REG Study Group Q4 2014 - Page 214

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  • November 22, 2014 at 2:21 am #632402
    MommyBear
    Member

    11-A

    November 22, 2014 at 2:21 am #632403
    Tax woman
    Member

    Lol. I meant DOES. Not Do.

    November 22, 2014 at 2:22 am #632404
    Tax woman
    Member

    A is right.

    November 22, 2014 at 2:22 am #632405
    Anonymous
    Inactive

    I'm sorry MommyBear – I don't have Ninja MCQ. Although, the interactive stuff with the next upgrade sounds great!

    November 22, 2014 at 2:22 am #632406
    Tax woman
    Member

    Question 13:

    (TPRO-0043)

    Need a hint?

    See Reference…

    A taxpayer sold for $200,000 equipment that had an adjusted basis of $180,000. Through the date of the sale, the taxpayer had deducted $30,000 of depreciation. Of this amount, $17,000 was in excess of straight-line depreciation. What amount of gain would be recaptured under Section 1245 (Gain from Dispositions of Certain Depreciable Property)?

    $13,000

    $17,000

    $20,000

    $30,000

    November 22, 2014 at 2:23 am #632407
    Tax woman
    Member

    @Bucky…are you done after REG?

    November 22, 2014 at 2:23 am #632408
    MommyBear
    Member

    12–D

    November 22, 2014 at 2:23 am #632409
    Anonymous
    Inactive

    @Tax Woman – I have 1 more after REG – BEC. You?

    November 22, 2014 at 2:24 am #632410
    Tax woman
    Member

    REG is my first. 🙁

    November 22, 2014 at 2:24 am #632411
    Anonymous
    Inactive

    12 is C – The following amounts are added back to taxable income to compute AMT income:

    Interest because proceeds were not used for principal residence $15,000

    Taxes 18,000

    Medical expenses (no adjustment since 10% of AGI threshold applies for regular tax also) -0-

    2% miscellaneous itemized deductions (deducted $5,000 – (2% x $150,000) for regular tax) 2,000

    Total add-back $35,000

    November 22, 2014 at 2:25 am #632412
    MommyBear
    Member

    I don't know what is supposed to happen. Last time I never used the adaptive learning. I just kept quizzing “Missed last time seen” over and over and over until I got them all correct. I wanted the software to do the work this time so I didn't memorize the questions again.

    November 22, 2014 at 2:25 am #632413
    Anonymous
    Inactive

    Do you know what you want to take next?

    November 22, 2014 at 2:26 am #632414
    MommyBear
    Member

    I misread that they were under 65. i read over 65. So if they were over 65 then you would also add the difference between 7.5% and 10% of AGI for the medical expense deduction.–Just in case others read this and didn't know what the difference was.

    November 22, 2014 at 2:27 am #632415
    SullivanNJD
    Member

    13… C, 20,000

    All the gain goes to 1245

    FAR- 87
    REG- 81
    AUD- 88
    BEC-

    Who's Better Than Us? nobody

    November 22, 2014 at 2:27 am #632416
    Anonymous
    Inactive

    I missed 13 – is that D? I get really confused with 1231/1245/1250.

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