REG Study Group Q1 2015 - Page 53

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  • January 13, 2015 at 4:50 am #651826
    s2sylvir
    Member

    can distribute corpus***

    BEC - PASS (79)
    AUD - PASS (63, 71, 74, 74, 83)
    REG - PASS (88)
    FAR - PASS (58, 89)

    Becker for all + FAR 10 Point Combo

    January 13, 2015 at 7:29 am #651827
    icandoit
    Participant

    Hello everyone. I have a Sec 179 question.

    Please correct me if I am wrong.

    For year 2014: maximum expense deduction is $25,000 and threshold is $200,000.

    The maximum $25,000 179 deduction is reduced on a dollar-for -dollar basis if the amount of property placed in service during the taxable year exceeds $200,000.

    Is bonus depreciation still available for 2014?

    Thank you.

    FAR: 74, 80
    BEC: 70, 68, 2/28/15
    REG: 75 Expired; 72
    AUD: TBD

    "And all things, whatsoever you shall ask in prayer, believing, you shall receive". Matthew 21:22

    January 13, 2015 at 1:13 pm #651828
    Mika
    Participant

    @s2sylvir & @cpastudent22

    I thought the partnership basis = adjusted basis

    For example

    Able and Baker are equal members in Apple, an LLC. Apple has elected not to be treated as a corporation. Able contributes $7,000 cash and Baker contributes a machine with a basis of $5,000 and a fair market value of $10,000, subject to a liability of $3,000. What is Apple's basis for the machine?

    Answer: $5,000

    The basis of contributed property is the same in the hands of the partnership as it was in the hands of the partner who contributed it.

    The liability Apple assumes will decrease Baker's adjusted basis in his interest in Apple and will increase Able's adjusted basis in his interest in Apple.

    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 13, 2015 at 1:24 pm #651829
    Gabe
    Participant

    @Mika I could be wrong but I think they are referring to the basis in the partnership not just the machine (which was your example). But I agree AB= basis

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

    January 13, 2015 at 2:50 pm #651830
    s2sylvir
    Member

    @Gabe Mika

    I am 99% sure adjusted basis is the same as NBV… With that said, I had a MCQ question where the basis ended up being the liabilities assumed, because the mortgage $ was greater than the NVB, which is why I wrote down Greater of NBV or Liability Assumed… If I'm wrong, I definitely would like to know!

    @icandoit

    I can tell you Becker isn't updated to reflect 2014 bonus information. But yes, late December, Congress passed the Tax Increase Prevention Act of 2014 so Bonus was extended to 2014…. So I'm not bothering to study/memorize that part…

    BEC - PASS (79)
    AUD - PASS (63, 71, 74, 74, 83)
    REG - PASS (88)
    FAR - PASS (58, 89)

    Becker for all + FAR 10 Point Combo

    January 13, 2015 at 6:39 pm #651831
    Gabe
    Participant

    @s2 that is correct

    Any help on this one?

    Gene and Olive Olson are married and file a joint return in 2014. The Olsons are both active participants in qualified retirement plans. The Olsons have adjusted gross income of $106,000 for 2014 and each contributed $5,500 to a traditional IRA. What is the deduction for IRA contributions for the Olsons in 2014?

    A.

    $0

    B.

    $5,000

    C.

    $5,500

    D.

    $11,000

    Answer is C because their AGI is inbetween phase out amounts…What phase out? Anybody post a link or something?

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

    January 13, 2015 at 6:50 pm #651832
    omalloy
    Member

    @gabe Modified AGI limit for traditional IRA contributions: Traditional IRA is reduced (phased out) if your modified AGI is: More than $96,000 but less than $116,000 for a married couple filing a joint return or a qualifying widow(er).

    https://www.fidelity.com/retirement-ira/contribution-limits-deadlines

    Except I do not understand why their deduction is 5,500. Can someone please explain how to calculate partial contribution when income falls in the income phase out range?

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

    Ethics 96

    Péter un plomb

    January 13, 2015 at 6:51 pm #651833
    omalloy
    Member

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

    Ethics 96

    Péter un plomb

    January 13, 2015 at 6:59 pm #651834
    omalloy
    Member

    Do you include non-taxable income in all taxpayers (C-corp, Partenership, S-corp…) basis calculations?

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

    Ethics 96

    Péter un plomb

    January 13, 2015 at 6:59 pm #651835
    Gabe
    Participant

    @omally thanks. 106 is dead middle of 96 and 116, so 1/2 of $1100

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

    January 13, 2015 at 7:00 pm #651836
    omalloy
    Member

    Thaks! I was subtracting when I should have divided.

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

    Ethics 96

    Péter un plomb

    January 13, 2015 at 7:02 pm #651837
    Gabe
    Participant

    S corp yes

    Pship yes

    C corp…no?

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

    January 13, 2015 at 7:07 pm #651838
    lauren725
    Member

    I hope everyone is doing well. I scheduled test for Friday Feb 27th.

    Just started R5 this week. It's kind of crazy how R5 is worth just as much as R6-R8 on the exam!?

    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 13, 2015 at 7:13 pm #651839
    Gabe
    Participant

    @lauren yeah that is kinda crazy… for anyone who is curious here is the current CSO for REG:

    Fed tax processes 11-15%

    Property transactions 12-16%

    Individuals 13-19%

    Ethics 15-19%

    Blaw 17-21%

    Entities 18-24%

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

    January 13, 2015 at 7:34 pm #651840
    omalloy
    Member

    Property transaction 12-16%!!!!

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

    Ethics 96

    Péter un plomb

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