[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

[UCMCPA]

I would hope that you don't get too many “detail oriented” questions that trick you.

I'm worried about that because the Becker questions don't seem THAT hard and I know come exam day they will throw a ton of calculations at me.

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

[Kenada]

I am almost done my review. Today is my last day.. I have some Bankruptcy to do and few questions on Secured Transactions. I should be done today night 🙂

I am starting to do the SIm's and today will be hitting Individual tax.

@ UCMCPA – last time i start REG i actually had more B-Law than Cal's in my MCqs. I think as long as you have the concepts locked down you should be okay for the exam.

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

[Kenada]

I am almost done my review. Today is my last day.. I have some Bankruptcy to do and few questions on Secured Transactions. I should be done today night 🙂

I am starting to do the SIm's and today will be hitting Individual tax.

@ UCMCPA – last time i start REG i actually had more B-Law than Cal's in my MCqs. I think as long as you have the concepts locked down you should be okay for the exam.

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

[Anonymous]

Does anyone have the Ninja notes? I have a question…. On page 61,under the heading, “CORPORATIONS- CAPITAL LOSSES, the 3rd bullet states that the carry forward of 5 years is only as a STCL. However, the example on page 62, there is a LTCL Carryforward of <$2,000>, then under that it says “Note: a Carryforward always maintains its character”. What does this “character” mean? The fact that it is capital or that it is Long-term? Or both? Is the capital loss carryforward a STCL or LTCL in the future?

[Anonymous]

Does anyone have the Ninja notes? I have a question…. On page 61,under the heading, “CORPORATIONS- CAPITAL LOSSES, the 3rd bullet states that the carry forward of 5 years is only as a STCL. However, the example on page 62, there is a LTCL Carryforward of <$2,000>, then under that it says “Note: a Carryforward always maintains its character”. What does this “character” mean? The fact that it is capital or that it is Long-term? Or both? Is the capital loss carryforward a STCL or LTCL in the future?

[terranz]

@insiyah and Skrier –

so gross income is not 116000 in the question

gross income = gross receipts + capital gains correct?

[terranz]

@insiyah and Skrier –

so gross income is not 116000 in the question

gross income = gross receipts + capital gains correct?

[terranz]

@cupcake – in that example on 62 i think it is for individuals.

so the example has a LTCL of 5000, then you have the 3000 that you can use to offset ordinary income.

then the remainder of the LTCL is the 2000, and individual cap losses retain the character.

if the 2000 loss was a STCL, then it would be carried forward as a STCL. thats what it means by retaining the character.

if it were a corporation, then you could carry back 3 years, carry forward 5 years. and that carry forward would always be STCL.

[terranz]

@cupcake – in that example on 62 i think it is for individuals.

so the example has a LTCL of 5000, then you have the 3000 that you can use to offset ordinary income.

then the remainder of the LTCL is the 2000, and individual cap losses retain the character.

if the 2000 loss was a STCL, then it would be carried forward as a STCL. thats what it means by retaining the character.

if it were a corporation, then you could carry back 3 years, carry forward 5 years. and that carry forward would always be STCL.

[terranz]

3 questions for A71:

(i'll put them in separate posts – seems like its easier on the eyes)

1) Bill McDonald, a cash-basis taxpayer, is the owner of a house with two identical apartments. He resides in one apartment and rents the other apartment to a tenant under a 5-year lease dated March 1, 2004, and expiring on February 28, 2009. The tenant made timely monthly rental payments of $500 for the months of January through November 2006. Rents for December 2006 and January 2007 were paid by the tenant on January 5, 2007. The following additional information for 2006 was available:

Fuel and utilities $3,600

Depreciation of building 3,000

Maintenance and repairs (rental apartment) 400

Insurance on building 600

What amount should McDonald report as net rental income for 2006?

**Why is it a 50% split for each item? I thought you had to allocate based on amount of days rented?**

[terranz]

3 questions for A71:

(i'll put them in separate posts – seems like its easier on the eyes)

1) Bill McDonald, a cash-basis taxpayer, is the owner of a house with two identical apartments. He resides in one apartment and rents the other apartment to a tenant under a 5-year lease dated March 1, 2004, and expiring on February 28, 2009. The tenant made timely monthly rental payments of $500 for the months of January through November 2006. Rents for December 2006 and January 2007 were paid by the tenant on January 5, 2007. The following additional information for 2006 was available:

Fuel and utilities $3,600

Depreciation of building 3,000

Maintenance and repairs (rental apartment) 400

Insurance on building 600

What amount should McDonald report as net rental income for 2006?

**Why is it a 50% split for each item? I thought you had to allocate based on amount of days rented?**

[terranz]

2) on jan 1 2012 partners interests in capital profits and losses of mulford partnership were:

rick 25%

tim 20%

jon 55%

on jan 7 2012 tim sold his entire interest to an unrelated person. Rick sold his 25% interest in mulford to another unrelated person on july 7 2012. No other transfers of partnership interests took place during 2012. For tax purposes, when did mulford terminate?

**I thought it would be on july 7- even though its not more than 50%, there is only one partner remaining after the sale, unless the sale to an unrelated person means they were still a part of the partnership…**

[terranz]

2) on jan 1 2012 partners interests in capital profits and losses of mulford partnership were:

rick 25%

tim 20%

jon 55%

on jan 7 2012 tim sold his entire interest to an unrelated person. Rick sold his 25% interest in mulford to another unrelated person on july 7 2012. No other transfers of partnership interests took place during 2012. For tax purposes, when did mulford terminate?

**I thought it would be on july 7- even though its not more than 50%, there is only one partner remaining after the sale, unless the sale to an unrelated person means they were still a part of the partnership…**

[terranz]

Regulation D, 504

so i went through a bunch of questions that had, if a company was trying to issue 450,000 under 504 of regulation D, the company is required to blah blah blah.

often one of the choices was “MAKE THE OFFERING THROUGH GENERAL SOLICITATION” or “PERMITS THE USE OF GENERAL SOLICITATION”

well, those usually were never the answer. BUT wileys and beckers said general solicitation is ok for 504, but NOT 505 506.

who is right??!

thanks all.

[terranz]

Regulation D, 504

so i went through a bunch of questions that had, if a company was trying to issue 450,000 under 504 of regulation D, the company is required to blah blah blah.

often one of the choices was “MAKE THE OFFERING THROUGH GENERAL SOLICITATION” or “PERMITS THE USE OF GENERAL SOLICITATION”

well, those usually were never the answer. BUT wileys and beckers said general solicitation is ok for 504, but NOT 505 506.

who is right??!

thanks all.

[Author]

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