[jeff]

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

[Mamabear]

@wannabe–I think it is C. Well actually I didn't think any G/L was allowed to be recognized until the property was sold to a nonfamily member and then the selling party had to use the original relative's basis to calculate the G/L, but that wasn't a choice.

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 C too

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

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[Tax lady]

They want him to show a profit but defer the gain

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AUD 5/30/15 (80)
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[Mamabear]

@wannabe–You can always show your face here. 🙂 We are all in this to learn and kick this exam's butt!!!

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]

C is correct

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

[Mamabear]

Julie received a parcel of land as a gift from her Aunt Agnes. At the time of the gift, the land had a FMV of $84K and an adj basis of $24K. This was the only gift that Julie received from Agnes during 2013. If Agnes paid a gift tax of $14K on the transfer of the gift to Julie, what tax basis will Julie have for the land?

A $23K

B $35K

C $36K

D $84K

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]

Dunn received 100 shares of stock as a gift from Dunn’s grandparent. The stock cost Dunn’s grandparent $32,000 and it was worth $27,000 at the time of the transfer to Dunn. Dunn sold the stock for $29,000. What amount of gain or loss should Dunn report from the sale of the stock?

$0

$2,000 gain.

$3,000 gain.

$3,000 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

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[Mamabear]

@taxlady–A because the selling price is in between the basis and the FMV again?

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… A

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

[Tax lady]

I think so but I accidentally closed my test bank when I was going to check the answer. GRRRR

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

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[Tax lady]

We all thought A so I'm pretty sure that is correct.

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BEC 11/28/15 (75)
FAR 7/30/16

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[Mamabear]

Anybody want to take a crack at my question? It has that ridiculous formula I inquired about many pages ago and I don't know if I should bother memorizing it or not.

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]

@ mama. Shouldn't the basis be 38k?

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

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[WANNABE_CPA]

YES ..i got $38 too

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

[Tax lady]

That one definitely blew me away…

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

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[Author]

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