[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

[jessica8926]

See that is the strange thing. I have the 2013 Becker edition materials and it still says 2012 in the text. Does the CPA exam test on old tax laws, rules, and regulations?

AUD - 69, 77
REG - 74, 81
FAR - 75!
BEC - 71, 82

IL candidate!

Finally done (5/24/16)!! Yahooooooo!

[jessica8926]

See that is the strange thing. I have the 2013 Becker edition materials and it still says 2012 in the text. Does the CPA exam test on old tax laws, rules, and regulations?

AUD - 69, 77
REG - 74, 81
FAR - 75!
BEC - 71, 82

IL candidate!

Finally done (5/24/16)!! Yahooooooo!

[Anonymous]

Can someone please explain to me what is a listed transaction and why is it a tax avoidance transaction.

[Anonymous]

Can someone please explain to me what is a listed transaction and why is it a tax avoidance transaction.

[Igotthis]

@amelia I had to look that one up too but it seems IRS has a a list of transactions that they have determined to be tax avoidance. This is why the term is called “listed transactions”, basically it is anything that is similar or are the same as those transactions they have said to be tax avoidance.

Here is the link to the IRS site that I read it on:

https://www.irs.gov/Retirement-Plans/EP-Abusive-Tax-Transactions

Hope this helps!

[Igotthis]

@amelia I had to look that one up too but it seems IRS has a a list of transactions that they have determined to be tax avoidance. This is why the term is called “listed transactions”, basically it is anything that is similar or are the same as those transactions they have said to be tax avoidance.

Here is the link to the IRS site that I read it on:

https://www.irs.gov/Retirement-Plans/EP-Abusive-Tax-Transactions

Hope this helps!

[Anonymous]

Thank you, Igotthis

[Anonymous]

Thank you, Igotthis

[teeteenounouche]

I fell asleep reading bus law notes last night 🙂

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[teeteenounouche]

I fell asleep reading bus law notes last night 🙂

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[Soon2beCPA]

I have been studying for REG hard core for the past couple of months. I take the test on Saturday but I definitely don't feel confident. I have been using Wiley Test Bank and have NEVER scored above an 85. For most of the practice tests, I score in the 70-80% range and I took a practice test last night and seriously freaked out when I got 76% – does anyone know how Wiley usually compares to the actual test? I've tried to pinpoint my weak areas but it really is more that I think I know the information but when I start answering questions, I start debating in my head and pick the WRONG answer. Do you guys think I should reschedule and take the test later in November or should I just wing it and hope that Wiley is harder than the actual test is going to be?

BEC - 11/2015 - 82
FAR - 10/1/2016
AUD - 6/4/2016 - 80
REG - 12/10/2016

[Soon2beCPA]

I have been studying for REG hard core for the past couple of months. I take the test on Saturday but I definitely don't feel confident. I have been using Wiley Test Bank and have NEVER scored above an 85. For most of the practice tests, I score in the 70-80% range and I took a practice test last night and seriously freaked out when I got 76% – does anyone know how Wiley usually compares to the actual test? I've tried to pinpoint my weak areas but it really is more that I think I know the information but when I start answering questions, I start debating in my head and pick the WRONG answer. Do you guys think I should reschedule and take the test later in November or should I just wing it and hope that Wiley is harder than the actual test is going to be?

BEC - 11/2015 - 82
FAR - 10/1/2016
AUD - 6/4/2016 - 80
REG - 12/10/2016

[Future_FLCPA]

In April, A and B formed X Corp. A contributed $50,000 cash, and B contributed land worth $70,000 (with an adjusted basis of $40,000). B also received $20,000 cash from the corporation. A and B each receives 50% of the corporation's stock. What is the tax basis of B in X Corp?

A – 40000

B – 50000

C – 60000

D – 70000

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

[Future_FLCPA]

In April, A and B formed X Corp. A contributed $50,000 cash, and B contributed land worth $70,000 (with an adjusted basis of $40,000). B also received $20,000 cash from the corporation. A and B each receives 50% of the corporation's stock. What is the tax basis of B in X Corp?

A – 40000

B – 50000

C – 60000

D – 70000

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

[Anonymous]

@Future

I believe the answer is C

The corporation normally takes as Tax basis the adjusted basis of the property received from the at least 80% group of shareholders after the transaction. However, the corporation also paid additional boot, which will increase the tax basis of the asset.

[Author]

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