[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

[Tax lady]

And also NON like-kind was thrown in there.

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]

@bucky…Nancy stuart

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

[Tax lady]

@wannabe is it B?

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]

Because the trade was not of like-kind property, the basis of the property given up is removed ($25,000 plus $2,000 or $27,000 in total) and the asset received is recorded at its fair value ($36,000). The difference in the new tax basis ($36,000) and the tax basis given up ($27,000) is recorded as a gain on the exchange.

The not like-kind thing threw me off too.

[WANNABE_CPA]

B is correct

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

[Anonymous]

I think B too.

[Tax lady]

@wannabe. Do you feel like you understand like-kind better now?

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, like kind is definitely better but non like is little trouble still

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

[Mamabear]

I don't know about wannabe, but I understand it better for sure! I'm okay with switching to the gift/estate questions if you guys want to.

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]

@wannabe–Are you talking about just exchanging two properties that are nonlike or exchanging like property with nonlike considerations (mortgages, cash) thrown in? Which one is tripping you up?

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]

I think those type of questions are rare. I don't know if I had ever gotten one before in my test bank.

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]

@mama me too! This is fabulous!

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]

I like sticking to one topic until we all get it. How do you feel about like-kind exchanges Bucky? You joined the party late so we can do a few more if you want to.

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]

it is better now, thanks to you guys, great work with this topic tonight 🙂

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

[Anonymous]

I feel ready to move on as well. Here is an estate question –

Jan Livingston passed away on February 1, Year One. In her will, she left securities and her investments that had cost her $11,000 to her nephew Ron. The fair value of these securities at the date of death was $15,000. However, the securities were only worth $14,000 when conveyed to Ron on June 9, Year One. The executor to the estate chose the alternative valuation date. The value of the securities on August 1, Year One, was $13,000. Ron held the securities until March 3, Year Two, and sold them for $17,000. What gain should Ron report in Year Two as a result of this sale?

A $6,000

B $4,000

C $3,000

D $2,000

[Author]

Replies