REG Study Group Q2 2016 - Page 111

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  • July 1, 2016 at 7:38 pm #768693
    Anonymous
    Inactive

    I thought the ET sections on independence were tested in audit. Why the questions in REG?

    July 1, 2016 at 8:02 pm #768694
    Just3Letters
    Participant

    What do you guys think about having 1.5 hours for the sims? That's what I'm planning at this point.

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

    July 1, 2016 at 8:22 pm #768695
    Bear-Bear
    Participant

    @Just3Letters – 1.5 hours is my plan for SIMS. I'd like to have closer to two hours, but I don't think I can zoom through the MCQ quite that fast.

    July 1, 2016 at 8:34 pm #768696
    Just3Letters
    Participant

    Yeah all MCQ in 1 hour might be something you would regret come score release day haha

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

    July 1, 2016 at 8:36 pm #768697
    Just3Letters
    Participant

    An incorporated exempt organization subject to tax on its current-year unrelated business income:

    A.
    must make estimated tax payments if its tax can reasonably be expected to be $100 or more.

    B.
    must comply with the Code provisions regarding installment payments of estimated income tax by corporations.

    C.
    must pay at least 70% of the tax due as shown on the return when filed, with the balance of tax payable in the following quarter.

    D.
    may defer payment of the tax for up to nine months following the due date of the return.

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

    July 1, 2016 at 8:53 pm #768698
    Bear-Bear
    Participant

    B!

    Is there a minimum dollar amount for having to file taxes though? I seem to remember something like $500

    July 1, 2016 at 9:01 pm #768699
    Just3Letters
    Participant

    Yeah the answer is B!

    I think it's actually if the organization has less than $50,000 in gross receipts or it is a church-type organization it is exempt from filing

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

    July 1, 2016 at 9:02 pm #768700
    Just3Letters
    Participant

    There's a $600 rule for estates. Maybe that's what you were thinking? haha

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

    July 1, 2016 at 10:19 pm #768701
    Anonymous
    Inactive

    never mind got it

    July 1, 2016 at 11:40 pm #768702
    Just3Letters
    Participant

    Wow I left for a couple hours and no posts. Very inactive today!

    In other news: in 48 hours I will be done with my test. Can't wait!

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

    July 1, 2016 at 11:58 pm #768703
    Just3Letters
    Participant

    I got the answer correct but what is the difference between B and D as far as one being more correct than the other?

    Partnership JKL has decided to liquidate. Partner J's adjusted basis in the partnership is $55,000 and he received only equipment (FMV $55,000, adjusted basis to the partnership of $40,000) in complete liquidation of his share of the partnership. What is the amount of gain or loss Partner J will recognize on his personal tax return?

    A.
    Gain of $15,000

    B.
    Partner J may not recognize a loss on the liquidation of the partnership.

    C.
    Loss of $15,000

    D.
    Partner J will not recognize a gain on the liquidation of the partnership.

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

    July 2, 2016 at 12:21 am #768704
    CPA2BEE
    Participant

    Answer is D right?

    B is just a false statement, can't partners recognize a loss in a partnership upon complete liquidation?

    FAR - 80
    AUD - 82
    BEC - 80
    REG - 85

    ETHICS - 90
    EXPERIENCE - COMPLETE
    Application for California license mailed 8/4/2016

    July 2, 2016 at 12:51 am #768705
    Just3Letters
    Participant

    Correct answer is B. I just guessed B because of the whole conservatism (don't recognize losses) thing. Honestly B and D both seem like they could be correct though. Whatever.

    The rules for liquidating distributions for a partnership are as follows:

    If a partner receives cash or marketable securities (cash equivalents) in excess of the partner's adjusted basis, then gain is recognized on that excess.
    If no cash equivalents are distributed, no gain is recognized.
    If a partner receives cash, unrealized receivables, or inventory in a liquidating distribution, a loss may be recognized by the partner equal to the difference between FMV and the partner's basis.
    If only other property is received, then no loss may be recognized.

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

    July 2, 2016 at 1:19 am #768706
    Anonymous
    Inactive

    Was puzzled why I couldn't move the needle in trending for NINJA MCQ's kept seeing the same questions over and over and over that I got right or were in an area I had an over 90% score in. Started usingt he custom – should have done that about 6 hours ago. We'll see if we can get the trending up tomorrow.

    July 2, 2016 at 1:26 am #768707
    Bear-Bear
    Participant

    Alright peeps…I'm turning in early tonight. Tomorrow at 8am I tackle this beast. I hope I get the pass!

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