[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]

B is correct! Wannabe you know more than you thought!

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]

Yeah…so i remember it 🙂 sure lets do it

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

[Anonymous]

Candy Valentine owns securities with a tax basis of $5,000. She gives them to Bill Wallace when they are worth $6,100. He holds them but they begin to fall in value. He finally sells them for $5,200. What is the impact on taxable income that he must report on this sale?

A Zero

B $900 loss

C $200 gain

D $1,100 gain

[Mamabear]

Laura's father, Albert, gave laura a gift of 500 shares of stock in 2012. Albert's basis for the stock was $4K. At the date of this gift, the FMV of the stock was $3K.

If Laura sells the 500 shares of stock in 2013 for $5K, her basis is

A $5K

B $4K

C $3K

D $0

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]

@Bucky … zeRO

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

[Mamabear]

@bucky–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!!

[WANNABE_CPA]

@ mama … B?

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

[Anonymous]

@mamabear – B

[Tax lady]

@bucky C

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 C?

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]

The answer to my question is C. Thanks for the quizzing everyone! This helps so much.

I have a bedtime issue with my 2 year old right now, so I might not be back for awhile.

[WANNABE_CPA]

I get it ,need to use rollover basis as FMV is not below the basis 🙂

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

[Mamabear]

Sorry guys. It's B for my question. Had to help with bedtime as well, but I'm back. 🙂

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 2012, Martha received as a gift several shares of Good Corporation stock. The donor’s basis of this stock was $2,800. On the date of the gift, the fair market value of the stock was $2,600. If Martha sells this stock in 2014 for $2,700, what amount and type of gain or loss should Martha report in her 2014 income tax return?

$ 50 long-term capital gain.

$100 long-term capital gain.

$100 long-term capital loss.

No gain or loss.

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]

Gary Berg, a farmer, exchanges a tractor with a basis of $40,000 and a value of $50,000 for a tractor with a value of $44,000 plus $6,000 cash. The basis of the tractor acquired by Gary is:

A.

$40,000.

B.

$44,000.

C.

$46,000.

D.

$50,000.

I didnt get this right, so i thought throw it at you guys for help

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

[Author]

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