[jeff]

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[Qlad]

i want to ask u the same question again that i had a few days back about taxable gain on gift….my only confusion is the unique situation…

If Basis < FMV and gain on sale then take the Basis as FMV…..if loss on sale then Basis is original Basis…did i get this right this time???

I am going to bug u all till get this right…lol

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

[Qlad]

i want to ask u the same question again that i had a few days back about taxable gain on gift….my only confusion is the unique situation…

If Basis < FMV and gain on sale then take the Basis as FMV…..if loss on sale then Basis is original Basis…did i get this right this time???

I am going to bug u all till get this right…lol

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

[UCMCPA]

Qlad.. For the gift… if the basis was less than the FMV on the date of gift then it depends on your selling price. If you selling price is above FMV, use the FMV as basis and recognize a gain for the difference. If your selling price is below the original basis, use the original basis and calculate he difference. If the selling price is in between the two (above the old basis but below the FMV) your basis = selling price. No gain/loss is recognized.

haven't reviewed this material yet for my exam, but it sounds right lol

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

[UCMCPA]

Qlad.. For the gift… if the basis was less than the FMV on the date of gift then it depends on your selling price. If you selling price is above FMV, use the FMV as basis and recognize a gain for the difference. If your selling price is below the original basis, use the original basis and calculate he difference. If the selling price is in between the two (above the old basis but below the FMV) your basis = selling price. No gain/loss is recognized.

haven't reviewed this material yet for my exam, but it sounds right lol

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

[Kenada]

LOL … That's funny! Qlad.

Someone actually did a really nice table before for this… I have to search for it as I wrote it down but its now at home.

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

[Kenada]

LOL … That's funny! Qlad.

Someone actually did a really nice table before for this… I have to search for it as I wrote it down but its now at home.

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

[Qlad]

@UCMCPA……haha…i am so glad i got this right this time…it's been a month i am trying to figure out what this heck is….

@insiyah…thanks a lot… u r my savior in this exam….i must give by Oct. 10th and start BEC and must give AUD before the end of this window…I see u r done with BEC and AUD…i will surely ask ur advice on what to focus on (Especially AUD)..

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

[Qlad]

@UCMCPA……haha…i am so glad i got this right this time…it's been a month i am trying to figure out what this heck is….

@insiyah…thanks a lot… u r my savior in this exam….i must give by Oct. 10th and start BEC and must give AUD before the end of this window…I see u r done with BEC and AUD…i will surely ask ur advice on what to focus on (Especially AUD)..

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

[Kenada]

No problem 🙂

I am glad you kept asking me things as it made me go back and look. Happy UCMCPA clarified it for us too!

Sure can give you advice on BEC and AUD. I have a study buddy who is doing REG with me offline. She will be doing BEC as well in Nov like you.

Maybe the two of you can Buddy up in the BEC study group thread after you take the REG exam.

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

[Kenada]

No problem 🙂

I am glad you kept asking me things as it made me go back and look. Happy UCMCPA clarified it for us too!

Sure can give you advice on BEC and AUD. I have a study buddy who is doing REG with me offline. She will be doing BEC as well in Nov like you.

Maybe the two of you can Buddy up in the BEC study group thread after you take the REG exam.

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

[UCMCPA]

I'm doing BEC in Nov as well… not looking forward to cost accounting

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

[UCMCPA]

I'm doing BEC in Nov as well… not looking forward to cost accounting

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

[Kenada]

Well there you go, you both will have each other after REG !

I am going to be doing FAR in NOV…I have no idea how this will work for me but gotta try.

My advice for BEC is don't underestimate it and also Cost Accounting is not that bad. Get a format on how you will remember to calculate it and then stick to it. Jeff has a nice version but I loved Rogers the way he laid it out.

I am sure Becker must also have a good format or table or process on cost accounting questions… Variances are the harder ones for me. But I loved how Rogers got that to stick in my head so towards the end that was not my weak area. IT was….

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

[Kenada]

Well there you go, you both will have each other after REG !

I am going to be doing FAR in NOV…I have no idea how this will work for me but gotta try.

My advice for BEC is don't underestimate it and also Cost Accounting is not that bad. Get a format on how you will remember to calculate it and then stick to it. Jeff has a nice version but I loved Rogers the way he laid it out.

I am sure Becker must also have a good format or table or process on cost accounting questions… Variances are the harder ones for me. But I loved how Rogers got that to stick in my head so towards the end that was not my weak area. IT was….

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

[Qlad]

@ insiyah…thanks a lot….

@UCMCPA…yay….lots of nights together….when r u giving REG

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

[Author]

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