[jeff]

REG Resources:

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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

[Kenada]

Yes that is correct per what I have too.

Benefits over $5,250. If your employer pays more than $5,250 in educational assistance benefits for you during the year, you must generally pay tax on the amount over $5,250. Your employer should include in your wages (Form W-2, box 1) the amount that you must include in income.

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

[Kenada]

Yes that is correct per what I have too.

Benefits over $5,250. If your employer pays more than $5,250 in educational assistance benefits for you during the year, you must generally pay tax on the amount over $5,250. Your employer should include in your wages (Form W-2, box 1) the amount that you must include in income.

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

[Qlad]

Pls help me with this question…

A sold 200 shares of Y corp.stock at $22 per share. A received these shares as gift from his brother 3 yrs ago when the FMV was $26 per share. A' brother purchased them for $16 per share. Gain/ loss?

They say the answer is gain $1200….I thought it was in between the basis and FMV …so shud be 0.? where am i going wrong?

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

Pls help me with this question…

A sold 200 shares of Y corp.stock at $22 per share. A received these shares as gift from his brother 3 yrs ago when the FMV was $26 per share. A' brother purchased them for $16 per share. Gain/ loss?

They say the answer is gain $1200….I thought it was in between the basis and FMV …so shud be 0.? where am i going wrong?

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[stoleway]

NO GAIN

selling Price $4400

Adjusted Basis ($3200)

=1200…..there is a gain.

NO LOSS

Selling Price $4400

FMV ($5200)

=($800)

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

Mass-CPA

[stoleway]

NO GAIN

selling Price $4400

Adjusted Basis ($3200)

=1200…..there is a gain.

NO LOSS

Selling Price $4400

FMV ($5200)

=($800)

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

Mass-CPA

[svwCPA72]

I've been doing practice tests (without sims) on Wiley and Becker. In Becker I am getting 78s and 79s but on Wiley I am getting low 70s. Is this bad?

BEC: 80(8/10) expired, 77(10/14)!!!
FAR: 79(11/10) expired, 80(8/14)!!!
REG: 66(7/11), 70(1/12), 70(4/12), 73(10/13), 79(5/14)!!
AUD: 43(8/11), 64(10/11), 65(2/12), 69(7/12) 64(10/12), 73(5/13), 64(7/13), 84(11/13)!!! Thank you Another71 for your help!

Becker, Ninja Notes, Audio, Flashcard and Wiley test bank
Yaeger and Wiley book for Audit

I AM DONE!!!!

[svwCPA72]

I've been doing practice tests (without sims) on Wiley and Becker. In Becker I am getting 78s and 79s but on Wiley I am getting low 70s. Is this bad?

BEC: 80(8/10) expired, 77(10/14)!!!
FAR: 79(11/10) expired, 80(8/14)!!!
REG: 66(7/11), 70(1/12), 70(4/12), 73(10/13), 79(5/14)!!
AUD: 43(8/11), 64(10/11), 65(2/12), 69(7/12) 64(10/12), 73(5/13), 64(7/13), 84(11/13)!!! Thank you Another71 for your help!

Becker, Ninja Notes, Audio, Flashcard and Wiley test bank
Yaeger and Wiley book for Audit

I AM DONE!!!!

[Kenada]

svwCPA72 – I don't think its bad. Just keep practicing until you get in the 80's plus.

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

[Kenada]

svwCPA72 – I don't think its bad. Just keep practicing until you get in the 80's plus.

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

[Kenada]

@ Qlad – do they give some explanation to why the answer is 1,200 ? I am wondering if its because of the period he had it before he sold it.

“A sold 200 shares of Y corp.stock at $22 per share. A received these shares as gift from his brother 3 yrs ago when the FMV was $26 per share. A' brother purchased them for $16 per share. Gain/ loss?

They say the answer is gain $1200.”

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

[Kenada]

@ Qlad – do they give some explanation to why the answer is 1,200 ? I am wondering if its because of the period he had it before he sold it.

“A sold 200 shares of Y corp.stock at $22 per share. A received these shares as gift from his brother 3 yrs ago when the FMV was $26 per share. A' brother purchased them for $16 per share. Gain/ loss?

They say the answer is gain $1200.”

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

[svwCPA72]

@ insiyah24 thanks. Hopefully I can get there before Wednesday. That's when my test is.

I think for Qlad question it is $1200 because A's brother bought the stock at $16 per share and the FMV at the time of the gift was $26 per share. If the FMV at the time of the gift is greater than the basis, you use the basis for basis of the person receiving it. If the FMV at the time of the gift is less than the basis, then it depends on how much it was sold for. If it was sold for less than FMV then use FMV as basis. If it was sold for more than basis gifter's basis, then use the basis as basis. If sold in between there is no gain/loss.

Does that make sense?

BEC: 80(8/10) expired, 77(10/14)!!!
FAR: 79(11/10) expired, 80(8/14)!!!
REG: 66(7/11), 70(1/12), 70(4/12), 73(10/13), 79(5/14)!!
AUD: 43(8/11), 64(10/11), 65(2/12), 69(7/12) 64(10/12), 73(5/13), 64(7/13), 84(11/13)!!! Thank you Another71 for your help!

Becker, Ninja Notes, Audio, Flashcard and Wiley test bank
Yaeger and Wiley book for Audit

I AM DONE!!!!

[svwCPA72]

@ insiyah24 thanks. Hopefully I can get there before Wednesday. That's when my test is.

I think for Qlad question it is $1200 because A's brother bought the stock at $16 per share and the FMV at the time of the gift was $26 per share. If the FMV at the time of the gift is greater than the basis, you use the basis for basis of the person receiving it. If the FMV at the time of the gift is less than the basis, then it depends on how much it was sold for. If it was sold for less than FMV then use FMV as basis. If it was sold for more than basis gifter's basis, then use the basis as basis. If sold in between there is no gain/loss.

Does that make sense?

BEC: 80(8/10) expired, 77(10/14)!!!
FAR: 79(11/10) expired, 80(8/14)!!!
REG: 66(7/11), 70(1/12), 70(4/12), 73(10/13), 79(5/14)!!
AUD: 43(8/11), 64(10/11), 65(2/12), 69(7/12) 64(10/12), 73(5/13), 64(7/13), 84(11/13)!!! Thank you Another71 for your help!

Becker, Ninja Notes, Audio, Flashcard and Wiley test bank
Yaeger and Wiley book for Audit

I AM DONE!!!!

[Qlad]

@insiyah…that is exactly how the question is written…i wrote the answer explanation just as is too….but i feel they used the gain as is without considering that it was in between the basis and fmv…..

If at the time of a gift the FMV of the gift is greater than the donor's basis, then when the donee subsequently sells the gift, the donee uses the donor's basis (“rollover cost basis”) to determine gain or loss. In this example the date-of-gift FMV was $26 per share and the donor's basis was $16 per share. So, when the donee sells the gift, the donee's basis will be the donor's $16 per share basis (“rollover cost basis”). As such, the gain will be $6 per share: $22 selling price per share minus $16 rollover cost basis per share. Because the donee sold 200 shares, the total gain recognized will be $1,200: $6 gain per share times 200 shares sold.

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Author]

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