REG Study Group Q1 2015 - Page 74

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  • January 21, 2015 at 2:01 am #652141
    Mika
    Participant

    Edit: rephrased – So, in the previous case – I got confused with “3rd parties beneficiaries”, since I thought that they could be anyone and not necessarily known to the CPA. Do “beneficiaries” mean privity (i.e. named 3rd party)?

    Yes, 3rd parties beneficiaries means if you issue an audit report to a client and you know a 3rd parties beneficiaries (like a bank, or creditor) will rely on your opinion in the audit report, then the bank/creditor is known as a 3rd parties beneficiaries.

    Dont confuse with Known/Foreseen third parties

    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 21, 2015 at 2:05 am #652142
    wmcpa
    Member

    Thanks for the clarifications! Such nuances!

    FAR: 83
    REG: 69, 69, retake Q1 2015
    AUD: Q2 2015
    BEC: Q2 2015

    January 21, 2015 at 2:58 am #652143
    Mika
    Participant

    Porter, the sole shareholder of Preston Corp., transferred property to the corporation as a contribution to

    capital. Two years later, Corley transferred property to the corporation in exchange for a 10% interest in

    corporate stock. The property transferred was valued as follows:

    Porter’s transfer Corley’s transfer

    Basis

    $ 50,000

    $250,000

    Fair market value

    200,000

    500,000

    What amount represents the corporation's basis in the property received?

    A. $700,000

    B. $550,000

    C. $450,000

    D. $300,000

    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 21, 2015 at 3:31 am #652144
    ocboa
    Member

    B

    January 21, 2015 at 3:34 am #652145
    Mika
    Participant

    At formation of a corporation, if the contributor immediately after the transfer controls 80% or more of

    the corporation’s stock, then no the corporation will receive carry-over basis and carry-over holding period

    of the property contributed. In the question, Porter controls 100% of the corporation after his transfer. The

    corporation will have a basis of $50,000 in his property. Corley, on the other hand, only has 10% control

    of the corporation’s stock. The corporation will not qualify for carry-over basis and will have a basis of

    $500,000 for Corley’s property. The combined basis of the property is $550,000.

    Correct Ans: b

    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 21, 2015 at 4:44 am #652146
    knicks92
    Member

    how important is it to remember the name of the forms? like do they ever ask questions like what is form 4797?

    Tough times don't last. Tough people do.

    B: 88
    A: 77
    R: 89
    F:

    January 21, 2015 at 1:49 pm #652147
    Gabe
    Participant

    @sweetmoon thanks. Did you sit already?

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

    January 21, 2015 at 4:48 pm #652148
    sweetmoon
    Member

    Gabe – just booked for the 31st. Any pearls of wisdom you can share ??

    FAR : 71, 83
    AUD : 73,88
    BEC : 87
    REG : sweet 82 and DONE !!

    January 21, 2015 at 4:51 pm #652149
    Gabe
    Participant

    @sweetmoon Not really. I wouldn't do anything differently. I bulked up on Blaw which helped…but really anything is fair game :/

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

    January 21, 2015 at 5:34 pm #652150
    s2sylvir
    Member

    @knicks92 only form I can think of knowing is Form 870, Consent to Assessment and Collection

    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 21, 2015 at 6:38 pm #652151
    Gabe
    Participant

    @s2s how did you feel after Reg?

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

    January 21, 2015 at 6:55 pm #652152
    knicks92
    Member

    hey so can someone just clear up nonliquidating/liquidating partnership distributions for me. is the basis in the property always going to be the basis in the partnership after subtracting cash, no matter what the basis in the property was before the distribution?

    Tough times don't last. Tough people do.

    B: 88
    A: 77
    R: 89
    F:

    January 21, 2015 at 7:04 pm #652153
    s2sylvir
    Member

    @Gabe

    I felt like I needed to drop some $$ to take it again 😛

    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 21, 2015 at 7:15 pm #652154
    Gabe
    Participant

    @s2s same here. :/ Hoping for a 75 for us both! What's your plan?

    edit: I think A71 needs a therapist for this score release wait….

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

    January 21, 2015 at 7:25 pm #652155
    s2sylvir
    Member

    @Gabe

    Study for FAR, I guess?

    Well, Becker has expired so I am not sure what to use to study for FAR. I'm thinking just do ninja 10 point combo + wiley? Or renew Becker (not sure). I can't take REG until April anyway.

    How about you? Are you studying for REG already or holding off?

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

    Becker for all + FAR 10 Point Combo

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