[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

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

[Anonymous]

Darn it. I read that wrong. I pick A too.

[Tax lady]

@wanna D

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]

Mine is A–Disregard anything “allocable to corpus” when calculating DNI. Thanks for that tip on the last question I missed about it. 🙂

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]

For my question is B

Gain or loss is calculated as if the property was sold for its Fair Market Value at the date of the distribution. (For property contributed to a partnership prior to June 9, 1997, these rules had a shorter 5-year lookback.)

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

[Tax lady]

Yuck. Something else I've never seen.

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]

For 2103, the generation-skipping transfer tax is imposed

A Instead of the gift tax

B Instead of the estate tax

C At the highest tax rate under the transfer tax rate schedule

D When an individual makes a gift to a grandparent

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]

Sorry I'm late to the game. Are we quizzing on partnerships, estates and trusts, or S-corps? Or all of the above?

[Mamabear]

We're quizzing on all of the above. Those are tax lady's weak areas and her test is Thursday. When is your test?

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]

11/29

[Tax lady]

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

[Mamabear]

OK. We're focusing on her areas to help her (and us) and she promised to come back and help quiz us after her test. 🙂

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]

@mamabear…D?

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

[Mamabear]

@tax lady–Correct. Mine was 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!!

[Anonymous]

C

[Anonymous]

Brendan is a 27 percent owner of the Brendan-Jamin Partnership. He has an adjusted basis in this partnership of $23,000. Near the end of the current year, Brendan is given cash of $11,000 as a distribution from the partnership. He also receives land that has a tax basis to the partnership of $15,000 but a fair value of $19,000. After receiving this distribution, what is the tax basis of the land to Brendan?

A Zero

B $12,000

C $15,000

D $19,200

[Author]

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