[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

[IQEX]

Quick question guys, how long do you recommend to save for the SIMS for REG? I know that the breakdown is 60% MCQ's and 40% SIMS therefore 3 hours x 40% = 72 mins (1 hour 12 mins), but I don't think that is long enough.

I am thinking to budget for 1.5 hours for REG as I know how much of a beast the SIMS can be.

What does everyone else think?

[Mamabear]

It is actually LTCG because the definition (from Wiley) of a Capital Asset is property held for investment of for personal use (when sold at a gain) and she held it for more than one year. I originally thought A as well.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Mamabear]

I saved two hours for SIMS I think. I definitely used every minute. I don't flag MCQ as I go through them. I feel I either know it or a I don't (clearly I didn't last time). The REG SIMS are brutal and you will need a lot of time for them.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[WANNABE_CPA]

Ohhhh i didnt read 2007…

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

@wannabe–I think the answer is A because you can only recognize dividend income to the extent of accumulated earnings and profits, right?

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[WANNABE_CPA]

Ans is C

When a corporation distributes both cash and property dividends, the corporation must recognize a gain on the appreciated property distributed as a dividend. The recognized gain comes from treating the property “as if” it were sold at fair market value. In this problem, the recognized gain will be $35,000, which is the fair market value (amount realized) of $40,000 less the adjusted basis of $5,000.

The corporation’s earnings and profits are increased by the recognized gain on the property dividend. So, now the earnings and profits for Dahl Corporation will be $44,000, which is the $9,000 plus the recognized gain of $35,000.

The shareholder, Green, will have maximum dividend income from the cash received of $9,000 plus the fair market value of the property received of $40,000. However, the dividend income that is taxable to Green cannot exceed the earnings and profits of Dahl Corporation, which is $44,000.

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

Wow. We're really acing this stuff aren't we?

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Mamabear]

Miller, an individual calendar-year taxpayer, purchased 100 shares of Maples Inc. common stock for $10K on July 10, 2012, and an additional 50 shares of Maples Inc. common stock for $4K on December 24, 2012. On January 8, 2013, Miller sold the 100 shares purchased on July 10, 2012 for $7K. What is the amount of Miller's recognized loss for 2013 and what is the basis for her remaining 50 shares of Maples Inc. Stock?

A. $3K recognized loss; $4K basis for remaining

B. $1,500 recognized loss; $5,500 basis for remaining

C. $1,500 recognized loss; $4K basis for remaining

D. $0 for recognized loss; $7K basis for remaining

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[WANNABE_CPA]

A?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[WANNABE_CPA]

@Mamabear i need to clear my head, i am going to believe that i am not doing that bad and try going through some material lol .. Long day of studying Property and partnership, i am still not getting stuff right…

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

It's actually B because of the wash sale rules. You can only recognize half of the $3K loss because she replaced 50 shares of stock with similar stock within 30 days (before or after) of the sale. You add that unrecognized loss of $1,500 to the basis of the new stock $4K to get an adjusted basis of $5,500

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Mamabear]

Oh good. I didn't want to bail on you, but I feel like such a dummy right now. I cannot believe that I hardly knew any of these questions. So disappointed in myself right now. I'll be studying Friday and most of the day on Saturday if you want to try again. 🙂

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Tax lady]

This is great for me too. This weekend I will be studying nonstop. Good night guys…

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

[WANNABE_CPA]

yes sure i ll be here, hopefully in better shape lol..i am going to watch something and then get back on it with a fresh mind..Good luck studying.

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

You too! See you guys this weekend hopefully.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Author]

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