[jeff]

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

[Anonymous]

A? Without looking at my notes, Rule is 50% of AGI limit. Use donee's basis?

Edit: After going back to my notes, I totally forgot about special limit on capital gains property. Assuming it's a 50% organization, Answer is $24K?

[win2bet]

@sullivan yup C 24,000

For charitable contributions of appreciated capital gain property- deductions are the lesser of FMV or 30% of AGI to educational organizations. If the taxpayer's AGI was say 100k then yea 25k would be the answer.

Not sure how @2015 got A.

REG 68,87
BEC 85
FAR 75
AUD 64,64, 86!

[Anonymous]

That's what I call, uneducated guess..lol. Good to refresh my memory about the rules. Also remember that there's a different rule if it's a non-50% limit organization.

[Anonymous]

Rita Ryan died leaving a will naming her children, John and Dale, as the sole beneficiaries. In her will, Rita designated John as the executor of her estate and excused John from posting a bond as executor. At the time of Rita’s death, she owned a parcel of land with her sister, Ann, as joint tenants with right of survivor­ship. In general, John as executor, must:

Select an answer:

A.

post a bond despite the provision to the contrary in Rita’s will.

B.

serve without compensation because John is also a named beneficiary in the will.

C.

file a final account of the administration of the estate.

D.

relinquish the duties because of the conflict of interest as executor and beneficiary.

[Anonymous]

Rita Ryan died leaving a will naming her children, John and Dale, as the sole beneficiaries. In her will, Rita designated John as the executor of her estate and excused John from posting a bond as executor. At the time of Rita’s death, she owned a parcel of land with her sister, Ann, as joint tenants with right of survivor­ship. In general, John as executor, must:

Select an answer:

A.

post a bond despite the provision to the contrary in Rita’s will.

B.

serve without compensation because John is also a named beneficiary in the will.

C.

file a final account of the administration of the estate.

D.

relinquish the duties because of the conflict of interest as executor and beneficiary.

[win2bet]

@hopeful is the answer B? serve without compensation?

REG 68,87
BEC 85
FAR 75
AUD 64,64, 86!

[win2bet]

This 179 question is driving me crazy, is the answer an error?

On February 1, 2014, Pam Baker purchased an $861,000 machine (5-year property) for use in her business. Pam expensed $25,000 under Section 179 in addition to the regular depreciation of 20% in 2014 and 32% in 2015. Pam's total deductions for 2014 and 2015 for the machine are:

A.

$192,200 (2014) and $267,520 (2015).

B.

$172,200 (2014) and $267,520 (2015).

C.

$172,200 (2014) and $275,520 (2015).

D.

$192,200 (2014) and $275,520 (2015).

The answer given is A, but i thought 179 deduction gets reduced dollar for dollar if property over 200k, is this a 2014 issue or am I just going crazy?

Pam's 2014 deduction is:

Section 179 $ 25,000

20% x ($861,000 – $25,000) 167,200

---

$192,200

Pam's 2015 deduction is:

32% x ($861,000 – $25,000) = $267,520

REG 68,87
BEC 85
FAR 75
AUD 64,64, 86!

[Anonymous]

Answer was C, I went with B as well. I'm going over Trusts and Estates tomorrow so hopefully I start getting it down. I will understand everything but then go like two weeks without seeing the material and forget everything Ha.

[Anonymous]

@win I think it's dollar per dollar in excess of $2M not $200K

[MommyBear]

@win–Jeff has agreed that the question is bad and he has fixed it for the next updates.

@CPA–That changed to $200K in 2014. It used to be $2 million.

[MommyBear]

@tax lady–I really hope you get your scores today!!! I may not be on until a little later tonight. I was only slotted for 4 hours of sleep last night and then my daughter cut that down to 2.5 hours when she woke up screaming “I poopy! I poopy!” Hahaha. I'm exhausted and may need to sleep a little bit after work today. I'll let you know later what time I'll be on.

[CPAfit]

@mommy just lost it at “I poopy” 🙂

[Tax lady]

No problem Mommy! Later is fine with me….I'll stay on as long as you need me to. I'm sorry you didn't get much rest. I laughed about “I poopy” too! Good thing I didn't have my mouth full of coffee. HAHA

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[taxman89]

any advice for remembering the individual and business tax minutia? seems like about 40% of the tac Qs i get are “ok i know what the answer should be, but i am sure there is a phaseout/exclusion/any other idiosyncrasy that is going on that i dont know”

i have basis and and blaw and that stuff mostly down….its just friggan tax

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Tax lady]

@taxman. Honestly there aren't many phaseouts that you have to know for the exam. Many of them are given in the exam or the question is worded to say “excluding any limitations” or whatnot. You should know the phaseout for Sec179, passive losses, child tax credit, know limitations for charitable contributions, net investment income tax, kiddie tax, and social security. These are the big ones that come to mind but I'm sure I'm missing a few. So really it's not a huge amount to remember.

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Author]

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