[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

[NYCaccountant]

Limited partners cannot be agents of the partnership and therefore cannot bind the partnership to agreements with creditors. Also, by entering to the agreement, Juan basically gave up his limited liability and is now personally liable for the debt. Limited partners cannot take an active role in managing the business, or else they lose there protection of limited liability. They must remain passive when it comes to the management aspect of the partnership.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[jessica8926]

Ah ok so they are saying Juan has only LIMITED to all other creditors, but is FULLY liable to Chow. So answer A would sound better if it said Juan has limited liability to all other creditors, except to Chow, who he is now fully liable too? Got it! Thanks for your help guys!

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

IL candidate!

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

[jessica8926]

Ah ok so they are saying Juan has only LIMITED to all other creditors, but is FULLY liable to Chow. So answer A would sound better if it said Juan has limited liability to all other creditors, except to Chow, who he is now fully liable too? Got it! Thanks for your help guys!

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

IL candidate!

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

[Anonymous]

Well I just started at a new firm last Wednesday, and things are slow around the office so they've allowed me just to study for REG. It's my last part and I would really like to pass it because FAR will fall off in January and I don't know what I would do if I lost that! I've just been grinding threw WTB, this will be third time taking it, first I got a 74 with Becker, then a 70 just with Becker MC, now I'm committed to the Roger Cram and WTB. It worked for me with AUD after I got a 74 I switched to the Cram and WTB and got an 84! Anxious to be done with this beast of a test so I can write all of my college profs and let them know I got through this thing! Good luck to everyone studying for REG, I hope I can remember Regulation D and all the sections when it comes exam time!

[Anonymous]

Well I just started at a new firm last Wednesday, and things are slow around the office so they've allowed me just to study for REG. It's my last part and I would really like to pass it because FAR will fall off in January and I don't know what I would do if I lost that! I've just been grinding threw WTB, this will be third time taking it, first I got a 74 with Becker, then a 70 just with Becker MC, now I'm committed to the Roger Cram and WTB. It worked for me with AUD after I got a 74 I switched to the Cram and WTB and got an 84! Anxious to be done with this beast of a test so I can write all of my college profs and let them know I got through this thing! Good luck to everyone studying for REG, I hope I can remember Regulation D and all the sections when it comes exam time!

[jessica8926]

Could someone help me get this straight in my brain. I have been studying all day and am making this harder than it needs to be! Here is a statement from Becker:

Taxpayer inherited property with FMV at death of $4,000 and decedent's basis of $3,000. Decedent owned for 1 day. ALVD elected and FMV was $5,000. Sold for #6,500 in a year.

They chose $5,000 as the basis because of ALVD, but how did they know to choose that? As ALVD states earlier of 6 months after death or date of distribution/sale….I am just confusing myself. Any explanation as to how you understand it would be great! Thank you!

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

IL candidate!

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

[jessica8926]

Could someone help me get this straight in my brain. I have been studying all day and am making this harder than it needs to be! Here is a statement from Becker:

Taxpayer inherited property with FMV at death of $4,000 and decedent's basis of $3,000. Decedent owned for 1 day. ALVD elected and FMV was $5,000. Sold for #6,500 in a year.

They chose $5,000 as the basis because of ALVD, but how did they know to choose that? As ALVD states earlier of 6 months after death or date of distribution/sale….I am just confusing myself. Any explanation as to how you understand it would be great! Thank you!

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

IL candidate!

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

[Anonymous]

@Jessica8926 Your initial basis in property you inherit is based on the fair market value of the property on the relevant valuation date. In this case Becker told us that the ALVD was elected and that was the FMV as of the ALVD. So the descendant now carries it at that basis, or the step up basis as it sometime referred to.

[Anonymous]

@Jessica8926 Your initial basis in property you inherit is based on the fair market value of the property on the relevant valuation date. In this case Becker told us that the ALVD was elected and that was the FMV as of the ALVD. So the descendant now carries it at that basis, or the step up basis as it sometime referred to.

[Anonymous]

For an individual taxpayer, does the investment interest expense has to also be above 2% of AGI? Or just limited to net investment income?

[Anonymous]

For an individual taxpayer, does the investment interest expense has to also be above 2% of AGI? Or just limited to net investment income?

[Igotthis]

@amelia, Investment interest expense is a below the line deduction and is limited to net investment income. The remainder is carry forward for unlimited years.

Hey guys!

I remember for my other exams, people usually posts questions and someone answers and then posts another question. This usually really helps since it is sort of a brainstorming game.

I will start first:

Distributions in excess of Accumulated Adjustments Account are treated as ___________ to the extent of S corp's __________.

Let the game begin!

[Igotthis]

@amelia, Investment interest expense is a below the line deduction and is limited to net investment income. The remainder is carry forward for unlimited years.

Hey guys!

I remember for my other exams, people usually posts questions and someone answers and then posts another question. This usually really helps since it is sort of a brainstorming game.

I will start first:

Distributions in excess of Accumulated Adjustments Account are treated as ___________ to the extent of S corp's __________.

Let the game begin!

[teeteenounouche]

Distributions in excess of Accumulated Adjustments Account are treated as ORDINARY DIVIDENDS to the extent of S corp's AEP (ACCUMULATED EARNINGS and PROFIT).

@Igotthis liking this game 🙂

Who may sue under Securities of 1933?

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]

Distributions in excess of Accumulated Adjustments Account are treated as ORDINARY DIVIDENDS to the extent of S corp's AEP (ACCUMULATED EARNINGS and PROFIT).

@Igotthis liking this game 🙂

Who may sue under Securities of 1933?

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

[Author]

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