[jeff]

Welcome to the Q2 2015 CPA Exam Study Group for REG.

“Death and Taxes” – Individual Tax for the CPA Exam

Posted by Another71 on Monday, November 24, 2014

Free NINJA: https://www.another71.com/cpa-exam-study-plan/

AUD - 79
BEC - 80
FAR - 76
REG - 92

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

[Sandia]

15K Reduce the basis – return on Capital (up to shareholder basis) – no taxable. NO K GAIN

I just realized that my mind thinks one and put another …… my learning curve is going down.. I need more coffee or a break

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[stoleway]

That's correct, the 15k is a return on capital , it reduces the investors basis.

Most people confuse Return of capital (Reduction), with Return on investment (growth), they are two separate animals.

“Return ON capital” is another tool used to measure the return on investment in the financial world. Notice that there's a difference in how the “ON” and “OF” is used.

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Anonymous]

oh hello, why are you even here? 🙂

I think there is also a difference with return ON capital and return OF capital that I just realized. ON capital sounds like interest, and OF capital is a reduction of basis

[stoleway]

@anjanja, Lol….I'm usually here to refresh my brains on tax issues. The brain can get rusty sometimes. I try as much as possible to stay away from the study groups, because it helps a lot when you guys come together and answer your own questions.

When do you sit for REG? I'm here silently rooting for you:)

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[jstay]

and we use the 200 not the 150 basis? how come?

[Gabe]

@jstay C corp distribution uses FMV.

CPA, CFE
CISA- Experience will be completed by August 2016

[Anonymous]

Oh I know everything about rusty brain!

I am scheduled for 05/30 but maybe I should wait until July, although it will be cutting really close. I have 40 days left and just starting Blaw now. Any advice? Take in May? Wait until July? Both?

[jstay]

@anjanja take it in May! I don't know your financial situation and what not (of course everyone's different) but I knew I wasn't going to pass REG in Feb but I still sat, I said what the hey its $200 and if I pass im done. Well I literally did not do a MCQ for a solid 2 weeks leading up to the exam and really only read the book (I didn't want to start memorizing the answers cause I knew it was going to be a retake). Welp, come score release day, I got a 73!!! so close, had I studied 10 more hours I probably would have been done with this thing but now I have to do 150+ hours over the next 3 weeks to hopefully be done with it.

I vote to take it, your other scores are solid and you may surprise yourself (I know I did, I was expecting a score in the 50s)

[stoleway]

@anjanja

Take it whenever you feel ready, however, don't drag it for too long. Its easy to forget a lot of information when you study for a long time. I think May 30 will be fine, you have more time!

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Anonymous]

yeah, I am not concerned with the fee. Could probably try in May first, thanks!

[Gabe]

Also vote for taking it in May…July is way too long to keep a focused mind.

CPA, CFE
CISA- Experience will be completed by August 2016

[Anonymous]

Take it in May. Don't waste a testing window. Other than the cash out of pocket, there is no difference in taking it May and not passing and putting it off until July. At least taking it in May you get the experience of the exam and get to see what the Sims look like.

Final note, new material is testable in July so you'll have to forget some of what you learned and learn the new stuff in it's place. Not sure how much but this is tax law we're talking about.

[Anonymous]

oh yeah, the new material, that's a good point!

[Anonymous]

Your firm has the enviable task of auditing the Vladimere Company, a rather large player in the oil and gas arena. You are asked to attend the meetings with the audit partner. Which of the following scenarios should be the proper result?

– who am I in this question?

[Gabe]

an associate

CPA, CFE
CISA- Experience will be completed by August 2016

[Author]

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