REG Study Group October November 2013 - Page 176

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  • October 31, 2013 at 3:51 pm #481866
    Anonymous
    Inactive

    Hi guys,

    With regards to ericknkem posts above on the section 179 deduction, I am a bit confused. I thought that the maximum deduction was $500,000 and it reduces dollar for dollar for personal property costing over $2,000,000. Now what is this $125,000 limit?

    Also, are you allowed to take section 179 and MACRS in the same year?

    Can someone please explain this to me…I feel like I am in the middle of the ocean not understanding section 179.

    October 31, 2013 at 4:51 pm #481857
    Anonymous
    Inactive

    @amelia

    About my post regarding section 179, those rules were applied before the updates. If you see my post following that one, I did agree with @melnp. Pls disregard my post.

    October 31, 2013 at 4:51 pm #481868
    Anonymous
    Inactive

    @amelia

    About my post regarding section 179, those rules were applied before the updates. If you see my post following that one, I did agree with @melnp. Pls disregard my post.

    October 31, 2013 at 4:54 pm #481859
    UCMCPA
    Member

    You can take 179, bonus and MACRS in the same years, even for the same property. The 179 and bonus are just going to lower the basis used for MACRS depreciation. Generally, the 179 is taken first, then the bonus, then MACRS.

    amelia, ignore the 125,000 limit. Concentrate on the 500,000 and 2,000,000 numbers.

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

    October 31, 2013 at 4:54 pm #481870
    UCMCPA
    Member

    You can take 179, bonus and MACRS in the same years, even for the same property. The 179 and bonus are just going to lower the basis used for MACRS depreciation. Generally, the 179 is taken first, then the bonus, then MACRS.

    amelia, ignore the 125,000 limit. Concentrate on the 500,000 and 2,000,000 numbers.

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

    October 31, 2013 at 5:05 pm #481861
    Anonymous
    Inactive

    Thank you guys!!!

    So to clarify, you are allowed $500,000 Max. Ded on property up to $2,000,000. Forget that the $125,000 limit exists???

    Is the bonus rate/reduction of basis 50%? there are much dates in the Becker book for assets placed in service for different dates makes me confuse.

    I am also going to ignore the 2013 rates since my exam is this Nov 27th and the examiners will still be testing 2012 rates according to Becker.

    October 31, 2013 at 5:05 pm #481872
    Anonymous
    Inactive

    Thank you guys!!!

    So to clarify, you are allowed $500,000 Max. Ded on property up to $2,000,000. Forget that the $125,000 limit exists???

    Is the bonus rate/reduction of basis 50%? there are much dates in the Becker book for assets placed in service for different dates makes me confuse.

    I am also going to ignore the 2013 rates since my exam is this Nov 27th and the examiners will still be testing 2012 rates according to Becker.

    October 31, 2013 at 5:16 pm #481863
    UCMCPA
    Member

    They will tell you what year they are testing, you need to know both rates. New material was to be tested on July 1, I'm not sure where it says they are still testing over 2012 stuff in Becker, I was under the impression they switched to new items.

    The 125,000 dollar amount, ignore it, that's an old rule.

    As for the Bonus rates, you can likely ignore that, I doubt they will test over that and if they do, they will tell you what bonus rate to use.

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

    October 31, 2013 at 5:16 pm #481874
    UCMCPA
    Member

    They will tell you what year they are testing, you need to know both rates. New material was to be tested on July 1, I'm not sure where it says they are still testing over 2012 stuff in Becker, I was under the impression they switched to new items.

    The 125,000 dollar amount, ignore it, that's an old rule.

    As for the Bonus rates, you can likely ignore that, I doubt they will test over that and if they do, they will tell you what bonus rate to use.

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

    October 31, 2013 at 5:52 pm #481865
    Anonymous
    Inactive

    @UCMCPA, thanks! The Becker support team said the 2013 rates is not testing until January 2013. A few people I know took the exam last week and said that they are still testing 2012 rates and they would specially mentioned in the question which year they are looking for.

    October 31, 2013 at 5:52 pm #481876
    Anonymous
    Inactive

    @UCMCPA, thanks! The Becker support team said the 2013 rates is not testing until January 2013. A few people I know took the exam last week and said that they are still testing 2012 rates and they would specially mentioned in the question which year they are looking for.

    November 1, 2013 at 3:26 am #481867
    Anonymous
    Inactive

    Hi everyone, I came across the same question. However wiley says B should be the answer. I dont understand why. The question asks which of the following is not correct. B is correct as Jardine can directly go after surety before going to Dent. Can anyone please explain. Thanks

    Q: Dent Corporation received a loan from Jardine Finance Company. As part of the signed written agreement, Jardine required that one of the members of the board of directors of Dent Corporation act as a surety for the entire loan. The loan agreement also called for some of Dent’s real estate to be used as collateral for 50% of the loan. Which of the following is not correct?

    Choices:

    a) When the loan is due , if the collateral does not contribute to half of the loan, Jardine may seek to recover the entire remainder from the surety without resorting to the corporation.

    b) Jardine may choose to proceed against the surety for the entire loan when the loan is due.

    c)When the loan is due , Jardine must first seek collection of the loan from Dent before resorting to the surety or the collateral

    d) If jardine recovers more than half of the loan amount upon resale of the collateral, Jardine must pay the excess to dent

    Thanks

    November 1, 2013 at 3:26 am #481878
    Anonymous
    Inactive

    Hi everyone, I came across the same question. However wiley says B should be the answer. I dont understand why. The question asks which of the following is not correct. B is correct as Jardine can directly go after surety before going to Dent. Can anyone please explain. Thanks

    Q: Dent Corporation received a loan from Jardine Finance Company. As part of the signed written agreement, Jardine required that one of the members of the board of directors of Dent Corporation act as a surety for the entire loan. The loan agreement also called for some of Dent’s real estate to be used as collateral for 50% of the loan. Which of the following is not correct?

    Choices:

    a) When the loan is due , if the collateral does not contribute to half of the loan, Jardine may seek to recover the entire remainder from the surety without resorting to the corporation.

    b) Jardine may choose to proceed against the surety for the entire loan when the loan is due.

    c)When the loan is due , Jardine must first seek collection of the loan from Dent before resorting to the surety or the collateral

    d) If jardine recovers more than half of the loan amount upon resale of the collateral, Jardine must pay the excess to dent

    Thanks

    November 1, 2013 at 5:58 am #481869
    Kenada
    Member

    Best of luck for tomorrow Future FLCPA!!

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

    November 1, 2013 at 5:58 am #481880
    Kenada
    Member

    Best of luck for tomorrow Future FLCPA!!

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

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