[jeff]

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

[WANNABE_CPA]

@taxlady, i was getting comfortable and that question realy confused me, With FMV of New – deferred gain + deffered loss formula it is $23000, isnt it suppose to be done like that?

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

[Mamabear]

I think that only applies to likekind exchanges, but because you have this extra stuff you have to do the formula as Basis of new land = basis of old land + recognized gain, which is the lesser of realized gain or boot, – boot. So the only way the basis of the old land would differ from the basis of the new land is if the realized gain was less than boot.

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]

In my cheat sheet, when determining the new basis you would take FMV of qualified property rec'd and deduct the deferred gain. Soooo, does this mean I have learned it wrong? UGH

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]

started 2013? As it is a loss basis and holding period starts from Date of gift.

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

[Tax lady]

@mama. I did a youtube search for this a couple days ago, and the guy did say that more oftentimes than not the new basis is going to end up being basis given up so what you say makes sense.

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

[Mamabear]

Where are the basis experts??!! They should be helping us right now.

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]

@taxlady, thats what i am saying, mamabear is right thenabout a question with other things in it…

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

[Tax lady]

Exactly right Wannabe!

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

[Tax lady]

None of this crap happens in the real world anyway. 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

[WANNABE_CPA]

I am soo exhausted now..losing hope again..need sweet words that i can still do it 🙁

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

[Tax lady]

Honestly, these basis questions are much harder than what I experienced in the test so don't give up hope. You can absolutely do this. If you are like me, then some days I am soooo much better than others.

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

[Mamabear]

You can definitely do this! Don't give up and don't get disheartened. You'll be amazed at how much you're getting out of this whether your first instinct is right or wrong, you're learning right now and you will be learning up until you walk into that exam. REG WILL NOT DEFEAT US!

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]

Drink some caffeine and stick with us. My husband just got home from work so Mama is off duty and full on study mode. Let's work through some more problems until we have formulas down 100%. I wish I could say my test wasn't loaded with basis, but it's the main thing I am studying this time for a reason. 😉

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]

@wannabe. Let's do a few more like kind exchange problems to make sure we both understand. Ok?

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

[Anonymous]

B and A???

[Author]

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