REG Study Group Q4 2014 - Page 275

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  • November 28, 2014 at 8:48 pm #633326
    Anonymous
    Inactive

    No, S-Corps only act like partnerships with the flow through of the income/distributions. Liabilities don't change the basis for S-Corps.

    November 28, 2014 at 8:49 pm #633327
    Anonymous
    Inactive

    Estate's return is due 4/15? Which one is due 9 months after the date of death?

    November 28, 2014 at 8:53 pm #633328
    REGTaker
    Member

    The estate's is 9 months after death. The individual's final tax return is due at the regular filing date.

    Sorry, these flashcards stink and there are only 7 of them.

    November 28, 2014 at 8:55 pm #633329
    terryharm
    Member

    ok I must be remembering some answers incorrectly, thanks and good luck on your exams

    BEC: 81
    FAR: 75
    AUD: 81
    REG: 85

    PA license Pending..

    November 28, 2014 at 8:56 pm #633330
    REGTaker
    Member

    You too terry!

    November 28, 2014 at 8:56 pm #633331
    REGTaker
    Member

    Lana Roswell died early in Year One with an estate valued at several million dollars. In her will, she left a considerable amount of money (approximately one million) to charitable organizations. In determining the amount of her taxable estate for federal estate tax purposes, what amount is subtracted in connection with these charitable bequests?

    A $100,000

    B $200,000

    C $600,000

    D There is no limitation

    November 28, 2014 at 8:58 pm #633332
    Anonymous
    Inactive

    D? Isn't that why Oprah/Bill Gates/Warren Buffett give all their $$ away in their wills?

    November 28, 2014 at 8:59 pm #633333
    REGTaker
    Member

    D is correct!

    November 28, 2014 at 8:59 pm #633334
    REGTaker
    Member

    2-To properly create an inter vivos trust funded with cash, the grantor must:

    A.

    execute a written trust instrument.

    B.

    transfer the cash to the trustee.

    C.

    provide for payment of fees to the trustee.

    D.

    designate an alternate trust beneficiary.

    November 28, 2014 at 9:00 pm #633335
    Anonymous
    Inactive

    A?

    November 28, 2014 at 9:01 pm #633336
    REGTaker
    Member

    It's B. Writing the trust is where you start, but you complete the process by transferring the money.

    November 28, 2014 at 9:02 pm #633337
    REGTaker
    Member

    The trust had accounting income of $50K, DNI of $30K, and distributed $40K. What amount was taxable to the sole beneficiary?

    November 28, 2014 at 9:03 pm #633338
    Anonymous
    Inactive

    That was a trick question! Thanks for the explanation!

    November 28, 2014 at 9:04 pm #633339
    Anonymous
    Inactive

    $30K is taxable

    November 28, 2014 at 9:05 pm #633340
    REGTaker
    Member

    Haha. Two can play that game with trick questions!!

    $30K is correct!!!

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