[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for REG.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[ahugemistake]

I used the code to quote things

type: no spaces between the < and the words

< blockquote > QUOTE < / blockquote >

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[rosecpa]

EmilyT84

I see that you got an answer, but I'll summarize it again. In the example of 6,000,000, your unified credit eliminates the tax on the first 5430,000, the remainder is taxable at 40% (570000 x .4).

[Anonymous]

Dang!
I couldn't paste.

[ahugemistake]

@amor did you mean the code didn't work? this site would explain it better than me lol

Quoting and citing with <blockquote>, <q>, <cite>, and the cite attribute

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Anonymous]

Thanks for the link.
My brain is fried with all the exceptions and exemptions of REG to decipher the site's explanation, LOL.

[Anonymous]

REPOSTING:
Accordingly, the following statement is false:
Depreciation on personal property to arrive at AMTI before he ACE adjustment is SL over the MACRS recovery period.
Explanation:
Depreciation on personal property to arrive at AMTI before the ACE adjustment is:
(A) SL (if used for regular tax “RT”) over the class life, OR
(B) 150% DB (if SL is not used for RT) with a switch to SL over the class life.
Note: The class life used for AMT is not necessarily the same as the recovery period used for RT.

WHAT DOES REALLY RT AND AMT REQUIRE IN PERSONAL PROPERTY DEPRECIATION?
SL, 150%-DB, OR MACRS?

[Anonymous]

Found the answer to my own question, whew.
For regular tax depreciation, taxpayers may use MACRS for residential rental property with a 27-1/2-year life and the mid-month convention or ADS using the straight-line method with a 40-year life and the mid-month convention. For alternative minimum tax purposes, however, depreciation is limited to the straight-line method over a period of 27-1/2 years and the mid-month convention. The half-year convention applies to personal property. The mid-quarter convention applies if more than 40% of all personal property is placed in service during the last quarter of the taxpayer's year.

[Anonymous]

Question about applicable credit:
McDonald Trump died in 2015 leaving his family total assets worth of $100M. He paid $20M gift taxes in the past. How would the unified gift and estate tax credit of $2,117,800 and lifetime exclusion of $5,430,000 come into play in filling out Trump’s Form 706?

I found a good source of helpful information about a lifetime gifting by Charles Schwab’s link:
https://www.schwab.com/public/schwab/nn/articles/The-Estate-Tax-and-Lifetime-Gifting
However, I did not find anything that mentions about the unified credit of $2,117,800.
I am still not confident about my estate/gift tax knowledge so please help. Thanks!

[EmilyT84]

Thanks again RoseCPA for your help!

[rosecpa]

You're killing him already? He hasn't even been nominated yet… lol

[Anonymous]

Hiya!
@Rose

[nib]

100m
less exemption 5.43 m
94.57
40 % tax 37.828
56.742
less previous gift tax 20m
36.742
less unified credit 2117800

tax due in curent period 34.6242

[nib]

1)Answer is tax due in curent period 34.6242 million .
2)Only thing , 100 million = Current estate estate + previous life long gift .
then only we can dedut 20 m previous gift tax .
3)if 100 million is only current then we cannot deduct 20 m from it .

[nib]

Hello friends ,

how to remember which are real and personal defense .

[Anonymous]

Thank you so much, Bin for taking time to answer my estate/gift tax questions.
What do you mean by Trump's assets being current or not?

[Author]

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