REG Study Group Q1 2016 - Page 20

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  • January 6, 2016 at 3:45 pm #748116
    mariam almas
    Participant

    @Pandarama @marqzho @steph2014cpa thx guys ^_^

    AUD: 81 (Done)
    REG: Currently studying
    FAR: TBD
    BEC: TBD

    NH

    January 6, 2016 at 5:34 pm #748117
    Claudia408
    Participant

    @marqzho doesn't the question sound like it's asking for COMMIT dedductions rather than IEMBRACED adjustments to AGI?

    also, regarding SIMPLE PIE for individual AMT… how do we know if we are adding back or subtracting?

    BEC - 75 (3x)
    AUD - 78 (3x)
    REG - 67, 66, Aug 1
    FAR - 54, Sept 8

    January 6, 2016 at 5:51 pm #748118
    marqzho
    Participant

    Yes it is asking about COMMIT. Since medical expense is subject to AGI limitation, you have to go through IEMBRACED first to get the amount of AGI.

    SIMPLE PIE are all addition to the taxable income. Can't think of anyone of those is a subtraction.

    REG 90
    FAR 95
    AUD 98
    BEC 84

    January 6, 2016 at 5:55 pm #748119
    marqzho
    Participant

    BTW. Jeff has a video about individual AMT on youtube. Excellent video. you may check it out.

    REG 90
    FAR 95
    AUD 98
    BEC 84

    January 6, 2016 at 5:57 pm #748120
    Anonymous
    Inactive

    I was hoping someone could help me understand gift tax. I am using the NINJA notes.

    In the Gift Tax section it says:

    * Loss on Sale of Property:
    * Basis is FMV on date of gift

    But in the property transaction section:

    *Sold at a loss:
    * Use lesser of donors basis or FMV at time of distribution

    January 6, 2016 at 7:11 pm #748121
    marqzho
    Participant

    dguts

    I want to know the answer to it too. If I rmb correctly, it should be like that:

    If it is inherited, basis is FMV or AVD
    If it is an appreciate property on date of gift, basis is carryover basis.
    If it is an devalue property on date of gift, it is dual basis. we use FMV to calculate loss and carryover basis to calculate loss.

    REG 90
    FAR 95
    AUD 98
    BEC 84

    January 6, 2016 at 9:29 pm #748122
    Anonymous
    Inactive

    To add what @marqzho said, that is correct. Also for appreciated prop on date of gift, it's carryover holding period as well.

    Example on devalued gifted loss: I bought stock for 100 (my basis = A/B), gifted to you when the FMV of the stock was 80, and you decided to sell the stock for 110. Since my A/B < FMV, your selling price (SP) will determine the tax effects:

    110 SP (SP >A/B)
    Use original A/B to determine gain. $10 long-term cap gain

    100 thru 80 SP (A/B greater than or equal to SP greater than or equal to FMV)
    No gain or loss

    70 SP (SP < FMV)
    Use FMV basis to determine loss. $10 short-term cap loss

    I think this applies to property transactions as well. Now if you are talking about related-party prop transactions, there's a slight tweak to the calculation.

    January 6, 2016 at 9:45 pm #748123
    marqzho
    Participant

    CantStopWontStop

    “110 SP (SP >A/B)
    Use original A/B to determine gain. $10 short-term cap gain “

    In this situation, it is carryover holding period. So it could be a long-term gain 🙂

    REG 90
    FAR 95
    AUD 98
    BEC 84

    January 6, 2016 at 9:50 pm #748124
    Anonymous
    Inactive

    That makes total sense. Thank you so much @marqzho and @CantStopWontStop!!!!

    January 6, 2016 at 10:10 pm #748125
    Anonymous
    Inactive

    Crap! @marqzho

    Thanks for pointing that out. I'm still learning the material. Just made the edit,

    January 7, 2016 at 2:51 am #748126
    Claudia408
    Participant

    @marqzho – The randomness of the topics, the amount of details and rules to remember is immense and the nonsensical rules that show up on the MCQs is overwhelming. I thought BEC was bad with out of no where questions, this crushes it! Did you find the exam to have a good amount of random questions you never heard of? I feel like in any given practice session i'll see about 1/3 of the questions where I'm like, “this was covered where in my review course?”

    BEC - 75 (3x)
    AUD - 78 (3x)
    REG - 67, 66, Aug 1
    FAR - 54, Sept 8

    January 7, 2016 at 3:49 am #748127
    another9215
    Participant

    Does anyone have a good way of remembering the separately and non-separately stated items for S Corps/Partnerships?

    January 7, 2016 at 4:38 am #748128
    marqzho
    Participant

    Claudia408

    This was the comment I posted in other thread right after I took the exam.
    “I did all the MCQ / Simulation on Roger and Wiley. But there are more than 20% MCQ I know nothing about 🙁 “

    So yes, there are quite some clueless questions in my exam.

    REG 90
    FAR 95
    AUD 98
    BEC 84

    January 7, 2016 at 1:17 pm #748129
    CPA2B_NJ
    Member

    @Claudia408 – I feel the same way :/ I'm trying to get through all the Roger lectures and MCQs, and then focus on the NINJA MCQS, with the hopes of catching as many exceptions as possible, and retain a big portion of this non sense material.

    FAR - 50, 78
    BEC - 67, 72, 75
    AUD - 72, 80
    REG - 70, 85

    To God be the glory! Forever, amen!

    NJ License

    January 7, 2016 at 7:01 pm #748130
    steph2014CPA
    Member

    hey guys,

    Took the exam yesterday….. MCQ were ok but SIMS killed me. It was a big blurr, just hoping I passed this time (two 74's in a row is killer).

    good luck!

    FAR: 80
    AUD: 83
    BEC: 79
    REG: 56, 74, 74, January 6th

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