[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

[Kenada]

@ Cupcake985 – Corporate losses – am positive for Corporations you net the Losses and Gain whether they are Short term or Long term. First all ST – G to ST – L and then LT- Gain to LT -Loss. Then from those two balances you offset each other.

Depending on which is greater you either get a LT or ST balance.

Like in the Ninja notes pg 62

Net ST G was 10K and Net LT is 15K . So you balance C/fwd is 5K LT since that balance was greater from the two.

Had it been Net ST loss 15K and LT is 10K gain , your carryforward would be ST Loss of 5K.

So that is what is meant by character.

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

[Kenada]

@ Cupcake985 – Corporate losses – am positive for Corporations you net the Losses and Gain whether they are Short term or Long term. First all ST – G to ST – L and then LT- Gain to LT -Loss. Then from those two balances you offset each other.

Depending on which is greater you either get a LT or ST balance.

Like in the Ninja notes pg 62

Net ST G was 10K and Net LT is 15K . So you balance C/fwd is 5K LT since that balance was greater from the two.

Had it been Net ST loss 15K and LT is 10K gain , your carryforward would be ST Loss of 5K.

So that is what is meant by character.

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

[Anonymous]

Thanks guys. Ya I missed the point that one was for Corps. and the other was for Individuals..that was the key. Corp. capital loss carryforward is always Short-term…For individuals it retains it's character, either ST or LT.

[Anonymous]

Thanks guys. Ya I missed the point that one was for Corps. and the other was for Individuals..that was the key. Corp. capital loss carryforward is always Short-term…For individuals it retains it's character, either ST or LT.

[Kenada]

Question on Bill McDonald –

Even though the tenant paid the Dec 2006 in Jan – I believe it would be considered by the IRS as constructively received in Dec 2006.

Note the Tenant occupied the apartment for the whole 2006. Therefore the costs would be split 50 / 50.

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

[Kenada]

Question on Bill McDonald –

Even though the tenant paid the Dec 2006 in Jan – I believe it would be considered by the IRS as constructively received in Dec 2006.

Note the Tenant occupied the apartment for the whole 2006. Therefore the costs would be split 50 / 50.

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

[UCMCPA]

Just took my first becker final exam, got an 80. Hoping it goes smoothly next week!

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

[UCMCPA]

Just took my first becker final exam, got an 80. Hoping it goes smoothly next week!

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

[Qlad]

i will be taking my practice exam tonight….if i touch 80…i will be relieved…

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

[Qlad]

i will be taking my practice exam tonight….if i touch 80…i will be relieved…

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

[Kenada]

Nice UCMCPA. I am sure you will do fine.

Good Luck Qlad 🙂

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

[Kenada]

Nice UCMCPA. I am sure you will do fine.

Good Luck Qlad 🙂

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

[Journhi]

@Qlad You mentioned that related party trans is treated the same as gift.

does this mean:

if item is appreciated- c/o basis and c/o holding period

if item is devalued- dual basis rule

But…

for related party, the transferee get to not recognize the gain amount by the loss amount that the transferor was disallowed.

This does not apply for gift. Right?

thank you for your reply earlier!

Also, can anyone comment on what happen to the debt owed when a co-surety is discharged under bankruptcy? Will the other co-sureties have to take on the bankrupt surety's portion or is the bankrupt surety's portion is dismissed from the debt?

FAR: 62;79
AUD: 76
REG:67; 77
BEC: 68;66; 12/05/13

[Journhi]

@Qlad You mentioned that related party trans is treated the same as gift.

does this mean:

if item is appreciated- c/o basis and c/o holding period

if item is devalued- dual basis rule

But…

for related party, the transferee get to not recognize the gain amount by the loss amount that the transferor was disallowed.

This does not apply for gift. Right?

thank you for your reply earlier!

Also, can anyone comment on what happen to the debt owed when a co-surety is discharged under bankruptcy? Will the other co-sureties have to take on the bankrupt surety's portion or is the bankrupt surety's portion is dismissed from the debt?

FAR: 62;79
AUD: 76
REG:67; 77
BEC: 68;66; 12/05/13

[Kenada]

Rule for – partners interests – it needs to be 50% to terminate or partnership drops to one person.

Tim sold it to an unrelated person so Partners where Three. Rick sold his later to unrelated so Partners will stay at 3.

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

[Author]

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