[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/

[Meddik]

There is some exception mentioned in the Ninja videos about netting mortgages in such an exchange.

To quote it “If you net the mortgages and you have a net boot paid, ignore it for calculating the gain.”

I'm not sure how to interpret that quote…is it saying that if you net them, 100 given up – 125 assumed = net boot paid of 25k, relative to the mortgage and not yet including the cash. So since there was a net boot paid, ignore the mortgages and just recognize the gain of 25000 cash received (lesser of realized gain or boot received)

FAR - 86
REG - 83
AUD - 97
BEC -

[skoog]

Meddik–My understanding is that if you net the mortgages that if boot paid exceeds boot received that you do not use boot paid in consideration of your gain. Thus your gain is only $25,000 in this case which is the cash received.

[payaza2000]

Hi guys just started diving into the material for FAR; will be taking the exam August 6 (FINGERS CROSSED, KNOCKING ON WOOD)

Anyways my question is regarding Section 179 in the Ninja material it says that for Tax Year 2014 the maximum amount that can be expensed is $25,000 and the threshold is $200,000. Question is; has this stayed the same i.e are these amounts gonna be on exam for test takers after July 1?

Best Regards

FAR 5/6/2015- 84
REG 8/3/2015 - 87
AUD 10/25/2015- 69 1/20/2016 -75
BEC 2/26/2016- 80

Thank you God

[willpassby2014]

Good luck every one. I wish all of us pass this beast.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

willpassby2014,

thanks, good luck to you too.

what was marital status in yesterday question you asked

[willpassby2014]

Husband left wife around feb 2014 and wife did not hear back. Can she file Married filing jointly or Head of family. She has a kid whom she supports 50%.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

what was the answer

[willpassby2014]

head of household

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Meddik]

Good luck today everyone. I'll report back this afternoon if I remember

FAR - 86
REG - 83
AUD - 97
BEC -

[willpassby2014]

Good luck to you too. I have my exams at 2.00. Could not sleep yesterday night due to tension ….uggghhhhhh want to get it done

BEC Passed
FAR Passed
AUD Passed
REG Passed

[skoog]

Good luck to everyone taking the exam today!!

[Anonymous]

good luck everybody! please report back

[Tncincy]

Just thought about something….I changed my test date to July 6. Am I subject to new rules or could I possibly get by since the test is the first week of July?

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

[Meddik]

99% sure you will be subject to the new rules cincy.

So I can't tell if my testlets got harder or easier…there were some questions that seemed really easy in my 2nd/3rd testlet but also some pretty hard ones. I also am not sure because I feel like I also understood some of the traditionally “hard” topics pretty well.

My SIMS were…interesting. Not exactly what I expected and the instructions weren't as clear as I had hoped for one of them. They seemed overwhelming at first but I entered into them with about 1hr 40mins left and finished with 8 or 9 minutes remaining. I used the IRC a lot for them which helped, but it was also less intuitive/clunkier than what my practice SIMS had shown me. My research question was very obscure but I believe I got it correct, took about 10-12 minutes on it.

So overall, I feel like it could have gone either way. This is my second exam, so maybe I don't feel quite as worried/freaked out as I did when I first took FAR because I walked out of there almost certain that I failed.

FAR - 86
REG - 83
AUD - 97
BEC -

[Tncincy]

Oh well, I'm just gonna keep studying, I hope the mcq's will be updated.

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

[Author]

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