REG Study Group Q1 2017 - Page 17

  • This topic has 1,482 replies, 126 voices, and was last updated 9 years ago by tmjcpa.
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  • December 30, 2016 at 9:31 am #1402895
    Namstut
    Participant

    @dtatham10, still thinking about taxable gifts! Lol! It will be taxable to the donor if it exceeds the deductible threshold.

    AUD 7/6/16 Passed
    BEC 9/3/16
    FAR TBD
    REG TBD

    December 30, 2016 at 2:01 pm #1403049
    JMG
    Participant

    @namstut I couldn't find anything in becker on it, but is the rule of thumb that private co 1244 stock is disallowed for deduction?

    December 30, 2016 at 2:14 pm #1403066
    Namstut
    Participant

    @jmg it's allowed for deduction but as an ordinary not capital loss, so it's more favorable to the taxpayer than the non 1244 stock.

    AUD 7/6/16 Passed
    BEC 9/3/16
    FAR TBD
    REG TBD

    December 30, 2016 at 2:28 pm #1403067
    JMG
    Participant

    @namstut I got it now, 1244 = ordinary loss, non-1244 worthless = cap loss. Thanks.

    December 30, 2016 at 4:38 pm #1403321
    aatoural
    Participant

    For commercial paper. I know that when you release the collateral then the prior holders can be released of the liability. however I do not quite understand the concept of how the collateral works. Does anybody?

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    December 30, 2016 at 7:04 pm #1403376
    TXJAM
    Participant

    I may be splitting hairs here, but is there a difference between an agent being liable and an agent being personally liable?

    On Business law Pg. 20, #12 Agent's liability on contracts. The books switches between saying “agent is personally liable” and “agent is liable”

    December 30, 2016 at 7:47 pm #1403390
    Teal
    Participant

    Does anyone know if the current AMT exemption phaseout for corps is 25% in excess of $150,000? The NINJA book is saying 20%, but I have seen it elsewhere saying 25%

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    December 30, 2016 at 7:49 pm #1403391
    Teal
    Participant

    Looked at a corp form 1120. Looks like it is 25%.

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    December 30, 2016 at 7:50 pm #1403393
    Namstut
    Participant

    @txjam I am not sure what review material you are referring to but pg. 20 of Becker happens to be on agent law. I don't think there is a difference between “liable” and “personally liable”. The agent is either liable or not, depending on the circumstances. Someone please correct me if I am wrong.

    AUD 7/6/16 Passed
    BEC 9/3/16
    FAR TBD
    REG TBD

    December 30, 2016 at 8:12 pm #1403399
    Namstut
    Participant

    @aatoural I am not sure if I understand your question correctly.

    “Collateral is the property subject to the security interest”. It basically protects creditor's interest. When you purchase a car from a dealership and finance it through the dealership your car is the collateral and the dealership has a security interest in this collateral. If you default on your loan the dealership will repossess your car.

    AUD 7/6/16 Passed
    BEC 9/3/16
    FAR TBD
    REG TBD

    December 30, 2016 at 8:55 pm #1403406
    aatoural
    Participant

    @Teal – is 25%



    @Namstut     – My question was more when a collateral is released the debtor gets discharged. What does realizing a collateral mean?

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    December 30, 2016 at 9:22 pm #1403414
    Namstut
    Participant

    @aatoural, I think it's a repossession of the collateral if the debtor defaults on the loan. Once the collateral is repossessed the debtor is discharged of the obligation to pay on the secured note.

    AUD 7/6/16 Passed
    BEC 9/3/16
    FAR TBD
    REG TBD

    December 31, 2016 at 7:27 am #1403508
    HoosierCPA
    Participant

    When does MACRS 150% declining method come into play?

    **On a side note, I've been MIA for the most part over the holidays. This is my last day of slacking, putting in a couple hours this morning then I'll be gone the rest of the day. Hope everyone enjoys their new years!***

    FAR - 78
    REG - 72,74,71...please just go away REG nobody likes you!
    BEC - 82
    AUD - Aug 16

    December 31, 2016 at 8:44 am #1403513
    HoosierCPA
    Participant

    So I am in a dilemma, I have 2 more attempts before my FAR drops off. I originally was thinking mid February to take my exam but am scoring crazy %'s. I'll be the first to admit when I'm memorizing answers vs. actually knowing the material and I feel as though I understand most these concepts. My fear, I wait too long and burn myself out as well as forget material I may know now and maybe not a month and a half from now. Should I be looking at taking the exam Mid January??? I'm only midway through chapter 4 of Becker but here is where I'm scoring:

    Ch 1: 76 of 80
    Ch 2: 111 of 117
    Ch 3: 198 of 218
    Ch 4: 127 of 133

    Total: 512 of 548 ~93%

    FAR - 78
    REG - 72,74,71...please just go away REG nobody likes you!
    BEC - 82
    AUD - Aug 16

    December 31, 2016 at 10:50 am #1403598
    Namstut
    Participant

    @dtatham10 I am thinking you are pushing it too far out. I would take it in January. The score release is on Feb 4th if you take it before 1/20. Think about being done!!

    AUD 7/6/16 Passed
    BEC 9/3/16
    FAR TBD
    REG TBD

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