ordinary loss of $30,000.

I thought losses were disallowed on related party transactions? Is there an exception for worthless stock?

[Author]

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