[jeff]

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Post by Another71.

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

[omalloy]

Does the rule bellow apply only when a non-cash contribution is made to the educational organizations or to any charitable contribution?

Rule: “For contributions of appreciated capital gain property, deductions are the lesser of the total fair market value or 30% of AGI for educational organizations. AGI of $80,000 × 0.30 limit = $24,000.”

I thought the limit was 50% of the AGI for the individual taxpayers.

FAR 65, 70, 78
REG 64, 76
BEC 70, 80
AUD 81

Ethics 96

Péter un plomb

[terryharm]

I have been using 50% of AGI for Cash contributions and 30% of AGI for Property contributions as a rule of thumb..

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[omalloy]

@terryharm, I will remember that, thank you!

FAR 65, 70, 78
REG 64, 76
BEC 70, 80
AUD 81

Ethics 96

Péter un plomb

[Gabe]

@terry found this…does it help?

https://www.bus.ucf.edu/faculty/ckelliher/file.axd?file=2011%2F1%2FNonliquidating_Distributions_solutions.pdf

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

[terryharm]

yes thx, so partnerships basis becomes partners basis in a non-liquidating distribution

so

my other note must have related to corporations, i am going to re-do some distribution problems if I come across confirmation on corporations i will post.

Thanks, feeling better, I hate the last minute panic attacks.. lol

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[Gabe]

@terry no problem. You GOT this!

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

[terryharm]

Chevy Corp. distributed depreciable personal property having a fair market value of $9,500 to its shareholders. The property had an adjusted basis of $5,000 to the corporation. Chevy had correctly deducted $3,000 in depreciation on the property. What is the amount of Chevy's total recognized gain on the distribution and how much of this gain will be considered ordinary income?

A.

Total recognized gain: $4,500; Ordinary income: $0

Correct B.

Total recognized gain: $4,500; Ordinary income: $3,000

C.

Total recognized gain: $4,500; Ordinary income: $4,500

D.

Total recognized gain: $9,500; Ordinary income: $0

Distributed property to shareholders (from Corp), At least I got it right.

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[Gabe]

Right ordinary income up to depreciation then recognize gain of 9500-5000. Yeah?

Also, @terry, since you have taken REG before…does the IRC help with the SIMS? I remember with FAR I could use AL and sometimes there'd be examples of situations…is it the same with IRC in REG?

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

[terryharm]

I didn't help with the questions I had, there was one where the IRC actually confused me further

One thing I am doing with the SIMS practice this time, is going out to the IRC to see if it helps, it has in several of the questions, so as with everything it depends on the question you get asked.

I remember in both FAR and Audit, the answer to a SIM was found word for word in the research tab, (that was nice)..

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[terryharm]

Happy New Year Study Buddies. I am taking a break, headed to the Jersey Shore to celebrate the new year, then back at it first thing tomorrow a.m….. (well maybe I will work some questions on my Ipad the party doesn't start til 8:30)…. Take care, enjoy and be safe this evening.

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[Gabe]

Thanks @terry and Happy New year! Be safe, see ya Friday 🙂

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

[NJPRU]

Happy New Year to everyone! 🙂

Is it bad that I just cancelled my new years' plans to spend the rest of the night with Becker? I really hope this is ALL worth it in the end. All I keep thinking is if I ring 2015 with Becker, good things will come out from it.

agh anywhoo! Enjoy your evenings and be safe if going out!

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

IM GOING TO BE A CPA!!!!!

[Gabe]

@NJ I have a 2.5 yr old and a newborn at home…I'll be studying tonight as well 🙂 Woo hoo!

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

[terryharm]

Now I feel guilty….

Good things will come and yes it is all worth it…

Have a great night …..

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[NJPRU]

Just realized that the majority of us are sitting for REG as our last part! Glad to know we are in this together – on New Year's Eve and all. lol

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

IM GOING TO BE A CPA!!!!!

[Author]

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