[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for REG.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

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

[Reg_Slayer]

@aatoural:

Regular Tax Liab vs Tentative Minimum tax, and we choose 240 cuz its bigger.

Then add PHC tax becuase its its own separate “self-assessing” tax ?

[jpowell31]

UGH this hurricane prep and the fact everyone i know is having hurricane parties etc this weekend and i'm studying has me bummmmmmeeddd. not usually this bad when i have a week left as the anxiety sets in but i honestly just want to give up tonight.
who else is studying…i need some motivation… i'm going to try to do 50 more MCQ and get motivated for the next 10-15 hour days ahead.

[luisitotx]

Hey guys just finished the tax portion in Rogers, starting b-law tomorrow. Can you give me any advice on how to deal with the memorization of all the tax little details? I have been following this study group lately and you guys have a good grasp of the tax concepts.

Thanks in advance!

AUD-82
BEC-Sept 4
REG-TBD
FAR-TBD

[Reg_Slayer]

@jpowell,

do the NINJA sims with me, I am on #18.

@luisitotx,

I dont try to memorize, i just work problems over and over.

[kayfcpa16]

Can someone help me…

Acme and Buck are equal members in Dear, an LLC. Dear has elected not to be treated as an LLC. Dear has not elected to be taxed as a corporation. Acme contributed $7,000 cash, and Buck contributed a machine with an adjusted basis of $5,000 and a fair market value of $10,000, subject to a liability of $3,000. What is Acme’s basis in Dear?
A. $10,000
B. $7,000
C. $4,000
D. $8,500 – Correct Answer

Now I chose D (7,000 cash + (3,000 liability assumed – 1,500 partner share of income)
But I wanted to know why isn't it 10,500 ( I know that is not an answer choice)

From my understanding Basis in Partnership = Cash Contr + AB of Property + Any Gain Recognised – Liability Assumed By Partnership + Partner Share of Liability Assumed.

which would be 7,000 + 5,000 – 3,000 + 1,500 = 10,500

FAR - 2/16 - 78
BEC - 2/16 - 78
AUD - 8/16
REG - 8/16

[Reg_Slayer]

@kfalicity

7 cash
+1.5 (his share of the liab assumed will increase his basis)
=
8.5

does that help?

[jpowell31]

i already started the 50 questions and have a plan with the SIMs when i get back to my office tomorrow/sunday where i have printed the list to go through and a printer for any explanations i need. knowing you're up is helping though….especially since you don't have a scheduled test and mine is in a week -_______-

[jpowell31]

@luis practice practice practice..make cheat sheets as you go along and combine/reduce/re-read.
@kfacility – i would calc as @reg_slayer has. Acme only contributed the cash. he took on the liability but Bucks contribution doesn't affect his Acme's basis.

[jonm857]

@jpowell

Heres your motivation. This is a do or die test for me. If i fail I start over. Dont end up like me.

B - 81
A - 87
R - 73
F - July 5th

[kayfcpa16]

ohhhhhh, wow Thanks guys, I read the question wrong the second time around! I read it as Acme contributed the property as well & not buck!

FAR - 2/16 - 78
BEC - 2/16 - 78
AUD - 8/16
REG - 8/16

[jonm857]

I'm about to roll up these sleeves, crack open a monster and DESTROY some UCC Contracts & UCC Sales.

Who is with me??

WHO??!?!??!!

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

BLAW is 4 CHUMPS !!!

apparently to the AICPA, PAINTING = “OTHER”, and not “maintenance”.

[jonm857]

@Reg_slayer

I'm sorry you don't appreciate the love I have for B-LAW.

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

i like it more than tax, but the return on exam score is just not there.

[jonm857]

I'll be putting on my tax-hat Sunday and saying goodbye to B-LAW for good until exam day.

B - 81
A - 87
R - 73
F - July 5th

[Author]

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