[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

[jstay]

i really hope i didnt just memorize the answers

[Tncincy]

Oh Lord….I forgot about Mother's Day……aughhhhh

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

[Anonymous]

@jstay you have to tell yourself why A is correct and why b,c,and d are incorrect. Even if you already know the answer it's ok.

@tnc lol sorry!

[Anonymous]

@jstay, is this your last section?

[jstay]

@ctm, yep

[Anonymous]

So many people trying to knock out REG to finish this thing off in Q2 2015. I feel for all of you. I know this one has been especially brutal being that it is the last. Sounds like you guys are ready. Hopefully I am too.

[Anonymous]

@ctm I agree because the new numbers/changes go into effect in July. So people try to knock this section out in the beginning of the year. But like I said before, looking at the “i officially passed reg” thread last score release I didn't see many posts. I know that doesn't mean much but still I was surprised by how few posts there was.

[jstay]

yeah i think im already going to be taking in on 7/1 again but heres to hoping im wrong

[Anonymous]

are there really that many changes starting July? I am pretty sure I'll have to retake it next window

[Anonymous]

^^ you two better knock it off! wrong attitude. You previous scores on the other sections are great plus you both have been studying very hard! I believe having a positive attitude makes a big difference. WE ARE DONE WITH REG!! lol

[Gabe]

@cpa I don't think a lot of people posted in the “I passed REG” thread- check the score release thread. There seem to be a lot there. 🙂 I believe most everyone from this study group passed in the last wave. You all can DO it!

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

[jstay]

haah aim for a 100, hope for a 75

[Anonymous]

there is just not enough time.

btw, could somebody answer like kind exchange question from few hours ago, it's really bothering me

[Anonymous]

@jstay I'm aiming for a 75. Anything higher I will feel robbed of time spent with family, friends, boyfriend and tv lol. Starbucks has frapps half off starting soon. So I might take a break and go grab one.

@anj can you copy/paste it i didn't see it.

[Anonymous]

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. :

POSTED 3 HOURS AGO # REPORT

DPD516

Member

@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?

[Author]

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