REG Study Group Q2 2016 - Page 100

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  • June 30, 2016 at 3:15 am #768528
    Just3Letters
    Participant

    If Michael Phelps can make the Olympics five times I can pass four measly tests. Just saying.

    FAR- 81
    REG- 81
    BEC- Aug 22, 2016
    AUD- TBD

    June 30, 2016 at 3:17 am #768529
    Anonymous
    Inactive

    Are you guys going to tackle corporate AMT? I'm really on the about how far to go in learning the details, but I'm afraid of getting SIMS on stuff like this.

    June 30, 2016 at 3:18 am #768530
    Bear-Bear
    Participant

    ^^^Exactly!

    Finally got my overall average up to 74%. It took since saturday, so i'm not likely to get it to 75 before the exam…but I feel a little better now.

    June 30, 2016 at 3:19 am #768531
    Bear-Bear
    Participant

    @CPA2021 – Yeah, I'm kinda perusing it right now for the same reason. I can probably pick out the right answer in a MCQ…but on a SIM, yikes.

    June 30, 2016 at 3:20 am #768532
    Spartans92
    Participant

    Bear, dont worry. Truth be told my average was in the 60's for BEC and passed! Try your best! Good Luck

    BEC- PASS

    June 30, 2016 at 1:14 pm #768533
    csvirk
    Participant

    Which of the following is subject to the uniform capitalization rules of IRC Section 263A?

    A.
    Editorial costs incurred by a freelance writer

    B.
    Research and experimental expenditures

    C.
    Mine development and exploration costs

    D.
    Warehousing costs incurred by a manufacturing company with $12 million in annual gross receipts

    I am doomed if Exam has these type of questions!!

    FAR: 71, 77!
    AUD: 69, 80
    BEC: 72
    REG: 84

    June 30, 2016 at 1:18 pm #768534
    Bear-Bear
    Participant

    ^^I know the answer is D. The problem is, if D weren't in there, I wouldn't know that any of the other ones WEREN'T subject to it. That's what sucks. There are a lot of questions like that for me in REG.

    June 30, 2016 at 1:31 pm #768535
    .
    Participant

    So for general partners : Absent agreement to the contrary, profits and losses are to be equally shared by the partners.

    But for limited partnerships:

    Sharif, Hirsch, and Wolff formed a limited partnership with Sharif and Hirsch as general partners. Wolff was the limited partner. They failed to agree upon a profit-sharing plan but put in capital contributions of $120,000, $140,000, and $150,000, respectively. At the end of the first year how should they divide the profits?

    A. Sharif and Hirsch each receives half and Wolff receives none.
    B. Each of the three partners receives one-third.
    C. The profits are shared in proportion to their capital contribution.
    D. None of the listed choices.

    Correct!
    Answer= C

    Under the Revised Uniform Limited Partnership Act, when the partners do not agree how to split profits, the split is made in proportion to their capital contributions. Note that this is different for general partners under the Revised Uniform Partnership Act.

    Confusing.

    FAR - June 2016 - 88
    REG - July 2016 - 89
    AUD - Aug 2016 - review phase currently
    BEC - Sep 2016 -

    Wiley CPA Excel & Ninja MCQ

    June 30, 2016 at 1:33 pm #768536
    Bear-Bear
    Participant

    ^^^I didn't know that!! Thanks for the heads up. I assumed it was the same as general partnerships.

    June 30, 2016 at 1:50 pm #768537
    Anonymous
    Inactive

    GP, if silent, GR: P/L's are shared equally.
    LP, if silent, GR: P/L's are shared according to capital contributions.

    I remember hearing from Peter Olinto, GRs are often followed by exception/s.

    GR means General Rule.

    June 30, 2016 at 2:00 pm #768538
    csvirk
    Participant

    Tax communications to a client should:

    Incorrect A.
    be much more precise.

    B.
    be much less detailed.

    C.
    only address the tax accountant.

    D.
    include the IRS agent's name.

    Answer is B. Explanation: Because taxpayers are not versed in the language of tax, the communications should not contain too much detail. The communication should not confuse the client, but rather make things more clear.

    This doesn't make sense. So just let client know they owe XX amount of money and no detail explanation?

    FAR: 71, 77!
    AUD: 69, 80
    BEC: 72
    REG: 84

    June 30, 2016 at 2:03 pm #768539
    Anonymous
    Inactive

    so if it were a general partnership, they would split P/L 1/3, 1/3, 1/3?

    June 30, 2016 at 2:05 pm #768540
    Bear-Bear
    Participant

    Yup, unless agreed otherwise.

    June 30, 2016 at 2:05 pm #768541
    Anonymous
    Inactive

    Yes, equally for GPs.

    June 30, 2016 at 3:14 pm #768542
    Just3Letters
    Participant

    @Circadian,

    Thanks! I had no idea limited partnerships were different.

    @Csvirk,

    The questions is worded poorly but it is asking if tax communications with clients or the IRS should be more precise. Communications with IRS agents should be more precise than with taxpayers because IRS agents have training and in-depth knowledge of the topics.

    You guys must all be east-coasters. I always get on here with an entire page of posts from the morning already haha.

    FAR- 81
    REG- 81
    BEC- Aug 22, 2016
    AUD- TBD

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