REG Study Group Q4 2014 - Page 91

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  • #630524
    Tax lady
    Participant

    It's B. Ok mama. You add 10k, 12k, and 4k. Disregard anything allocated to corpus.

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

    Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

    #630525
    Mamabear
    Member

    Ah–Thanks for the explanation. I assumed it was saying not to add tax exempt income.

    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!!

    #630526
    Tax lady
    Participant

    I think they were trying to trick us there with the “accounting income” verbiage.

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

    Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

    #630527
    WANNABE_CPA
    Member

    yes…allocable to corpus..income or expenses….do not consider

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

    #630528
    WANNABE_CPA
    Member

    Fred and Amy Kehl, both U.S. citizens, are married. All of their real and personal property is owned by them as tenants by the entirety or as joint tenants with right of survivorship. The gross estate of the first spouse to die:

    A.

    includes 50% of the value of all property owned by the couple, regardless of which spouse furnished the original consideration.

    B.

    includes only the property that had been acquired with the funds of the deceased spouse.

    C.

    is governed by the federal statutory provisions relating to jointly held property, rather than by the decedent’s interest in community property vested by state law, if the Kehls reside in a community property state.

    D.

    includes one-third of the value of all real estate owned by the Kehls, as the dower right in the case of the wife or curtesy right in the case of the husband.

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

    #630529
    Mamabear
    Member

    Those tricksters. Shame on them. AND the allocable to corpus netted to be the exact same thing as the exempt income. Booo

    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!!

    #630530
    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!!

    #630531
    Tax lady
    Participant

    A

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

    Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

    #630532
    Tax lady
    Participant

    Brown, a 50% partner in Brown & White, received a distribution of $12,500 in the current year. The partnership's income for the year was $25,000. What is the character of the payment that Brown received?

    Select an answer:

    A.

    Partial liquidation

    B.

    Liquidating distribution

    C.

    Disproportionate distribution

    D.

    Current distribution

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

    Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

    #630533
    Tax lady
    Participant

    D to my question

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

    Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

    #630534
    WANNABE_CPA
    Member

    A is correct

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

    #630535
    Mamabear
    Member

    My head says B but my heart says D.

    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!!

    #630536
    Mamabear
    Member

    Is D your guess or your guess or the actual answer?

    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!!

    #630537
    WANNABE_CPA
    Member

    mama…they do not say liquidation…so its just normal distribution of their income

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

    #630538
    Tax lady
    Participant

    D is my guess

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

    Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

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