[jeff]

Welcome to the Q2 2015 CPA Exam Study Group for REG.

“Death and Taxes” – Individual Tax for the CPA Exam

Posted by Another71 on Monday, November 24, 2014

Free NINJA: https://www.another71.com/cpa-exam-study-plan/

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

[Anonymous]

Oh I see, I thought so. I am feeling more comfortable with taxation part now (except for Gleim mcq's) and ethics stuff i still remember from audit. I guess I'll just switch to reading then

Thanks jstay and hunter32!

[hunter32]

@Jostrowski. Honestly if you've put in the time. Don't do anything. I took the night completely off before my exam and it was the most fresh my mind was during the exam. I wont regret it if I end up failing.

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[Anonymous]

jostrowski,

I usually go over latest released questions day before.

[Jostrowski]

@anna where do you find those?

Thanks guys I appreciate the input.

AUD: 62 [2/27/15], 87 [5/29/15]
REG: 76 [5/1/15]
BEC: 86 [7/20/15]
FAR: 76 [8/28/15]

DONE!

Becker self-study, Illinois candidate

[Anonymous]

Roger's website has them. Whatever course you use, they probably have it

[jstay]

D owned a 25% interest in the ABCD partnership. ABCD had operating income of $60,000 before guaranteed payments to partners. The only guaranteed payment made during the year was $10,000 to D. ABCD also had a net capital gain of $10,000. D should report income from the partnership of:

A.

$20,000.

B.

$25,000.

C.

$27,500.

D.

$40,000.

[Anonymous]

only B fits, is it correct?

[jstay]

it is!! lol

yeah we take 60 and subtract the 10 guaranteed payment so were left with 50. multiply that by .25 and we get 12.5. add 10 and the 2.5 capital gains for 25

[Anonymous]

John Evert exchanged land held as an investment for other land to be held as an investment. Relevant data is:

Property given by John

---

Basis $60,000

Value $90,000

Mortgage on land $10,000

Property received by John

---

Value $65,000

Cash $15,000

What is John's recognized gain or loss on the exchange?

Incorrect A.

$15,000

B.

$25,000

C.

$30,000

D.

$55,000

here we go again with this nonsense! lol

[Anonymous]

Boot = cash + relief from liability

[Anonymous]

thanks I forgot the relief of debt!!

[Anonymous]

I kind of start liking taxes, I think

[jstay]

is it B?

[jstay]

cause the realized gain is 35 but boot is 25. lesser is 25

idk i still have to go over like kind exchanges

[Anonymous]

Realized 30 I thought? How did you get 35?

[Author]

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