REG Study Group Q4 2014 - Page 184

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  • November 17, 2014 at 10:59 pm #631925
    Anonymous
    Inactive

    B&D both seem incorrect to me. Weird

    November 17, 2014 at 10:59 pm #631926
    Anonymous
    Inactive

    B&D both seem incorrect to me. Weird

    November 17, 2014 at 11:14 pm #631927
    taxgeek83
    Participant

    It was easy to rule A & B out just by virtue of how C & D were worded – and then only D made sense. However, I'm with you on B – I think it hinges on “if they share in partnership losses.” Theoretically, then, the limited partner's basis could go below zero. I tried to find something in my Wiley book that would explain it and came up empty – I did find this article though. I have a feeling it might go beyond the scope of the exam, but might help explain it a bit. Page 2, “Effects of Guarantees and Partner Loans” is the section you're looking for if you want to read it.

    https://www.forbes.com/sites/anthonynitti/2014/02/11/tax-geek-tuesday-allocation-of-partnership-liabilities/2/

    November 17, 2014 at 11:30 pm #631928
    242126
    Participant

    For C corporations is the carry back 2 years and carry forward 20 years for net operating loss and carry back three years and carry forward 5 years for capital gain losses? I think I messed up my notes and I'm not sure if that is correct or not.

    November 17, 2014 at 11:42 pm #631929
    taxgeek83
    Participant

    @242126 – That's what I have.

    November 17, 2014 at 11:43 pm #631930
    WANNABE_CPA
    Member

    @242126…that is correct

    FAR : 68, 74, 83 Thank you God 🙂
    BEC : 78 (8/27) 🙂
    REG : 72 ,80 (2/25) 🙂
    AUD : 69,67, 07/23

    November 17, 2014 at 11:47 pm #631931
    242126
    Participant

    Thanks for confirming. So easy to get the rules confused!

    November 18, 2014 at 1:59 am #631932
    Anonymous
    Inactive

    Do we have to memorize all the tax rates or no?

    November 18, 2014 at 2:23 am #631933
    Anonymous
    Inactive

    I had a couple questions about the Section 179 expense

    If the Section 179 is limited due to not having enough taxable income? Would the amount that is limited still reduce the basis of the property for purposes of MACRS?

    For example Company purchases $40,000 machine and Income before 179 expense is $10,000. The maximum allowable 179 is $25,000 but you would only be able to take an expense of $10,000 and carry the $15,000 forward. Would that $15,000 still reduce the basis in the machine by $15,000 ($40,000-$10000-$15000)?

    Another related question about the Section 179 expense is if the asset is used 20% for personal use and say you are only allowed a maximum $18000 due to phase-out would you multiply 80%(business use) by $18000 to get your 179 expense or by $25000 to get the maximum allowable 179 expense?

    November 18, 2014 at 2:26 am #631934
    Mika
    Participant

    @CPAHOPEFUL11, some yes and some no

    I guess you need to remember the AMT (both individual and corp) and capital gain tax rate.

    REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
    FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
    BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
    AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

    November 18, 2014 at 3:03 am #631935
    242126
    Participant

    Ninja Sim 59…if a person receives a gift and sells it between the giftee's basis and the fair market value on this date they received the gift what it is the gain or loss if the giftee sells it? My understanding is that is property is sold between that amount, then no gain or loss is recognized.

    November 18, 2014 at 3:36 am #631936
    SullivanNJD
    Member

    @242126 it depends on if the FMV is lower than the basis. If FMV is less than Basis and it is sold in between then there is no recognized gain. but if the FMV is greater than the basis and it is sold in between those two numbers, then you use the basis to calculate the gain

    I think thats how it works

    FAR- 87
    REG- 81
    AUD- 88
    BEC-

    Who's Better Than Us? nobody

    November 18, 2014 at 4:52 am #631937
    pia ach
    Member

    Taxes are killing me..just went through my notes and now going to do the mcq's…really behind on today's schedule. what are the must know phaseouts and amounts? Are you memorizing all the amounts of the different credits?

    i think i remember only the mom and pop exception for passive activity and the child care credit..will do the AMT too..but i am guessing that might come for a sim and then i can research the AL for the amounts…

    Finally done!!! Experience-pending. Ethics- Pending.
    Reg 78 / 73/82.
    Aud 74/89.
    BEC 72 /78.
    FAR 74/ 73/ 82.

    November 18, 2014 at 7:47 am #631938
    Anonymous
    Inactive

    Ah son, thanks but how about the tax rates for income? Like if you make under 10,000 or what not? Should I even waste my time on those?

    November 18, 2014 at 10:30 am #631939
    pia ach
    Member

    Wolf, who is 45 years old and unmarried, contributed $2,000 monthly in 2013 to the support of his parents’ household. The parents lived alone and their income for 2013 consisted of $2,400 from dividends and interest, and $9,600 from Social Security. Based on the above information, what is Wolf’s filing status for 2013, and how many exemptions should he claim on his tax return?

    Single and 1 exemption.

    Head of household and 1 exemption.

    Single and 3 exemptions.

    Head of household and 3 exemptions.

    Can someone please tell me how do we know if the taxpayer provided more than half of the support?

    Finally done!!! Experience-pending. Ethics- Pending.
    Reg 78 / 73/82.
    Aud 74/89.
    BEC 72 /78.
    FAR 74/ 73/ 82.

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