[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

[WANNABE_CPA]

Mamabear and tax lady … Thanks for the support 🙂 i was really otherwise going to wait for sweet words from my husband who will be home in 4 hrs..until then i was going to give up and watch a show or two lol…

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

[WANNABE_CPA]

Lets do some more problems 🙂

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

[Tax lady]

In the current year, Tatum exchanged farmland for an office building. The farmland had a basis of $250,000, a fair market value (FMV) of $400,000, and was encumbered by a $120,000 mortgage. The office building had an FMV of $350,000 and was encumbered by a $70,000 mortgage. Each party assumed the other’s mortgage. What is the amount of Tatum’s recognized gain?

$0

$ 50,000

$100,000

$150,000

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]

Tom Gow owned a parcel of investment real estate that had an adj basis of $25K and a FMV of $40K. During 2013, Gow exchanged his investment real estate for the items of property listed below.

Land to be held for investment (FMV) $35K

A small sailboat for personal use (FMV) $3K

Cash $2K

What is his recognized gain and basis in his new investment real estate?

A $2K & $22K

B. $2K & $25K

C. $5K & $25K

D. $5K & $35K

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]

OK. Let's work through Taxlady's question first before we address mine.

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 B ?

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

[Tax lady]

@mama C? Sorry, didn't see your comment until after I answered. I wish it would refresh automatically. :-/

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 assuming mortgages are added to property and is boot..is that right?

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

[icandoit]

Hi everyone. I am studying REG with Wiley Test bank online with wiley text book which I purchased in January 2014. Do Wiley testbank online reflect latest version of REG exam and update their online MCQs on a regular basis? I passed REG once with Becker but about 2 years ago. Thank you!

FAR: 74, 80
BEC: 70, 68, 2/28/15
REG: 75 Expired; 72
AUD: TBD

"And all things, whatsoever you shall ask in prayer, believing, you shall receive". Matthew 21:22

[Tax lady]

@wannabe YES!!

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]

It is B and mortgages are considered boot

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]

@mama C?

Yeahh for other one 🙂

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

[Tax lady]

@ican. I'm really not sure how often they update. My test bank that was purchased in 2013 is using 2013 numbers and not 2014, so I started using Ninja MCQ

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]

I'm sorry…meant to say purchased in 2014, not 2013

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]

Sorry guys, but can you please post the equation for Taxlady's question. I didn't get it right. I get confused when there is stuff going back and forth between two people like multiple mortgages.

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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