[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]

No_one,

Dividends received = 35000, but basis of land = 38000. I thought the basis would also be 35000, these things are not clear to me

[willpassby2014]

No one and Anjanja

When corporate distributes property ; Distribution Amount = FMV of property + Cash- Liability Assumed which is 35000

Shareholder Basis is= FMV of property + cash received = 38000

BEC Passed
FAR Passed
AUD Passed
REG Passed

[willpassby2014]

Pursuant to a plan of corporate reorganization adopted in July of Year 1, Gow exchanged 500 shares of Lad Corp. common stock that he had bought in January of Year 1 at a cost of $5,000 for 100 shares of Rook Corp. common stock having a fair market value of $6,000. Gow’s recognized gain on this exchange was:

A.

$1,000 long-term capital gain.

B.

$1,000 short-term capital gain.

C.

$1,000 ordinary income.

D.

$0.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[No_one]

Willbycpa2014 thanks for explaination, I am much more clear now…

CA Candidate
FAR: You are down...
Aud: Surprised me...Thanks
BEC: 75% work done
REG: It's 80 but I am 100% done 🙂

[Anonymous]

D. No gain recognized. $5,000 basis in Rook Corp. common stock.

[willpassby2014]

Correct

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

Told myself I wouldn't do any MCQ today and just look over some notes and my review book but I can't help it. It has become such a part of my life and that is SO sad.

[willpassby2014]

what are you guys doing for simulation

BEC Passed
FAR Passed
AUD Passed
REG Passed

[jstay]

i did crazy mcq for the sims, its hard to prepare otherwise, im going to give R4 one more look over tonight and call it a night, test at 8 tomorrow. ill see you guys in Q3…

[willpassby2014]

Goodluck J stay

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

Good luck to everyone testing tomorrow! Exam starts at 12:30 CST after my normal pre-exam rituals. I hope to God it's the last time I have to step foot into a Prometric testing center!

[Anonymous]

Good luck Jstay and CTM, I hope not to see you in Q3

[Anonymous]

willpassby2014,

Thanks, I couldn't even find this in my notes

[Anonymous]

For some reason I have a real trouble with types of reorganizations. Whenever I see a question about it I just go with 0 without thinking much, and it was working out great so far. The problem starts when they ask for a particular type or reorganization

[Anonymous]

Good luck w everyone testing tomorrow 🙂 it's the last day of 5/27 score releases. And I'm still waiting to hear from @dpd….

[Author]

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