REG Study Group Q4 2016 - Page 45

  • Creator
    Topic
  • September 14, 2016 at 8:43 pm #836140
    jeff
    Keymaster

    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

Viewing 15 replies - 661 through 675 (of 2,222 total)
1 2 3 … 44 45 46 … 147 148 149
  • Author
    Replies
  • October 2, 2016 at 6:53 pm #850678
    jonm857
    Participant

    You'll do fine. I believe you will pass it.

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

    October 2, 2016 at 6:55 pm #850681
    jonm857
    Participant

    I'll find out if I passed REG on my birthday… Nov 4th.

    Won't that just be an excellent or $hitty day.

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

    October 2, 2016 at 6:56 pm #850683
    jpowell31
    Participant

    Which of the following items must be separately stated on Schedule K-1 of Form 1120S, U.S. Income Tax Return for an S Corporation?

    A. Mark-to-market income
    B. Unearned revenue
    C. Section 1245 gain
    D. Gain or loss from the sale of collectibles

    October 2, 2016 at 6:56 pm #850686
    Reg_Slayer
    Participant

    ^ either way you will b drunk

    October 2, 2016 at 6:57 pm #850689
    jonm857
    Participant

    D.

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

    October 2, 2016 at 6:58 pm #850690
    jonm857
    Participant

    @Reg_slayer

    Good point. I plan on getting wasted watching the election results unfold anyway.

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

    October 2, 2016 at 7:00 pm #850693
    Reg_Slayer
    Participant

    @jp

    Not d because collectibles is personal, and has nothing to do with the partnership/s-corp?

    October 2, 2016 at 7:00 pm #850696
    jpowell31
    Participant

    we're going to get it this time!! and regardless will both be drinking on Nov 4. i will still have to take FAR though. *GROWLS*

    October 2, 2016 at 7:01 pm #850698
    jpowell31
    Participant

    it's D because it's not taxed at ordinary income rates like the other 3 items are…(collectibles are taxed at 28%)

    October 2, 2016 at 7:02 pm #850699
    jpowell31
    Participant

    throwing this one in with @regslayers above point!

    Which of the following entities may not deduct fringe benefits for the owner/employee?
    A.

    Sole proprietorship
    B.

    Partnership
    C.

    S corporation
    D.

    C corporation

    October 2, 2016 at 7:03 pm #850702
    Reg_Slayer
    Participant

    @jp

    k thanks. I am hitting ENTITIES next.

    October 2, 2016 at 7:03 pm #850705
    jonm857
    Participant

    C?

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

    October 2, 2016 at 7:04 pm #850707
    Reg_Slayer
    Participant

    D, because C-corps are odd man out?

    October 2, 2016 at 7:06 pm #850708
    jpowell31
    Participant

    ouu it's actually A because the entity does not exist separately from the person for taxation purposes. Partnerships may deduct the benefits but the partners must include the amount in income. A more than 2% shareholder of an S corporation must include the benefits in income. tricky for sure. ba$tard$

    October 2, 2016 at 7:08 pm #850710
    jonm857
    Participant

    Is that a ninja question?

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

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