[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Post by Another71.

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

[thelonewolf527]

Only have Estates/Trusts left for my 4th review of the Tax portion of Becker. I really need to find somewhere that does a better job explaining MACRS and 1231/1245/1250 stuff because Becker really seems to glance over those topics

AUD - 08/04/14 - 83
FAR - 11/29/14 - 80
REG - 02/26/15 - 89
BEC - 05/30/15 - 86

DONE!

[Gabe]

@lonewolf I googled and found some good explanations here and there…I'll see if I can dig up the links

Also…does anyone have a handy dandy list of what is necessary to be proven for the different types of fraud?

For instance,

1933- LAM (loss, acquired stock, material misrep)

1934- LAM + scienter and reliance

Common Fraud?

Professional Liability- negligence, reliance

Constructive Fraud- Gross negliegence, reliance

Anything else anyone wants to add?

CPA, CFE
CISA- Experience will be completed by August 2016

[NJPRU]

From what I can see based on the MCQs, a CPA can prove that they opperated with due dilligence and due care for 1933. As far as 1934 is concerned, it looks like the majority of the answers points towards good faith. A CPA can use the fact that they were following GAAP/GAAS or other applicable standards for both I believe.

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Sandia]

@ Amor

Sale gain or loss disallowance if there is not shares left. This case, still 100 shares left so this must reduce the bases x the loss. You can recognize Gain or Loss in proportion the shares Sales 400/500 or shares still own 100/500. I hope this help you as I help me.

I like your chat (son un amor a REG)…Excellent points and review. The best luck x you Amor 🙂

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[WANNABE_CPA]

A calendar-year individual filed an income tax return on April 1. This return can be amended no later than:

A.

4 months and 15 days after the end of the calendar year.

B.

10 months and 15 days after the end of the calendar year.

C.

3 years, 3 months, and 15 days after the end of the calendar year.

D.

3 years after the return was filed.

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[NJPRU]

C. Later of the date you filed and the date that the tax is due. Thus, 3 years from 4/15.

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Anonymous]

I agree C for an answer.

@Wannabe, that question can take about 45 seconds to analyze, LOL!

[Anonymous]

Related party losses are not deductible. (I get that.)

Accordingly, most related party gains are ALWAYS “reported”.

Does it mean RPT GAINS are taxable?

[WANNABE_CPA]

@AmorD, i think that is right, Related Party gains are reported means they are Taxable. They do not get any HIDEIT treatment and Losses are WRAP i.e they are not deductible.

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[WANNABE_CPA]

@NJ, AmorD , C is right, but i dont understand where 3 months and 15 days come from?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Anonymous]

3 months and 15 days after the calendar year, means 4/15/3YEARS-LATER

[NJPRU]

@amor:

Here's an excerpt from the IRC:

Related Party Transactions

Special rules apply to the sale or trade of property between related parties.

Gain on sale or trade of depreciable property. Your gain from the sale or trade of property to a related party may be ordinary income, rather than capital gain, if the property can be depreciated by the party receiving it. See chapter 3 of Publication 544 for more information.

https://www.irs.gov/publications/p17/ch14.html#en_US_2014_publink1000172296

Generally its includable as ordinary income.

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Anonymous]

@NJPRU, thanks for the link.

“This rule also applies to trades of property between related parties, defined next under Losses on sales or trades of property. However, if either you or the related party disposes of the like property within 2 years after the trade, you both must report any gain or loss not recognized on the original trade on your return filed for the year in which the later disposition occurs. See Related Party Transactions in chapter 4 of Publication 550 for exceptions.”

In other words, for like-kind exchange within two years after the trade between RPTs, G/L need be recognized (previously not recognized…) blah, blah…

Grwwwwwwl (like a lion)… How are we going to remember all these? LOL

[Gabe]

There was a NINJA MCQ just like this- a sale between a related party then a sale to an outside party. The gain is recognized partially because it is considered partially RP and partially a sale.

CPA, CFE
CISA- Experience will be completed by August 2016

[NJPRU]

So wait… its excludable if it's a like kind exchange (related party transaction); however, it it's sold again within 2 years each related party will report a gain or loss? if it is not a like kind of exchange then it's includable all together as ordinary income.

Gabe, do you mind posting that problem?

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Author]

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