REG Study Group Q2 2015 - Page 72

  • 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 - 1,066 through 1,080 (of 3,544 total)
1 2 3 … 71 72 73 … 235 236 237
  • Author
    Replies
  • April 4, 2015 at 2:15 pm #678274
    Anonymous
    Inactive

    Sounds like you did fine.

    April 4, 2015 at 5:09 pm #678275
    Anonymous
    Inactive

    Studying for this section was worse than FAR!! I can't handle another exception!!!

    April 4, 2015 at 6:31 pm #678276
    Gabe
    Member

    Thanks all! I won't be on here this weekend, but if I'm slow at work I'll be sure to pop in and help!

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

    OK Candidate

    April 4, 2015 at 7:53 pm #678277
    rachel101091
    Member

    Hey guys! i'm in need of some help here. I bought the NINJA notes which have helped a TON but I am a little confused on one area of partnerships where it says ” items not counted as income on schedule K” and it includes pasive income, 1231 G/L and portfolio income, yet in my BECKER book, where they show an actual picture of the Schedule K… it shows those items are included! Same thing goes for deductions that are disallowed on Schedule K but I found them on the schedule too. Could anyone enlighten me please? Thank you!

    FAR - 80 (1x)
    BEC - 79 (1x)
    REG - 83 (1x)
    AUD- 85 (1x)
    *Becker only*

    "Even youths grow tired and weary, and young men stumble and fall;
    but those who hope in the Lord will renew their strength.
    They will soar on wings like eagles;
    they will run and not grow weary,
    they will walk and not be faint."- Isaiah 40:30-31

    April 4, 2015 at 7:59 pm #678278
    Gabe
    Member

    Yeah the wording is confusing. It's reported on the schedule k but the amounts flow thru to the schedule k-1 for each partner.

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

    OK Candidate

    April 4, 2015 at 8:39 pm #678279
    Anonymous
    Inactive

    I'm sure someone asked this before but can anyone explain the difference between $2,081,800 and $5,340,000. And is this questions confusing because I picked the wrong answer:

    Assuming tax law of 2014, what amount of a decedent's taxable estate is effectively tax-free if the maximum applicable estate and gift tax credit is taken?

    a. 0

    b. 2,081,800

    c. 5,330,000

    d.14,000

    Answer C I picked B

    April 4, 2015 at 9:10 pm #678280
    Gabe
    Member

    C is the lifetime limit. Once you go passed that you are taxed, I believe, 40%. Where are you getting B from?

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

    OK Candidate

    April 4, 2015 at 9:19 pm #678281
    Anonymous
    Inactive

    Gift tax has a few components:

    1. Only the person GIVING the gift is taxed. The person receiving the gift is NOT taxed.

    2. Each year 14,000 of gifts are tax free. If you are married filing jointly this doubles to 28,000.

    3. Once you go over the 14,000 threshold in a year, you still have a lifetime credit of 5,300,000ish. If you use up 500,000 in one year, the next year (and all other years after that) you have 4,700,000 to play with.

    Basically it's designed so that the average person will never have to pay taxes on gifts.

    April 4, 2015 at 10:16 pm #678282
    OnlyBelieve
    Participant

    My take on REG today. Overall i feel OK about it. Had one research which i found right away…always good that way:).

    My testlet 2(MCQ) though felt like the questions were dropping from a different planet:) Spent close to 50 mins on this testlet. Flagged a few! I will be back on this thread when the results come out. Moving on to FAR study group on Monday. Good luck to everyone.

    @HRSexton- See you in FAR study group?:)

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

    April 4, 2015 at 10:56 pm #678283
    Holly
    Participant

    @Only You'll see me there soon because I plan on getting right to it.

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

    April 4, 2015 at 11:18 pm #678284
    Gabe
    Member

    @only did you get a lot of calculations?

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

    OK Candidate

    April 4, 2015 at 11:43 pm #678285
    Anonymous
    Inactive

    @angel so what's the 2 million-ish number representing?

    April 5, 2015 at 12:04 am #678286
    OnlyBelieve
    Participant

    @Gabe- i got a ton. I think about 90% of testlet 2 was all calculations, and about 60% in 1 and 3

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

    April 5, 2015 at 12:45 am #678287
    Holly
    Participant

    The $2,081,800 represents a lifetime credit of gift and estate transfers

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

    April 5, 2015 at 2:07 am #678288
    Gabe
    Member

    @only thanks. I honestly can't remember how many of my questions involved calculations… It didn't feel like a lot, even in the first testlet… But again, it's subjective. Figuring a partners basis may be considered a calculation to someone and not to another.

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

    OK Candidate

  • Author
    Replies
Viewing 15 replies - 1,066 through 1,080 (of 3,544 total)
1 2 3 … 71 72 73 … 235 236 237
  • The topic ‘REG Study Group Q2 2015 - Page 72’ is closed to new replies.