[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]

Business Law isn't too bad. It's really confusing at first but once it clicks, you've got it.

With that being said, I hate Commercial Paper and security interests. I get the basics but they love to over-complicate the questions. I mean who the heck is Sally and why does the fact that she was Andrew's Dentiist's first cousin mean she gets priority over Bill and Tom when Laura sells her 5% share of a penguin colony?

[Holly]

Does anyone have a way of remembering the difference in completed gifts, future, present

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

[Anonymous]

Look back a few pages. I asked the exact same question and Gabe provided me some examples. It was, maybe, a week ago.

[Gabe]

@HR

completed gift–> here is a car.

future gift—> here is a trust, you can have the interest in 10 yrs

present gift—> here is a trust, you can have the interest now.

not complete gift—> here is a trust, you can have the interest BUT I have the right to revoke the interest at any time.

Hope that helps. If you see “revoke” it is NOT complete.

Also, fun fact, you cannot utilize gift tax exclusion on future gifts. Only present ones 🙂

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[Gabe]

Reviewing some areas before tomorrow:

Gifted prop (the bane of my existence)

If FMV>AB- Great! Use AB

If FMV<AB- Not good!

If you sell at a gain- use basis

if you sell at a loss- use FMV

if you sell “in between”- No G/L because your basis is your SP.

Example:

FMV= $22

AB= $24

1. SP= $25

Gain= $1 (25-24)

2. SP= $20

Loss= $2 (22-20)

3. SP= $23

No G/L

correct?

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[jstay]

Gabe, How nice! your gifting me a trust!?!?

in my dreams…

[terryharm]

@gabe Good Luck tomorrow, and good luck to everyone taking the exam in this window.

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[Gabe]

@jstay if I pass this exam maybe I will 😉 Wait, is that a valid contract? bahah

@terry thank you! did you get your situation sorted?

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[jstay]

Gabe, LOL that was a good one haha but best of luck tomorrow, report back

[Gabe]

@jstay will do. happy studying!

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[Troblin]

@ Gabe

your explanations are awesome! Good luck on your exam tomorrow.

Hopefully you stay around a little after the test. My Blaw and Corporation Tax knowledge is definitely lacking.

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: If I don't get a chance to say to say it later, good luck tomorrow. You seem to have this stuff nailed down so, hopefully, you just rock it.

[Gabe]

@troblin I'm sure I'll be around until score release at the very least 🙂

Thanks @angel! If I don't get to it, good luck to you too! Let's be done with this beast!

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[Gabe]

Someone mentioned the AVD earlier…here is what he IRC says:

The executor, however, may only elect the alternate valuation date if the election decreases the value of the decedent's gross estate, the estate tax, and the generation-skipping transfer tax imposed on the property. (See IRC Sections 1014(a) and 2032.)

So if the AVD is greater than the gross estate it cannot be selected. hmm.

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[jstay]

@Angel, when are you sitting again? I know you've told me before, beginning of May?

[Author]

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