[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for REG.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[ImCPA]

Hello Everyone-

Wanted to check if ‘2016 AICPA Newly Released Questions' are released yet? If yes, where can I download them? In my Becker software, I just see 2015 AICPA Released questions.

Thank You!

FAR - 85 (5/10/2016)
AUD - 89 (7/12/2016)
BEC - 9/07/2016
REG - TBD

[pracap]

Hey Guys,

I just lost FAR credit thanks to REG.
I passed FAR in 2014, i think lot of changes/additions etc.. would have been done to FAR.
Please please please help me how to go about…

Did anybody had this same experience ?

[mckan514w]

@ImCPA Ninja has them posted for both Reg and FAR also I'm Rogers and they have released them as well-

@pracap that SUCKS and I'm truly sorry- don't have the same experience but awaiting my failing FAR score knowing it will be a “retake” — I can't tell you how much it has changed but can tell you that I took Financial Accounting in 2014 and was there has definitely been some changes since I took the class!! all I can say is good luck and hopefully someone else will have better advice for you.

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[SaveBandit]

A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The auto originally cost $35,000 and he has taken $18,000 in depreciation. The old automobile is currently worth $20,000 and the new automobile the taxpayer wants in exchange is only worth $17,500. The other party agrees to give the taxpayer a trailer worth $3,500 in addition to the new auto, and the taxpayer agrees to pay $1,000 cash in addition to the trade in. What is the taxpayer's basis in the new automobile received?

A. 14,500
B. 17,000
C. 19,500
D. 17,500

Answer D.

My question is why do you not net the trailer with the cash given to yield a $2500 gain recognized which would lead to a $17k basis? Do they have to be of the same “type”? For example, you can net a liability given with a liability received. Can you net cash given with cash received? I would assume so but who the F knows. Regulation makes no sense.

4 for 4

FAR 85
AUD 94
BEC 86
REG 90

[monikernc]

SaveBandit, from my tax book: “when a taxpayer both transfers and receives boot in an otherwise qualifying like-kind exchange, the taxpayer must recognize any realized gain to the extent of the boot received. That is, the taxpayer is not allowed to offset boot received with boot paid. However, when the taxpayer gives and receives boot in the form of liabilities, the taxpayer is allowed to net the boot received and the boot paid.”

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Anonymous]

Using the Ninja MCQ and having trouble submitting the answer in the correct format for the simulations. Here's the question:

InterTax, Inc., sold one of its stock investments and realized a loss. What code section provides the authority regarding the treatment by corporate taxpayers of this realized loss?

The answer is IRC 1211(a). However, I have entered it in every format that I can think of but Ninja still marks it as incorrect. I've entered as:

IRC 1211a
IRC 1211(a)
1211(a)

Is this a glitch in the software? Has anyone else had any issues with the tax research simulations?

[justkeepswimming23]

This was on the AICPA newly released questions for 2016…PLEASE HELP

11. On year 1, Janice had the following transactions in Jacky, Inc. common stock:

Jan. 01 – Purchase 500 for $25

May 12 – Sale 500 for $23

May 28 – Purchase 250 for $22

Oct 15 – Sale 100 for $18

What is Janice's deductible capital loss?

$400

$700

$1,100

$1,400

The answer is 1,100. COuld someone please explain

FAR: 78
REG: 74, 75
AUD:
BEC:

[monikernc]

BondVillain – the section is 1121
you provided 1121(a) which is the subsection
an example of the paragraph would be 1121(a)(1)

Justkeepswimming, this was posted on page 11 of the thread with some other recently released questions:

250 share bought for $22/ share = $5500
+loss disallowed =$500 50%(500*25-500*23)
so basis of 250 shares =6000
rate per share =6000/250=$24

now 100 shares sold at $18/share =1800
less basis 100*24 =2400
loss =600
so total allowed capital loss =500+600=1100

– See more at: https://www.another71.com/cpa-exam-forum/topic/reg-study-group-q2-2016/page/11?replies=489#sthash.hKgYVGkH.dpuf

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Anonymous]

Thanks, monikernc. Drinking a beer whilst doing sims probably isn't the best study habit.

@justkeepswimming – I just recalculated the problem you listed. The wash sales rules apply: of the $1000 loss on the 5/12 sale $500 is deductible and $500 is allocated to the new shares purchased 5/28. After you calculate the$600 loss in Oct you have to remember to also add th5/12 $500 loss

[monikernc]

anyone using ninja mcq's and struggling with C Corp basis and gains like i am – i suggest ninja sim 74. the answer walks you through the shareholder's and corp's side of contributions. read through the response and write it all out, it is a good one.

more sims tomorrow.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[justkeepswimming23]

@monikernc @bondvillain thanks! I feel like once you guys tell me the answer to my next question a lightbulb is gonna go off in my head – why is half deductible?

FAR: 78
REG: 74, 75
AUD:
BEC:

[Anonymous]

@justkeepswimming23
because she only bought 250 and sold 500.

[justkeepswimming23]

@ano thanks soooo much I totally overlooked that!

FAR: 78
REG: 74, 75
AUD:
BEC:

[Anonymous]

In the AICPA sample test question. there is one document review question .
In which I believe there is 4-5 basis question , can anyone explain me how they come up with the last basis.

[monikernc]

Ano, I can't launch the AICPA sample test today. The installer fails to load on my laptop. Not sure why; I have used this laptop for all the others but today it won't work.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Author]

Replies