REG Study Group Q1 2017 - Page 72

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  • February 3, 2017 at 3:04 pm #1453332
    jack yassa
    Participant

    Thanks a lot guys i think i got it now!
    Lots of details!

    February 3, 2017 at 3:33 pm #1453344
    RE2PECT
    Participant

    @dtatham10- Thanks, I can't believe it's been a year already! He's already trying to get his hands on everything. Been starting to childproof our place, but he still finds a way to get into things lol.

    I think his birthday came at a good time because I was starting to lose focus. Maybe a couple days off will help get me motivated again.

    FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
    AUD: 73, 81
    BEC: 71, retake 8/29
    REG:

    February 3, 2017 at 3:37 pm #1453346
    HoosierCPA
    Participant

    @re2pect it goes fast! I felt like it was just yesterday I was in the hospital while my wife was in a 18 hour labor all while trying to study for my FAR exam which was less then a week away!…now I have 2 children and guess what…I”m still taking these damn exams! lol

    Yeah I think it's a good break for you, you've been at it for awhile. Taking a weekend off, regrouping and then grinding it out for another few weeks is probably the best strategy!

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

    February 3, 2017 at 3:50 pm #1453349
    jack yassa
    Participant

    @dtatham10
    Quick question 😀

    do you know how to determine whether the “Gift” is long or short term?

    February 3, 2017 at 3:56 pm #1453353
    HoosierCPA
    Participant

    Gifts assume the date of whatever basis you take on. Typically a gift will assume the donors basis…so donor purchased property yr 1 for 20k and on year 10 the property was worth 100k and the donee subsequently sells the property in year 10. The donee assumes a basis of 20k with a date of year 1…when they sell in year 10 its treated as long term.

    Now the curveball in this is IF the donor pays the gift tax on the additional value..so the 80k increase in value (100k-20k)…the donee in this case would assume a basis of 100k and have acquisition date of yr 10 with the subsequent sale taking place in year 10…then it would be a short term transaction.

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

    February 3, 2017 at 3:58 pm #1453355
    jack yassa
    Participant

    @dtatham10
    Thanks a lot man, i do appreciate all your efforts.

    February 3, 2017 at 4:01 pm #1453358
    HoosierCPA
    Participant

    Man I can't keep stock options straight! Reading through my becker cards and its like reading Japanese!!!!

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

    February 3, 2017 at 4:02 pm #1453359
    jack yassa
    Participant

    @dtatham10

    What's the hardest part of all?

    February 3, 2017 at 4:06 pm #1453361
    HoosierCPA
    Participant

    @jack I don't know where you want me to start…which ones are taxed, how much is taxed, all the nitty gritty details. It's just a small area in the grand scheme of things but I just can't get it to click in my grain.

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

    February 3, 2017 at 4:09 pm #1453364
    jack yassa
    Participant

    @dtatham10

    LOL im talkin talking about the exams itself man

    Which harder REG vs FAR?

    February 3, 2017 at 4:17 pm #1453368
    HoosierCPA
    Participant

    I'd rank them BEC, AUD, FAR, REG…from easiest to hardest. REG by default takes the cake because I have spent an entire year on the damn thing (off and on). FAR I passed first try but it was a ton of material and unlike REG the only thing that probably saved me was the sims. AUD I failed once but it didn't have a ton of material so it was easy to reinforce the second time around. BEC had difficult material, that's why this 2nd quarter I think it's going to get scary, the reason that was so easy is you can basically ace the written section if you are good at structuring your memo.

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

    February 3, 2017 at 4:26 pm #1453370
    RTHOMAS
    Participant

    Hey guys can someone who already took regulation break down the format? Like were there more theoretical questions or computational and the break down? My Regulation exam is on the 27th and this material is so much lol.

    February 3, 2017 at 4:31 pm #1453377
    jack yassa
    Participant

    @dtatham10

    Don't tell me that :/ i will be taking it all in Q2.

    February 3, 2017 at 5:54 pm #1453404
    jack yassa
    Participant

    @aatoural
    Did you found an explication for your questions?
    Sol and Julia Crane, both age 48, are married and filed a joint return for 2016. Sol received a distribution of $80,000 from his employer’s pension plan. In addition, Sol and Julia earned interest of $3,000 in 2016 on their joint savings account. Julia is not employed, and the couple had no other income. On January 15, 2016, Sol contributed $3,000 to an IRA for himself and $3,250 to an IRA for his spouse. The allowable IRA deduction in the Cranes’ 2016 joint return is
    A. $3,250
    B. $3,000
    C. $0 CORRECT
    D. $6,250

    February 3, 2017 at 7:20 pm #1453437
    jack yassa
    Participant

    Becker REG4-TESTLET3-Q3
    22. Taxpayer sold land she owned for 4
    years with a basis of $60,000 to her
    brother for $40,000. The brother sold the
    land for $25,000 6 months later.

    What's the basis and why?

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