[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

[Tax lady]

Freak. I knew that! UGH

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–Estates and trusts. Let's get it guys!!!

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]

A CPA is determining the taxable amount of an estate for estate tax purposes. The fair market value of the property at the date of death (the alternate valuation date was not used) was $23.3 million. In determining the taxable amount of the estate, which of the following cannot be deducted?

A Casualty losses

B Funeral expenses

C Administrative expenses

D Personal exemption

[Mamabear]

D–No personal exemptions or standard deductions.

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!!

[Mamabear]

And I must say–Good gosh. If only I could have an estate worth 23.3 million when I'm gone!

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

[Tax lady]

Isn't the estate exemption $600? Simple trust = $300 and complex trust = $100

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]

D is correct. @Mamabear – you are kicking butt on Estates and Trusts!

[Mamabear]

What amount of a decedent's taxable estate is effectively tax-free if the maximum basic exclusion amount is taken during 2013?

A $1 million

B $1,455,800

C $3.5 million

D $2,250,000

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!!

[Mamabear]

And I'm not even looking at notes! At least I know a few things. The tide will change when we get to S-Corps. Boo S Corps!

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..$600 is for annual estate income tax

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

[Mamabear]

@wannabe–can you explain that further? What is the difference between annual estate income tax and the taxable amount of an estate?

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]

Estates are kicking my @$$

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

[Julia_anika]

WAIT!!!! Why is the answer D for this question? I thought estates are allowed $600 exemption…. what's going on..

A CPA is determining the taxable amount of an estate for estate tax purposes. The fair market value of the property at the date of death (the alternate valuation date was not used) was $23.3 million. In determining the taxable amount of the estate, which of the following cannot be deducted?

A Casualty losses

B Funeral expenses

C Administrative expenses

D Personal exemption

NYC, NY
FAR - 82 Jan 2014
AUD - 86 Apr 2014
BEC - 77 Aug 2014
REG - 79 Nov 2014

[Mamabear]

What amount of a decedent's taxable estate is effectively tax-free if the maximum basic exclusion amount is taken during 2013?

A $1 million

B $1,455,800

C $3.5 million

D $5,250,000

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!!

[Author]

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