[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

[Gabe]

@hunter sounds about right 🙂

@angel yeah, I've been in review mode since the 1st, so about a month for me too.

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

[Troblin]

@everyone Thanks for the replies. I'll focus a majority of my attention on the Tax based simulations.

@Peterman25 I have access to the AICPA authoritative literature practice through my previous exams, however it only has the codification(FAR) and AICPA Auth literature(AUD). Does the website have IRC code lookup as well?

I haven't received my NTS to register with REG yet.

FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

Date I Got My Life Back!: 8/4/2015 🙂

[Anonymous]

@gabe ty for the mnemonic. the only thing is that the T in shit and the E in dope are no longer applicable supposedly?

[Gabe]

@cpr I was confused by that comment. I looked at the 1040 and saw both of them still there,,,

educator expenses- line 23

tuition and fees- line 34

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

[Anonymous]

yea same…they must have put them back

[Gabe]

In the current year Tatum exchanged farmland for an office building. The farmland had a basis of $250,000, a fair market value (FMV) of $400,000, and was encumbered by a $120,000 mortgage. The office building had an FMV of $350,000 and was encumbered by a $70,000 mortgage. Each party assumed the other’s mortgage. What is the amount of Tatum’s recognized gain?

Anyone breakdown the calculation for realized AND recognized gain? Just want to make sure I have it down…

real- 350+120-250-70= 150

rec= < of 150 and boot received…the answer says 120-70= 50k. Is this the case for all like kind exchanges with mortgages?

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

[Peterman25]

@okcpa

I think that we all feel the same way..there is soooo much information in REG and it feels like each piece of information has 3-4 little nuances to it. You have to know the right amount information about a lot of things. Definitely overwhelming. I feel the same right now as I did for studying for FAR. Just shaking my head and laughing about soooo much information. I sit on 4/20 and should start NINJA MCQ this weekend and hit it hard the rest of the way. I definitely felt much better about FAR after about 80 hours of MCQs.

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[Gabe]

@Peterman agreed. Especially if you're not in tax, all the little details can get overwhelming. Just keep pushing along 🙂

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

[Peterman25]

@gabe

you can also do the JE to find the realized gain…but you will recognize the lower of realized or boot.

dr asset new 350,000

dr old mort 120,000

cr asset old 250,000

cr new mort 70,000

cr real gain 150,000

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[Peterman25]

Gabe..I like your idea of printing a 1040.

I just did that and it will be taped to the bathroom mirror along with notes on what is above the line and what is not. Cant wait to go over it every morning. I'll probably end up doing that with a few more topics too.

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[Gabe]

I did that with the 1040, 1120, schedule A, 1120S- it's nice to have a visual 🙂

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

[OnlyBelieve]

Gabe- In additon to Pete's response to your like-kind exchange question.

Whenever a mortgage received is lesser than that contributed, the difference is considered boot received….if vice versa, then it is boot paid. This is always the case for all like-kind exchanges. Of course, a caveat to this rule is when a non-like kind property is received. This will also be considered boot to the extent of the FMV of the property received.

AUD - DONE
BEC - DONE
REG - 04/04
FAR - 05/30

[Anonymous]

I know some people here are at the review phase. I'm currently half way through my second chapter in Becker. I study full time and my plan is to do two chapters a week. I have temporarily scheduled my exam for May 4th. Should I push it back further?

[Laura M.]

I am back! I was hoping I would not be in this group this Quarter! 🙂 But none the less, here I am! Good luck to all!

FAR - 82
AUD - 79 (lost credit), 75
BEC - 76
REG - 91

CPAexcel and Ninja Notes and Ninja MCQ

[workhard]

@cpa8488

I am going to retake my reg exam too, I just rescheduled it to 4/11, I am currently in the half part of chapter 3. I think since we both study full time and it's not our first time to take this part, we should just study harder and focus more on weak areas. After reg, I still have 3 parts need to go 🙁

REG - 69 8/31/2015
FAR - 11/23/2015
FAR - TBD
AUD - TBD

Work hard, enjoy life later

[Author]

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