[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

[OR_CPA]

@canaanko, I believe we are adding back the contribution and cap loss as these items retain their character to the shareholder, and are passed through on the K-1. The adjustment for excess depr is also an AMT adjustment recorded on the K-1.

FAR - PASS
AUD - PASS
BEC - PASS
REG - 11/24

[canaanko]

@OR_CPA and @anjanja

So on the M-1, would it be under line 3 (Expenses recorded on books)?

[OR_CPA]

@canaanko – I was thinking line 17 on the K-1

FAR - PASS
AUD - PASS
BEC - PASS
REG - 11/24

[canaanko]

@OR_CPA

Can you clarify by what you mean?

[RTCPA]

hi guyz, need your help to explain how we go the base of 69,000 for the second example

A owns investment land with an adjusted basis of $50,000, FMV of $70,000, but which is subject to a mortgage of $15,000. B owns investment land with an adjusted basis of $60,000, FMV of $65,000, but which is subject to a mortgage of $ 6,000. A and B exchange real estate investments with A assuming B’s $6,000 mortgage and paying cash of 4000, and B assuming A’s $15,000 mortgage. :

[Anonymous]

@RTCPA, I think you are asking how we determine what B's new basis in A's property is. The basis will be the plugged debit to balance the following transaction: B is getting rid of its $6,000 mortgage, which is a debit. It is also getting rid of its property, which is a $60,000 credit. Lastly, it is taking on A's mortgage of $15,000, which is a credit. B will have no recognized gain because he is actually taking on more debt than he is getting rid of. Therefore, the plug entry to the debit side is $69,000. I hope that helps. Were you able to determine A's basis?

[Anonymous]

Another day closer!!!

[jstay]

@cpa8488 im freaking out i just want to take it already! im doing pretty crappy on my “missed last time seen” questions.

[Anonymous]

What about 4000 cash

[Tncincy]

Exactly 20 days til test day…..Spent two days getting my four adult children home from college 🙁 ( there goes the food, milk and juice)…..I have not been able to get back in the mode…..I started several mcq sessions only to end them due to distractions…I tried listening to audio while driving…more distractions.Help guys, I need help….I do not want to re-schedule Can I make it?

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Gabe]

@tcincy I do not have 4 grown children, but I have 2 little ones (newborn that doesn't sleep through the night and a toddler that constantly wanted to play), so I *kind of* get it. That being said, it CAN be done. It MUST be done. Try and get up early (we know the kids won't be up then haha), try and study during lunch. Spend dinner with the kids and maybe an hour or two after then study some more. You can do it!

CPA, CFE
CISA- Experience will be completed by August 2016

[Anonymous]

how are you along in the material? I know it's mother's day this weekend but you have to focus. 20 days vs. another quarter of studying!!

[Anonymous]

@jstay you have already seen these topics numerous times. Just keep practicing the ones you get wrong! and listen to ninja blitz it's good for REG. You will do great!

[jstay]

@cpa8488, yeah im just going to ninja mcq and progress tests in becker. hopefully keep it around 250 a day and reading a chapter during the night, im just so ready for this whole experience to be over

[Tncincy]

focus….focus….focus. It's ringing in my head. That's what I'm going to do…..make a single file line and don't let anyone or anything butt or bum-rush the line. Thanks Ninja's. I have to do this and do it now.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Author]

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