[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for REG. 🙂

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

[aatoural]

Thank yo @delbudge. i was just looking on confirmation on my question ahah

the wash sale loss happens if you buy stock 30 days bfore or after. Now you made a sale on january 3 of the first stock, but you had bought the 100 shares in december 30. So those 100 shares loss gets washed off. look at it as if you bought those other share because you new you will have a loss and you wanted to deduct it in your return. Hope that answers your question.

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

[HoosierCPA]

@aatoural @re2pect Gleim unit 5, 2nd sim…that thing is a beast (I'm actually still on it as I type!). Are you guys able to get through it without too many issues? It's so much information!

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

[aatoural]

@dtat – I am re doing all SIMS starting tomorrow I don't remember which one that was. Can you remind me? But I'll do that one first to check on how it goes.

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

[HoosierCPA]

its gross income and deductions…its gives a table of the husbands business then it gives info on the wives job. Then below that is a bunch of additional information. Its a ton of information. I spend over half the sim on that one alone!

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

[aatoural]

Oh I think I remember. i did not do so good on it the first time around. I'll keep you posted tomorrow on how it goes this second time.

BY THE WAY… Did you schedule yet?

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

[HoosierCPA]

@aatoural haha no I've been slacking I just paid for my exam yesterday, waiting on the NTS. I plan on sitting Feb 13th or 14th depending on availability. I know it's far out but I haven't been treating the last couple weeks as true “review” for the exam so I need to at least give myself a couple weeks where I'm going over everything and I like to schedule right before cutoffs so I have the shortest possible turn around for my results.

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

[aatoural]

Sounds like a plan lol

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

[HoosierCPA]

@aa I guess!

On your questions earlier about the basis the partnership assumes on a partner contribution…did you decide the gain was included? Off the top of my head I was thinking basis only.

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

[aatoural]

gain is included. that is for sure. What I was not sure if for partnerships you have the same option of grater ab + gain or liability assumed

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

[QueenCPA]

Hello All!

Officially starting the REG journey today.

Do you think 4 weeks of 30-40 hours per week of studying will be ideal for REG.

Thank you so much!

[JMG]

Due dates, extensions, and statute of limitations. Is there an easy way to remember all of these?

There was a sim in Becker that had estimated payments, S corp, and due dates. I had no clue where to even begin on that one!

[HoosierCPA]

@aa what did you determine?

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

[HoosierCPA]

I'm thinking up scenarios in my head for basis and have a question.

Lets says a shareholder contributes property with a 300k basis and fmv 500k for x amount of share in the company + 100k cash. The shareholders basis would be 300k basis + 100k gain – 100k cash received bringing us to 300k. Would the corps basis be the shareholders basis (300k) + the shareholders recognized gain (100k) totaling 400k?

So same transaction but:
Shareholders Basis: 300k
Corps Basis: 400k

Is this correct?

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

[aatoural]

@dtat – yeah that is how i have it.

Now if you do a partnership with the same scenario, the partnership would have a basis of 300 + 100 gain without regard for liability assumed.

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

[HoosierCPA]

@aa great! It's easy to get basis scenarios confused!

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

[Author]

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