[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

[MommyBear]

Thanks Tax lady.

[Anonymous]

I say C too tax woman!

[Anonymous]

Thanks for the pick me up, MommyBear!

[Kemy]

Hello Ninjas!!!! I'm so excited about going in for my exam tomorrow! – last one to go!!!

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

[Tax woman]

It's A…just think estate = death taxes.

[Tax woman]

Question 10:

(PTAX-0053)

Need a hint?

See Reference…

Dale was a 50% partner in D&P Partnership. Dale contributed $10,000 in cash upon the formation of the partnership. D&P borrowed $10,000 to purchase equipment. During the first year of operations, D&P had $15,000 ordinary income, $2,000 tax-exempt interest income, a $3,000 distribution to each partner, and a $4,000 reduction of debt. At the end of the first year of operation, what amount would be Dale’s basis?

$16,500

$17,500

$18,500

$21,500

[Anonymous]

That makes sense @Tax lady!

[Anonymous]

10 – C $18,500?

[MommyBear]

C–18,500

[Tax woman]

C it is. Good job!

[Tax woman]

Question 11:

(AGEN-0008)

Need a hint?

See Reference…

Steel has been engaged by Lux to act as the agent for Lux, an undisclosed principal. As a result of this relationship

Steel has the same implied powers as an agent engaged by a disclosed principal.

Lux cannot be held liable for any torts committed by Steel in the course of carrying out the engagement.

Steel will be free from personal liability on authorized contracts for Lux when it is revealed that Steel was acting as an agent.

Lux must file the appropriate form in the proper state office under the fictitious business name statute.

[Anonymous]

12 – On their joint tax return, Sam and Joann had adjusted gross income (AGI) of $150,000 and claimed the following itemized deductions:

Interest of $15,000 on a $100,000 home equity loan to purchase a motor home

Real estate tax and state income taxes of $18,000

Unreimbursed medical expenses of $15,000 (prior to AGI limitation)

Miscellaneous itemized deductions of $5,000 (prior to AGI limitation).

Both Sam and Joann are less than 65 years old. Based on these deductions, what would be the amount of AMT add-back adjustment in computing alternative minimum taxable income?

A. $21,750

B. $23,750

C. $35,000

D. $38,750

[MommyBear]

I have to interject. I do not understand the adaptive learning phase of the Ninja MCQ. 80% of these questions are questions I know I got right before and I had only gone through the questions once. I thought it was supposed to pick my WEAK areas. Am I missing something?

[Anonymous]

11 – A?

[Tax woman]

Do that happen in review? I never got that far unfortunately.

[Author]

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