[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

[Mamabear]

I believe it must be counted in the Estate's final tax return, not the decedent's, but I'm not sure.

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]

I agree with Mamabear

[WANNABE_CPA]

Ans is A

Income in respect of a decedent (IRD) for a cash-basis taxpayer consists of taxable income that the deceased earned or otherwise was entitled to but failed to receive before their death. To avoid double taxation, the income does not receive a stepped-up basis in the decedent’s estate or is treated as capital gains. The IRD can be included on the tax return of the decedent estate, the beneficiary, or any person the estate passes the income to that had the right to receive it.

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

[Tax lady]

ok thx

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 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

[WANNABE_CPA]

@mamabear …B?

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

[Tax lady]

Do you guys want to move on to strictly estate/trust or S corps?

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]

Joseph Argentino died early in Year One with an estate that had a considerable value. The executor of his estate is currently determining the value of his estate for taxation purposes. Which of the following cannot be deducted in arriving at the estate value?

A Debts owed at death

B A bequest made to his only son

C Funeral expenses

D Charitable bequests

[WANNABE_CPA]

Oh yes i think D too…

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

[Mamabear]

D is correct! “Generally no gain or loss is recognized on the transfer of property to a p-ship in exchange for a p-ship interest. Since Carr's gain is not recognized, there will be a carryover basis of $30K for the stock to the p-ship, and Carr will have a $30K basis for the 25% p-ship interest received.”

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… A

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

[Mamabear]

@bucky–The bequest to his son.

@taxlady–You lead the way girl. I'm fine skipping p-ships if you're comfortable with them.

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]

@bucky A

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]

B is correct – To determine the amount of a taxable estate, certain deductions are allowed for costs such as funeral expenses, debts, administrative expenses, debts at death, and charitable bequests. Bequests to a spouse are deductible but no other personal bequests (even to a son or daughter) can be used as a deduction.

[Tax lady]

Let's keep hitting estates and then wind up with S corps. Cool with you guys?

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