sorry was offline for a few days, home with a sick kid (again!)
gabe – do you have access to the Wiley MCQ bank online? If so, there are GREAT AMT questions in Individual/Corporate on there. I really did not understand AMT until I did Wiley. I only asked how much you knew it because for me, knowing it was the difference in my 1st and 2nd exam results. 😉 i can post something a little longer later about AMT calcs (will be later tonight – have to catch up at work after being out 2 days)
I made a flash card w/ all the 1933/1934 act liability on it. I put the section (11, 12, 10b5, 17, 18) on the left, with a general LAM, FAIDS, no reliance/scienter, then out to the right what act it relates to. Seems to work well. The biggest thing to remember in the securities section is that 1933 is IPO/who needs to register/Reg D, and then with 1934 it mostly covers reporting requirements and continuing anti-fraud provisions. sometimes if you don't know an answer, just remember that 1934 is reporting will help you narrow down your answer pool and pick the right one.
step73121 – use Wiley MCQ's on the tax pieces to check what you know/don't know. if you're scoring low there, review those areas hard. Wiley BLAW questions are a lot different than Becker. I think being able to address both won't hurt you.
funtiks – I broke the formula down like this to remember it and it seems to help :
FMV New
(basis old)
(boot given)
+ boot received
= realized gain/loss
recognized = compare total to last line, take lesser of the two (this is why I put boot rec'd last)
then everything that you need for your new basis calc is listed pretty much in order so you can easily add for your new basis. EVERY time I do these questions, I write out all of the above. Just remember when the “boot” is liabilities assumed for both parties, you need to look at the net of the two for your “net boot received” for your recognized gain
REG - 81
FAR - 79
AUD - 94
BEC - OCT 15
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