[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Anonymous]

Feel better @MommyBear! See you back here Friday!

[Anonymous]

@kemy – did you want to quiz?

[Kemy]

yes sure!!!!!!!:)

FAR - 02/24/14 - 86
AUD - 04/03/14 - 88
REG - 05/29/14 - 68 Retook 11/22/14 - 81 I PASSED!!!!!!!!! IM DONE! Thank You Jesus!
BEC - 07/19/14 - 85

[Kemy]

IS it just you and I?

FAR - 02/24/14 - 86
AUD - 04/03/14 - 88
REG - 05/29/14 - 68 Retook 11/22/14 - 81 I PASSED!!!!!!!!! IM DONE! Thank You Jesus!
BEC - 07/19/14 - 85

[Anonymous]

Lobster, Inc. incurs the following losses on disposition of business assets during the year:

Loss on the abandonment of office equipment $25,000

Loss on the sale of a building (straight-line depreciation taken in prior years of $200,000) 250,000

Loss on the sale of delivery trucks 15,000

What is the amount and character of the losses to be reported on Lobster's tax return?

A. $40,000 Section 1231 loss only.

B. $40,000 Section 1231 loss, $50,000 long-term capital loss.

C. $40,000 Section 1231 loss, $250,000 long-term capital loss.

D. $290,000 Section 1231 loss.

[Anonymous]

Just us. This board is being so finicky tonight. Boo!

[Anonymous]

It's D – All of the assets sold are assets that have been used in a business and are therefore Section 1231 losses. Thus, all of the losses are Section 1231 losses and total $290,000.

[Anonymous]

I'm going to call it a night – not sure what's going on with this board tonight, but maybe it will behave better in the morning 😉 Good luck on your studying tonight!

[Anonymous]

Good job Bucky!

[pia ach]

does a non liquidating distribution by a partnership decrease partner's basis?

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

[Anonymous]

Yes, but no gains or losses for cash unless distribution exceeds basis.

[pia ach]

Thanks @cpahopeful11..so same rule applies for both liquidating and non liquidating distributions i.e gain is recognized on a distribution only if the cash received exceeds the basis of the partnership interest?

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

[Anonymous]

Question on REG:

Are you allowed to use scrap paper and pencil during the MCQ sections of the REG test?

How much scrap paper do they give you?

In general, is it even required to use calculator for any of the MCQ sections or are they rounded numbers can do in your head of with paper & pencil?

Thanks for feed back in advance!

[tami3492]

They will give you two laminated paper boards and a couple of dry erase markers. No real paper. I'm the type of person that will use a a calculator just to make sure that 2 +2 is still 4, so even if it is easy math, I still use the calculator. I rarely use the spreadsheet they provide though just because I can't stand that it doesn't have any normal functionality to it.

FAR 7/8/14 - 88 - Becker live course
REG 10/14/14 - 82 - Becker live course, Ninja notes and audio
BEC 11/25/14 - 88 - Becker live course, Ninja audio, Wiley book for extra questions
AUD 2/3/15 - 94 - Becker self study, Ninja audio, Wiley book for extra questions

[Martha2013]

I second pia ach's clarification! – help!

cdwolf – they give you two dry erase pieces of paper (they are like laminated pieces of paper) you can use both sides and they will give you two markers. Unfortunately they are permanent markers and you can't wipe off the paper without their special cleaning stuff so if you find you need more paper just take a break between testlets and they will give you new sheets.

You will find that for the majority of the questions in REG are more simple calculations that you could do on scrap paper if you wanted, but some of the questions may require a calculator, I always use the calculator just to double check my math. I would hate to make a silly mathematical error and that be the reason I get the question wrong.

Hope that helps!

[Author]

Replies