[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

[stoleway]

Qlad…..The child can still be claimed by the parents once he or she is a full time student and is being supported by the parents.

Gross income does not play any factor here, I think there is also an age limit.

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[cpaherewego]

Here is a question…

A donation account for medical expenses and living expenses for a 22 year old dependent who is awaiting a double lung transplant has been set up via a local credit union and online donation website. Would this donation account be taxable to the recipient? Why or why not?

FAR - 10/13(retake)
AUD - TBD
BEC - TBD
REG - TBD

You can do anything you put your mind too!!!

[cpaherewego]

Here is a question…

A donation account for medical expenses and living expenses for a 22 year old dependent who is awaiting a double lung transplant has been set up via a local credit union and online donation website. Would this donation account be taxable to the recipient? Why or why not?

FAR - 10/13(retake)
AUD - TBD
BEC - TBD
REG - TBD

You can do anything you put your mind too!!!

[jeff]

Free Partnership Tax BLITZ Video:

https://www.another71.com/ninja-blitz/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[jeff]

Free Partnership Tax BLITZ Video:

https://www.another71.com/ninja-blitz/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

Question: For anyone that passed REG, how much time did you give yourself to study. I use Becker and my general methodology is watch lectures, take my own notes, review my own notes, do the MCQ, identify weak areas and study those again — rework those problems I got wrong after I finish the next section (i.e. for FAR, the questions I got wrong in F1, I reworked after I did F2).

REG is the section that intimidates me the most — what is the minimum number of days that it could take to get through the material and be comfortable enough to take the exam (assuming that I take time off work and only focus on the exam).

I am taking BEC Oct 1 and want to take either REG or AUD at the end of the Q4 window…and the remaining at the beginning of the Q1'14 window.

Any feedback is greatly appreciated!

[Anonymous]

Question: For anyone that passed REG, how much time did you give yourself to study. I use Becker and my general methodology is watch lectures, take my own notes, review my own notes, do the MCQ, identify weak areas and study those again — rework those problems I got wrong after I finish the next section (i.e. for FAR, the questions I got wrong in F1, I reworked after I did F2).

REG is the section that intimidates me the most — what is the minimum number of days that it could take to get through the material and be comfortable enough to take the exam (assuming that I take time off work and only focus on the exam).

I am taking BEC Oct 1 and want to take either REG or AUD at the end of the Q4 window…and the remaining at the beginning of the Q1'14 window.

Any feedback is greatly appreciated!

[Skrier]

@cpaherewego….My thought is that no it is not taxable to the recipient. If you are just referring to the amounts donated themselves, I think these would be considered gifts and as we know gifts are taxable to the person giving the gift in excess of the single exclusion limit of $14,000. On the other hand, if the donation account is a bank account that earns interest and the account is established in the taxpayers name, then the interest earned would be taxable income to the recipient. Does anyone else have any thoughts on this?

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

[Skrier]

@cpaherewego….My thought is that no it is not taxable to the recipient. If you are just referring to the amounts donated themselves, I think these would be considered gifts and as we know gifts are taxable to the person giving the gift in excess of the single exclusion limit of $14,000. On the other hand, if the donation account is a bank account that earns interest and the account is established in the taxpayers name, then the interest earned would be taxable income to the recipient. Does anyone else have any thoughts on this?

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

[stoleway]

Skrier….I thought the creator of the bank account is still liable for gift taxes once the recipient withdraws money from the bank account??

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[stoleway]

Skrier….I thought the creator of the bank account is still liable for gift taxes once the recipient withdraws money from the bank account??

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Skrier]

@stoleway…..I would say yes I agree with you. Wait, I am not sure I am following you on the withdrawl from a bank account. But that was a piece of information we weren't provided. Who set up the account and was it a trust or not. I hope I haven't missed something here, is there something specific to donation accounts? I didn't see anything in Becker on that. Thoughts please?

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

[Skrier]

@stoleway…..I would say yes I agree with you. Wait, I am not sure I am following you on the withdrawl from a bank account. But that was a piece of information we weren't provided. Who set up the account and was it a trust or not. I hope I haven't missed something here, is there something specific to donation accounts? I didn't see anything in Becker on that. Thoughts please?

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

[stoleway]

skrier…There is a difference between trust and joint bank account, please see my understanding below

JOINT BANK ACCOUNT

Merely putting someone's name on an account does not constitute a gift. The gift occurs only if funds are withdrawn by the newly named co-owner while the original owner is alive.

TRUST.

Gift tax is said to have occured when you set up a trust for a beneficiary and do not retain any interest in the trust., the beneficiary will be liable for taxes on any proceeds that comes out of the trust.

You will be liable for gift taxes if you set up a trust for a beneficiary and still maintain an interest in the trust.

This is my opinion

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[stoleway]

skrier…There is a difference between trust and joint bank account, please see my understanding below

JOINT BANK ACCOUNT

Merely putting someone's name on an account does not constitute a gift. The gift occurs only if funds are withdrawn by the newly named co-owner while the original owner is alive.

TRUST.

Gift tax is said to have occured when you set up a trust for a beneficiary and do not retain any interest in the trust., the beneficiary will be liable for taxes on any proceeds that comes out of the trust.

You will be liable for gift taxes if you set up a trust for a beneficiary and still maintain an interest in the trust.

This is my opinion

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Author]

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