REG Study Group Q4 2014 - Page 90

Viewing 15 replies - 1,336 through 1,350 (of 4,354 total)
1 2 3 … 89 90 91 … 289 290 291
  • Author
    Replies
  • November 12, 2014 at 12:01 am #630509
    Tax lady
    Participant

    You know what sucks. Just when I think I understand a concept something else pops up that I've never seen before. Learning this stuff is such a moving target. I've been really freaking out today about this crap.

    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

    November 12, 2014 at 12:01 am #630510
    Tax lady
    Participant

    HAHAHA! ok ok

    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

    November 12, 2014 at 12:02 am #630511
    Tax lady
    Participant

    Dale was a 50% partner in D&P Partnership. Dale contributed $10,000 in cash upon the formation of the partnership. D&P borrowed $10,000 to purchase equipment. During the first year of operations, D&P had $15,000 net taxable income, $2,000 tax-exempt interest income, a $3,000 distribution to each partner, and a $4,000 reduction of debt. At the end of the first year of operation, what amount would be Dale's basis?

    Select an answer:

    A.

    $16,500

    B.

    $17,500

    C.

    $18,500

    D.

    $21,500

    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

    November 12, 2014 at 12:04 am #630512
    Tax lady
    Participant

    C. Agree?

    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

    November 12, 2014 at 12:07 am #630513
    Mamabear
    Member

    OK–Working through this one out loud.

    Beg Basis $10K

    % Income $7.5 (50% * 15K)

    Distribution $3K

    Debt Reduction $2K

    Tax Exempt Income $1K

    Liabilitiy added $5K

    10+7.5-3-2+1+5K=18.5K

    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!!

    November 12, 2014 at 12:07 am #630514
    Mamabear
    Member

    Sorry–I have to work it all so it makes sense to me. I go through a lot of white boards during the exam.

    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!!

    November 12, 2014 at 12:08 am #630515
    Tax lady
    Participant

    Yep. exactly how I did it and we are 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

    November 12, 2014 at 12:08 am #630516
    Mamabear
    Member

    Whoo hoo!

    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!!

    November 12, 2014 at 12:09 am #630517
    Tax lady
    Participant

    We are good. lol

    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

    November 12, 2014 at 12:09 am #630518
    Tax lady
    Participant

    During the current year, a trust reports the following information:

    Dividends $10,000

    Interest from corporate bonds 12,000

    Tax-exempt interest from state bonds 4,000

    Capital gain (allocated to corpus) 2,000

    Trustee fee (allocated to corpus) 6,000

    What is the trust's accounting income?

    Select an answer:

    A.

    $22,000

    B.

    $26,000

    C.

    $28,000

    D.

    $34,000

    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

    November 12, 2014 at 12:10 am #630519
    Mamabear
    Member

    A

    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!!

    November 12, 2014 at 12:11 am #630520
    Tax lady
    Participant

    Hmmm. I came up with 26k….let me check.

    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

    November 12, 2014 at 12:11 am #630521
    WANNABE_CPA
    Member

    hey mama and taxlady.. Is it B ?

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

    November 12, 2014 at 12:12 am #630522
    Mamabear
    Member

    Hey Wannabe!

    I added in the tax exempt income because it asks for “accounting income” not “taxable income”. I'm probably wrong though since you guys agreed.

    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!!

    November 12, 2014 at 12:12 am #630523
    Tax lady
    Participant

    Hey Wannabe. That's what I thought. Waiting on Ninja to tell me.. it's timing out for some reason.

    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

  • Author
    Replies
Viewing 15 replies - 1,336 through 1,350 (of 4,354 total)
1 2 3 … 89 90 91 … 289 290 291
  • The topic ‘REG Study Group Q4 2014 - Page 90’ is closed to new replies.