[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]

@Bucky 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

[WANNABE_CPA]

i skipped too many gift question both becker and ninja to find new like kind and could see those we alraedy worked..Do u ve ninja and dont you feel ninja's categorization of topics is not that perfect with all types of question in all sections, i couldnt find many from it in short time.

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

[Mamabear]

C

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 remembering a few things not being categorized correctly when I studied with Ninja for REG in Q3.

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]

David Bass died on November 1, 2012, bequeathing his entire $6,000,000 estate to his brother, Jason. The alternate valuation date was validly elected by the executor of David’s estate. David’s estate included 5,000 shares of listed stock for which David’s basis was $515,000. This stock was distributed to Jason 9 months after David’s death. Fair market values of this stock were

At the date of David’s death $600,000

6 months after David’s death 670,000

9 months after David’s death 690,000

Jason’s basis for this stock is

$515,000

$600,000

$670,000

$690,000

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

[Anonymous]

C is right – The basis of inherited property is normally its fair value at the date of the previous owner’s death. However, the executor to the estate has the right to choose an alternative date for valuation purposes. That is the date of conveyance or six months after death, whichever comes first. Because Ron received these securities prior to the six-month date, the value of $14,000 when received is used. For income tax purposes, the gain is $3,000 ($17,000 sales price less $14,000 tax basis).

[Tax lady]

sorry double post

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]

C–$670K

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!!

[Anonymous]

C – $670,000?

[Tax lady]

C is correct.

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]

@ taxlady , is it C?

I am not too good with Estate and gift right now, just read it once yesterday..

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

[Tax lady]

On January 10, 2012, Martin Mayne bought 3,000 shares of Hance Corporation stock for $300,000. The fair market values of this stock on the following dates were as follows:

Dec. 31, 2013 $210,000

Mar. 31, 2014 240,000

June 30, 2014 270,000

Martin died on December 31, 2013, bequeathing this stock to his son, Philip. The stock was distributed to Philip on March 31, 2014. The alternate valuation was elected for Martin’s estate. Philip’s basis for this stock is

$210,000

$240,000

$270,000

$300,000

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

[WANNABE_CPA]

B ?

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

[Mamabear]

@wannabe–there isn't a whole lot about gift/estate tax if I remember correctly. You'll probably know it well after we quiz a few. C is correct! 🙂

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]

B for the Phillip question

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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