[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

[monikernc]

i am taking it next monday even though i feel i have no brain in my head. i will take the same guardian angel who always tags along and keeps me thinking straight. that and wear my lucky pants.

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

[mckan514w]

Ugh just checkin in- took the weekend off for graduation festivities family coming in etc… I sit next Friday and am no where near ready and no where near motivated to get back into it this afternoon- but here I go….

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

[monikernc]

mack..congrats on graduating! now back to it

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

[mtaylo24]

Yeah, I guess I am officially checked in for the window. I sit on May 31, and just took BEC on May 9. I'm on property tax now (Ch 6 of 20 Gleim)

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Anonymous]

I see few questions regarding Independence in Ninja MCQ's and I totally forget about the independence rules from AUD.
so how you all are handling this ,
Is it worth to read entire audit code of professional conduct?

[monikernc]

i still remember aud rule but i am going to breeze the standards on tax services
AICPA: https://www.aicpa.org/InterestAreas/Tax/Resources/StandardsEthics/StatementsonStandardsforTaxServices/DownloadableDocuments/SSTS,%20Effective%20January%201,%202010.pdf

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

[Claudia408]

for those who did Ninja SIM #74 – while they did not ask for Basis for Lark and Finch in Amber Co., how would you solve that?

Lark 25% ownership: Property worth $60,000 ($50,000 basis), received $10,000 in cash from Amber Co.
Token 15% ownership: $10,000 in cash; property worth $40,000 ($5,000 basis), with related assumed recourse liability of $20,000

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[monikernc]

Ninja mcq is so slow right now. is anyone else having delays getting the correct answer screen? advancing to next question is faster.

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

[mckan514w]

@Claudia- Not sure I did this right so would really like to hear what you came up with but this is what I did
For Lark- New Basis would be 40,000
This would be:
Adjusted Basis Property Transferred 50,000
Less Gain Recognized 10,000

Token New Basis would be (5,000)
Adjusted Basis property transferred 15,000 (5,000 property + 10,000 cash)
Mortgage Recourse assumed 20,000
Less gain Recognized 35,000
Less gain realized 5,000

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

[Tncincy]

Has anyone used the session duration in Ninja mcq? I just noticed that there are questions then there are times. hmmm.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[mtaylo24]

Pop Quiz

Gwen owned a duplex and lived in one-half. The other half was rental property. The cost of the property was $80,000, of which $70,000 was allocated to the building and $10,000 to the land. During the current year, the property was condemned by the city. Up to that time, she had allowed/allowable depreciation of $23,000. The city paid Gwen $70,000. She bought another duplex for $85,000. Gwen lived in one-half, and the other half is a rental. What is the basis of the replacement property?

A. $62,000
B. $67,000
C. $72,000
D. $85,000

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[pracap]

Hey Guys,
I need serious advise on the below –

1. Am having hard time with regard to Research questions in REG. In both the exam i took i could not find correct section/sub-section. What I should do?
2. Am stronger on the MCs and weaker on the Sims. How to improve my scores, i have both becker and Ninja sims. But the one which i saw on the exam day was nothing like what practiced!

[Claudia408]

mckan514w – thanks for the help.
For Lark, I got the same: prop AB+gain- cash received =50000+0-10000= 40000
For Token, didn't know how to calculate this, but if he has realized gain of 35,000 and recognized gain of $5000, does he have basis anymore?

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[mckan514w]

A little confusion here on consolidated returns… I answered here that Bank should report Dividend income of 48,000- (my thinking being that you recognize it then it would be off-set by the 100% Dividend Received Deduction)– but the answer is 0…. so does a company not recognize dividend income and not take the accompanying deduction if they are doing a consolidated return?

Bank Corp. owns 80% of Shore Corp.'s outstanding capital stock. Shore's capital stock consists of 50,000 shares of common stock issued and outstanding. Shore's net income was $140,000. During the year, Shore declared and paid dividends of $60,000. In conformity with generally accepted accounting principles, Bank recorded the following entries:

Debit Credit
——– ——–
Investment in Shore Corp.
common stock $112,000
Equity in earnings of
subsidiary $112,000
Cash 48,000
Investment in Shore Corp.
common stock 48,000
In its consolidated tax return, Bank should report dividend revenue of:

Incorrect A.
$48,000.

B.
$14,400.

C.
$9,600.

D.
$0.

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

[mckan514w]

@Claudia- I just don't know- I have been working on basis and and consolidated returns for C-corps all afternoon and am getting more and more confused- actually just finished re-watching Roger video which got me more confused because now I think that Larks basis would be $20,000 which would be
30,000 basis in land less 10,000 cash received….

Token I still come up with negative 5,000 ?????

If anyone has any good resources out there on corporation basis that they would like to share I would be very appreciative! 🙂

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

[Author]

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