REG Study Group Q1 2015 - Page 40

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  • January 7, 2015 at 1:22 pm #651630
    NJPRU
    Member

    Lauren!! I haven't heard from you in forever! I hope you had a great break! What chapter are you on now? Have you decided when you're going to take the exam?

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

    IM GOING TO BE A CPA!!!!!

    January 7, 2015 at 1:30 pm #651631
    Mika
    Participant

    Ninja Sims #14

    Insurance proceed not count towards income? In other words, a corporation received an insurance proceed is tax exempt??

    REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
    FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
    BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
    AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

    January 7, 2015 at 1:34 pm #651632
    Gabe
    Participant

    @Blackhawks here is what I have in my notes:

    MACRS:

    ignore SV

    use Half year if no other methods qualify

    Midquarter= if >40% assets purchased in 4th Q

    Mid month- non residential real prop, rental prop- add 1/2 month to calculation

    Computers- 5 yrs

    Furniture- 7 yrs

    Residential real estate- 27.5 yrs

    non-residential real estate- 39 yrs

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

    January 7, 2015 at 2:05 pm #651633
    rachel525
    Member

    Mike Reed, a partner in Post Co., received the following distribution from Post:

    Post’s basis Fair market value

    Cash $11,000 $11,000

    Inventory 5,000 12,500

    Before this distribution, Reed’s basis in Post was $25,000.

    If this distribution were in complete liquidation of Reed’s interest in Post, Reed’s recognized gain or loss resulting from

    the distribution would be

    a. $7,500 gain.

    b. $9,000 loss

    c. $1,500 loss.

    d. $0.

    How come the answer is B?

    I thought it was D because for a complete liquidation, you don't recognize a gain unless money received exceeds the basis…

    January 7, 2015 at 2:22 pm #651634
    Mika
    Participant

    @ rachel525, i guess you are right

    REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
    FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
    BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
    AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

    January 7, 2015 at 2:24 pm #651635
    Gabe
    Participant

    Rachel I would assume so as well…

    Wouldn't it be

    Basis- 25

    Cash <11>

    Inventory <5>

    Gain= 9

    But nothing is recognized because cash did not exceed basis- anybody?

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

    January 7, 2015 at 3:26 pm #651636
    Mika
    Participant

    @gabe

    shouldn't 9 be the basis rather than gain (if non-liquidating) and there should be no gain even it is non-liquidating distribution… am i wrong?

    REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
    FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
    BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
    AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

    January 7, 2015 at 3:42 pm #651637
    Gabe
    Participant

    @Mika correct- typo on my part. 9 is the new basis. And since the cash did not exceed the basis there would be no gain (if it was non liquidating)

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

    January 7, 2015 at 3:49 pm #651638
    lauren725
    Member

    NJ!

    PANIC TIMME! haha applied for my NTS yesterday and am going to test last weekend in Feb, either Fri or Sat I am going to see what times my test center offers.

    My break was good, got a little studying done but not a ton. It was hard with visiting family, etc. How was yours?!

    I have finished R4 as of Sunday. This week I have been reviewing R3 and R4 a little more since parts of those have been a little more challenging than parts of R1-2 (although there are things in there I need to go back to). I did not start R5 this week because I am going out of town Thursday-Sunday. This will be my last little weekend break and then it is all study no play until end of Feb. So I will hit R5 next week.

    I am trying to not rush through the chapters ( I say this every test ha!) but I know that I learn better with constant review and so I want to be constantly going through tax stuff as I am learning BLAW. I have added ninja audio for my commutes and I think it will help me not forget certain concepts.

    How are things with you?! Are you going through R4 now?

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    January 7, 2015 at 4:12 pm #651639
    lauren725
    Member

    Also I agree with the not wanting to work thing. I just wanna studyyyyyyy [dork status]

    Gabe – that sucks about BLAW being so much info. I hope it gets easier for you as you review. I am not really looking forward to it. Which chapters are the worst?

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    January 7, 2015 at 4:15 pm #651640
    Gabe
    Participant

    @lauren agreed. I don't wanna work either lol…just wanna study and be DONE!

    For me the last chapter was the worst because it was the longest. Something like 80 pages…it was ridiculous. I was so mad they put the longest BLAW chapter last. I'm getting the hang of it now, the more MCQs I do, the better I understand it.

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

    January 7, 2015 at 4:34 pm #651641
    lauren725
    Member

    Ok I will try to mentally prepare for that chapter 8. That reminds me of the FAR last chapter that I was scrambling to finish and it was full of randomness. Glad it is coming to you better with practice. That is a good sign!

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    January 7, 2015 at 5:43 pm #651642
    Anonymous
    Inactive

    The adjusted basis of Ted's partnership interest is $30,000. In complete liquidation of his interest, he receives $10,000 in cash, his share of the inventory items having a basis to the partnership of $12,000, and two parcels of land having both fair market values and adjusted bases to the partnership of $12,000 and $4,000. What is Ted's basis in the two parcels of land?

    A.

    $8,000 and $4,000

    B.

    $5,000 and $3,000

    C.

    $6,000 and $2,000

    D.

    $8,000 and $0

    January 7, 2015 at 5:55 pm #651643
    Gabe
    Participant

    The adjusted basis of Ted's partnership interest is $30,000. In complete liquidation of his interest, he receives $10,000 in cash, his share of the inventory items having a basis to the partnership of $12,000, and two parcels of land having both fair market values and adjusted bases to the partnership of $12,000 and $4,000. What is Ted's basis in the two parcels of land?

    30- AB

    <12>- inventory

    <10> cash

    8- new basis

    allocate new basis to land parcels

    12+4= 16

    Land 1= 75%

    Land 2= 25%

    Land 1: 6 (8*75%)

    Land 2: 2 (4*25%)

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

    January 7, 2015 at 6:23 pm #651644
    Gabe
    Participant

    How does everyone keep 1933 and 1934 acts separate in their head? I keep getting tripped up about what must be proven (e.g. 1933, 11b- material misstatement)

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

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