REG Study Group Q2 2016 - Page 101

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    Replies
  • June 30, 2016 at 3:46 pm #768543
    csvirk
    Participant

    Which of the following is not considered personal property for purposes of local taxes?

    A.
    Land

    B.
    Jewelry

    C.
    Boats

    D.
    Shed

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

    June 30, 2016 at 3:48 pm #768544
    Bear-Bear
    Participant

    A. Land is realty

    June 30, 2016 at 3:48 pm #768545
    Just3Letters
    Participant

    What bear said

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

    June 30, 2016 at 3:49 pm #768546
    Just3Letters
    Participant

    Bear is your test in morning or afternoon?

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

    June 30, 2016 at 3:50 pm #768547
    csvirk
    Participant

    Correct. Answer is A. What threw me off was Shed. Mostly Shed is part of the land and consider real property. Please correct me if I am wrong.

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

    June 30, 2016 at 3:54 pm #768548
    Anonymous
    Inactive

    yeah weird, i guess a shed is movable?

    June 30, 2016 at 3:57 pm #768549
    Anonymous
    Inactive

    another question along the same lines:

    Trees were cut down and made into lumber. The lumber was used to build a house. Which of the following statements best describes the property aspect of these events?

    A.
    The trees were and remained tangible personal property.

    B.
    The trees were and remained real property.

    C.
    The trees were real property, then became and remained personal property.

    D.
    The trees were real property, became personal property, and then reverted to being real property.

    June 30, 2016 at 3:59 pm #768550
    Just3Letters
    Participant

    D.

    Trees are real property because they are fixed to the ground. After the are cut they become WIP which is personal property. Finally, they become real property again when they are made into a house which is fixed to the ground.

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

    June 30, 2016 at 4:00 pm #768551
    csvirk
    Participant

    it is D.

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

    June 30, 2016 at 4:03 pm #768552
    Just3Letters
    Participant

    Ugh. I really don't want to start doing stupid MCQ today 🙁

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

    June 30, 2016 at 4:03 pm #768553
    Just3Letters
    Participant

    .

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

    June 30, 2016 at 4:04 pm #768554
    Anonymous
    Inactive

    correct. you each get a gold sticker

    June 30, 2016 at 4:12 pm #768555
    csvirk
    Participant

    @Dr Cash thanks for the gold sticker. Is it tax exempt gift ?

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

    June 30, 2016 at 4:18 pm #768556
    Anonymous
    Inactive

    it's not real gold so it's immaterial. the real value is in the thought imo

    June 30, 2016 at 4:23 pm #768557
    Just3Letters
    Participant

    If it's not real gold it's definitely less than the $14,000 per year/per person limit.

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

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