[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]

@anjanja, chat rooms on aim/aol were awesome! lol those were the days, before i even knew what a CPA was, ha.

i think jeff tried the chat room a while back, but it ends up getting to distracting

[Anonymous]

there is this rule, if the property is not appreciated when given, holding period is determined when the item is sold. It's for gifted property and something else, but not inherited, right?

[Anonymous]

gifts and related party transactions, but only relates to losses. oh help me god

[jstay]

i wasnt aware of any of that. I thought gifted proeprty will use roll over basis and will use the same holding period as the donor

[Anonymous]

@jstay Am I wrong that the Mom and Pop rule allows you to offset losses up to $25,000 against other forms of income if you have already offset some of the loss against the rental income? So yes, if he still has $25,000 of loss (after deducting $25,000 of the loss against the $25,000 of rental income) can't he also deduct this remaining loss against other income? Does that make sense?

This is probably confusing because I chose an example with $25,000 of rental income, which is the same number as the Mom and Pop allowed loss. This was unintentional…

[Anonymous]

dual basis rule

[Anonymous]

just answered few mcq's on UCC after the chapter in the book – ALL WRONG

[Anonymous]

I used to love AOL and that door open/slam when someone signed on/off. But OMG did I hate dial-up.

Anyways, rollover holding period of donor is correct unless the property's FMV was less than basis (AKA the exception) THEN holding period starts on the day of transfer. I'm positive it's in Becker somewhere It's like one sentence.

[Anonymous]

@anjanja, is there something in particular that you don't understand? With the BLAW stuff, I only focused on high level concepts while studying. It's hard to know if you're wasting your time going in-depth.

[Anonymous]

@cpa8488 that is correct. If we use the loss basis (the FMV), then holding period starts on day of transfer. The Becker sims definitely covered this.

[Anonymous]

@anj just keep trying you still have until the end of the month…unlike some of us lol

I haven't done ninja in about 10-15 days because of was re-doing all of becker. My trending was at a 78% I'm going to try to raise it to the 80s by today. Tomorrow is massage and movie time!!

[Anonymous]

I understand, just reading isn't as good as taking notes, I immediately forget 70% of what I read

[Anonymous]

A taxpayer reports income from a state tax refund on his tax return for the current tax year. Match the phrase that best describes the status for alternative minimum tax (AMT) computations of this tax item.

A.

Not a preference or an adjustment for the AMT

B.

An AMT preference or adjustment which is a deferral item for the AMT

Correct C.

An AMT preference or adjustment which is an exclusion item for the AMT

Incorrect D.

An AMT preference or adjustment which is an exemption item for the AMT

Can someone explain this and define: none of these deferral, exclusion and exemption

[jstay]

@cpa8488 i wish i could lol

[Anonymous]

are there deferral items for AMT?

[Author]

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