REG Study Group Q2 2015 - Page 33

  • Creator
    Topic
  • March 5, 2015 at 8:08 pm #192517
    jeff
    Keymaster

    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

Viewing 15 replies - 481 through 495 (of 3,544 total)
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  • March 18, 2015 at 10:26 pm #677682
    sunchip
    Member

    Does anyone have a good chart or table for the different carry back/forward years?

    AUD (89)
    FAR (81)
    REG (April 2)
    BEC (May 22)

    gleim boy through and through

    March 18, 2015 at 10:30 pm #677683
    willpassby2014
    Member

    wiley is confusing MACRS ; Average convention….any tips to how to attack this.

    BEC Passed
    FAR Passed
    AUD Passed
    REG Passed

    March 18, 2015 at 11:41 pm #677684
    Future Ninja
    Participant

    please explain, anyone? I choose unjust enrichment.

    Kay, an art collector, promised Hammer, an art student, that if Hammer could obtain certain rare artifacts within two weeks, Kay would pay for Hammer's post-graduate education. At considerable effort and expense, Hammer obtained the specified artifacts within the 2-week period. When Hammer requested payment, Kay refused. Kay claimed that there was no consideration for the promise. Hammer would prevail against Kay based on:

    A. unilateral contract.

    B. unjust enrichment.

    C. public policy.

    D. quasi contract.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    March 18, 2015 at 11:49 pm #677685
    Anonymous
    Inactive

    Is it A?

    March 19, 2015 at 12:00 am #677686
    Holly
    Participant

    @Future I'm going to say quasi (very quietly and unsure though!)

    BEC - 79
    REG - 85
    AUD - 5/27/16

    March 19, 2015 at 12:17 am #677687
    OnlyBelieve
    Participant

    Daven inherited property from a parent. The property had an adjusted basis to the parent of $1,600,000. It was valued at $2,000,000 at the date of death and valued at $ 2,100,000 six months after the date of death. The executor elected the alternative valuation date. What is Daven's basis in the property?

    A.

    $0

    B.

    $1,600,000

    C

    $2,100,000

    D.

    $2,000,000

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

    March 19, 2015 at 12:23 am #677688
    Holly
    Participant

    @Only The basis will be C, long term because of inherited & AVD within 6 months.

    BEC - 79
    REG - 85
    AUD - 5/27/16

    March 19, 2015 at 12:34 am #677689
    OnlyBelieve
    Participant

    HR ty….i was second guessing about whether D was the right answer because even though AVD was elected, the 2.1M FMV> 2M FMV.

    So using this scenario as a perfect example, whenever AVD is elected, does it matter whether its FMV is greater or smaller than the FMV at the date of death? What if the AVD elected was say 1.8M?

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

    March 19, 2015 at 12:37 am #677690
    OnlyBelieve
    Participant

    Is there such a thing as the lower of AVD or FMV at date of death? or if AVD is elected, anything else doesn't count?

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

    March 19, 2015 at 12:38 am #677691
    Holly
    Participant

    @Only I think FMV is always chosen no matter how it compares to DOD value when the alternate value is chosen. The only thing I've come across in MCQ is if it's sold after DOD, less than six months after DOD, & AVD was chosen, then it's valued at FMV on that date with no gain or loss because it was sold for FMV.

    BEC - 79
    REG - 85
    AUD - 5/27/16

    March 19, 2015 at 12:55 am #677692
    Holly
    Participant

    I can't see my last post?? No lower of rule – if AVD is elected, it's always FMV at the earlier of 6 months or date of sale.

    BEC - 79
    REG - 85
    AUD - 5/27/16

    March 19, 2015 at 12:57 am #677693
    Anonymous
    Inactive

    Is this question even written in English because I don't even understand what it's asking!!

    Which of the following rights or powers does a trustee in bankruptcy NOT have?

    A. Power to prevail again a creditor with an unperfected security interest

    B. Right to use any grounds available to the debtor to obtain the return of the debtors property

    C. Right to avoid any statutory liens against the debtors property that were effective before the filing of the bankruptcy petition

    D. Power to require persons holding the debtors property at the time of the bankruptcy petition is filed to deliver the property of the trustee.

    Correct answer C. But I don't even understand the answer choices. Can someone explain what they mean. I kinda get A the trustee does prevail against this type of creditor. But I don't know what the rest mean

    March 19, 2015 at 1:07 am #677694
    Future Ninja
    Participant

    @cpa8488 yes it is A. Why unilateral contract? why not unjust enrichment?

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    March 19, 2015 at 1:08 am #677695
    Future Ninja
    Participant

    did you know that:

    A contract between a minor and an adult is voidable only by the minor. The adult is bound by the contract.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    March 19, 2015 at 1:12 am #677696
    Holly
    Participant

    I am so lost on Contracts & Sales. I think I was so uninterested when I went over those that I need to start over.

    BEC - 79
    REG - 85
    AUD - 5/27/16

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