[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 went through all the CPAExcel questions once, and then bought ninja and did around 1700 out of 1900 questions, leaving around 250 questions under business law, which was a great decision in retrospect. My trending score on ninja was around 67% but that was mostly from going through the question one time, had I had more time it would have been higher, if I have around 3 weeks of review time just buy ninja.

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

[Future Ninja]

I thought Jeff blocked me from posting. ^_^.

Goodluck @Amor D.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[nib]

@ Future Ninja
@ CPA2B_NJ

I guess Harry’s estate will prevail in an action brought by Welles.

Contract between holly ans welles is personal service contract ,
welles gave Holly 10,000 in exchange for weekend seminar and shipment of 100 textbooks .
.

[nib]

@ futurninja
@ amorD( THANKS for explaning parole rule )

i guess answer is
C. Unenforceable because Dunne failed to give consideration, but proof of it is otherwise admissible into evidence.

1) comon law ( service contract ) subsequent modification need new consideration .which is missing so unenforceabe
2)parole rule allow proof for subsequent modification .so proof admissible into evidence .

[nib]

@ amor D

all d best . You will do gr8 .

[nib]

@fruitsyrup
@huge

1)please check if my calculation of NOL 2015 is correct or not??

150,000 div- 120000(80% drd) = 30000 div

125000 (loss) – 30000 div= 95000= NOL 2015

2) If above calculation is correct , how can we offset dividend income ( portfolio income ) with operating loss . .I thought portfolio income can offset only portfolio income .

3) given below your question for reference .
Bingo Corp.+
2015 business op gross income = 500000e+ allowable business exp= 625000
recd div from Blackjack Corp.( domestic corp+s 22%stock.) 150000
From 2014 ,NOL carryover = $85,000.
2015 NOL ?

[nib]

reposted

@ amor D
@ eesti
@ huge
@ futureninja

It is regarding your partnership question .My query is =
1)As per my knowledge , K and K-1 SCHEDULE is used in S corporation and not in partnership .
2) In your question , if anna would have received income > 10 % of distributive share , excess amount would tax as capital gain .

[nib]

hello friends,

following simulation question . record gain/loss

1)XYZ Stock
Purchase ———— 4/17/2014 ———————— 23,000

Sale ———————4/16/2015 ———————28,000

My answer = 5000 LTCG becasue shares sold exactly on the day 1 yr completed .

corect asnwer= 5000 STCG

2)ABC Stock
Purchase ——————–12/22/2014 ———————- 26,000

Bankruptcy ——————-8/3/2015 ———————- 0

MY answer = (26000) STCL , Because bankruptcy date shows Short term .

Corect answer = (26000) LTCL

Explanation :—-

This transaction results in a long-term capital loss of $26,000 ($0 − $26,000) because the asset is deemed to be worthless on the last day of the year, which means the holding period is more than 1 year.

[EyeFahs]

A 1231 business use property was purchased 5 yrs ago for $400,000. MARCS depreciation to date is $250,000. A C Corp sold the property for $500,000 in the current year. How much gain is recognized for tax purposes?

Answer choices:
1. 350,000
2. 100,000
3. 0
4. 250,000

________________________________________________________
BEC: Passed, 81
FAR: Passed, 78
AUD: Passed, 83
REG: Failed, 71,71...4/16
=================================
~GIVE.US.FREEEEE~

[pracap]

100,000 sec 1231 gain, excess over cost.

[EyeFahs]

@ pracap

How about the depreciation?

Not sure if there is a trick, it would totally be me to overthink the question… Someone help, give me a little more!

________________________________________________________
BEC: Passed, 81
FAR: Passed, 78
AUD: Passed, 83
REG: Failed, 71,71...4/16
=================================
~GIVE.US.FREEEEE~

[Anonymous]

400,000 ……..Purch
250,000………Depr
150,000………NBV
500,000………Sold
350,000………RLG (Price Sold – NBV) (500,000 – 150,000)
250,000………RCG (Recognized Gain is the Lesser of Depreciation OR Realized Gain)
………………….{250,000 or 350,000}
………………….RCG = Ordinary Income (S-1245 or S-1250 Recapture)
100,000……….S-1231 Gain (RLG – Ordinary Gain) = Capital Gain

[ahugemistake]

amor! how was your exam?

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

[EyeFahs]

Thanks Amor.

Up for this date with REG… I hope it's a good one 🙂

________________________________________________________
BEC: Passed, 81
FAR: Passed, 78
AUD: Passed, 83
REG: Failed, 71,71...4/16
=================================
~GIVE.US.FREEEEE~

[nib]

hello friends ,

1)In simulation form 1040 , when interest earned on the Series EE bonds has satisfied all required conditions of exclusion . So interest amount is excludible from gross income. I understood this .
2) When it is excluded from gros income , I recorded this amount is tax interest box on line 8 b
3) answers says not to even record in tax exempt ineterest box .because exclude from gros income .This part of not recording it, is out of my understanding,

please help me with the hint .

(see the Instructions for Form 8815). In general, a person may exclude the entire interest amount if the following four conditions are satisfied:

The taxpayer cashed qualified U.S. savings bonds in the current year that were issued after 1989.
The taxpayer paid qualified higher education expenses in the current year.
The taxpayer’s filing status is not married filing separately.
The taxpayer’s modified AGI is below $145,750 (for 2015), which it is, at $98,911.

Since the couple satisfied all four conditions, the entire interest amount can be excluded. (See IRS Publication 970, Tax Benefits for Education.)

[Author]

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