REG Study Group Q3 2016 - Page 9

Viewing 15 replies - 121 through 135 (of 315 total)
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  • #784720
    Claudia408
    Participant

    Teal – it sounds confusing, but I found this on the IRS website, see #4:

    https://www.irs.gov/uac/ten-important-facts-about-capital-gains-and-losses

    BEC 65, 71, 75
    AUD 62, 70, 78
    REG 67, 66, 65, 66, 64
    FAR 68, 64, 73

    BEC - 75 (3x)
    AUD - 78 (3x)
    REG - 67, 66, Aug 1
    FAR - 54, Sept 8

    #784721
    Teal
    Participant

    Claudia – yes it seems contradictory from the first paragraph! But thank you so much for pointing it out 🙂 Makes sense now!

    AUD - 82
    BEC - 79
    FAR - 75
    REG - 77
    NINJA & Roger

    Passed AUD!

    Passed BEC!

    Passed FAR!

    Passed REG!

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    #784722
    Tncincy
    Participant

    They key in this question for me was “never used in business” so no he cannot take a personal loss.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #784723
    Anonymous
    Inactive

    Claudia, thanks for the link to the explanation. it was nice to see him do the J/E for vans. kinda funny how many different ways there are to look at these things…

    ok now i think i can understand how to look at it as a like kind transaction. the basis of the new van will be the adjusted basis of the old van + the boot (cash) paid for the new van

    so, on the depreciation worksheet we can find the adjusted basis of the old property:

    property given up:
    18125 original basis
    (16037) accumulated depreciation
    = 2088 adjusted basis in the property given up

    the boot (cash) paid is the Total due from the invoice
    =23,300

    2088 + 23300 = 25388 basis of new van

    #784724
    gotzbht
    Participant

    Hi there! Giving my first attempt at REG (Aug '16), I'm having trouble with Individual Taxation in AGI Adjustments, Std Deductions & Amt (Using Gleim). Sorted on the mnemonics but could someone just compress it to better my understanding of it? Also, any tips and tricks to ease the anal hammering that the exam will render?

    #784725
    Tncincy
    Participant

    The easiest way to learn agi is get familiar with form 1040. Try looking at the front of the 1040 while doing agi questions.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #784726
    Tncincy
    Participant

    Here's a good AMT practice question: no I didn't get it right 🙁
    Assume that the Brady Corporation had the following tax situation in Year 4:

    Sum of AMT preference items $ 40,000
    Total positive AMT adjustments 85,000
    Total negative AMT adjustments 15,000
    Regular taxable income 100,000

    Determine the amount of AMT exemption that will apply to the Brady Corporation.

    A.
    $40,000

    B.
    $25,000.

    C. .
    $15,000

    D.
    $0

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #784727
    csvirk
    Participant

    is it A? they are asking about exemption mount. which is 40K.

    AUD - 80
    BEC - 86
    FAR - 77
    REG - 84
    Hardwork will always pay off!

    FAR: 71, 77!
    AUD: 69, 80
    BEC: 72
    REG: 84

    #784728
    LaidBackCPA
    Participant

    @tncincy, is the answer B?

    Battling these exams with no accounting experience!

    FAR 76-4/16
    REG 64-6/16, 78-7/16
    AUD 65-9/16, 68-10/16, 77-2/17
    BEC 78-11/16

    DONE!!!!!

    FAR: 76 (4/2/2016)
    REG: 64 (6/10/2016); 78 (7/12/16)
    AUD: (9/2/2016)
    BEC: (10/3/2016)

    Studying for these exams with no accounting experience!

    #784729
    LaidBackCPA
    Participant

    Here's one on passive activity:

    Lane, a single taxpayer, received $160,000 in salary, $15,000 in income from an S corporation in which Lane does not materially participate, and a $35,000 passive loss from a real estate rental activity in which Lane materially participated. Lane’s modified adjusted gross income was $165,000. What amount of the real estate rental activity loss was deductible

    a. $0

    b. $15,000

    c. $25,000

    d. $35,000

    Battling these exams with no accounting experience!

    FAR 76-4/16
    REG 64-6/16, 78-7/16
    AUD 65-9/16, 68-10/16, 77-2/17
    BEC 78-11/16

    DONE!!!!!

    FAR: 76 (4/2/2016)
    REG: 64 (6/10/2016); 78 (7/12/16)
    AUD: (9/2/2016)
    BEC: (10/3/2016)

    Studying for these exams with no accounting experience!

    #784730
    csvirk
    Participant

    @Laidback is it B?

    AUD - 80
    BEC - 86
    FAR - 77
    REG - 84
    Hardwork will always pay off!

    FAR: 71, 77!
    AUD: 69, 80
    BEC: 72
    REG: 84

    #784731
    Anonymous
    Inactive

    is it $15k? i know the mom and pop exclusion is phased out at $150k AGI, but he'd still be able to deduct it against the S corp income?

    #784732
    LaidBackCPA
    Participant

    Yes, the answer is $15,000. You're right with your explanation, Dr Cash.

    Battling these exams with no accounting experience!

    FAR 76-4/16
    REG 64-6/16, 78-7/16
    AUD 65-9/16, 68-10/16, 77-2/17
    BEC 78-11/16

    DONE!!!!!

    FAR: 76 (4/2/2016)
    REG: 64 (6/10/2016); 78 (7/12/16)
    AUD: (9/2/2016)
    BEC: (10/3/2016)

    Studying for these exams with no accounting experience!

    #784733
    Tncincy
    Participant

    The answer to the AMT question is B. Here is the calculation

    taxable income: $100,000
    + amt preference 40,000
    +/- amt adjustments 70,000
    = AMTI $210,000

    AMTI $210,000
    phaseout threshhold (150,000)
    excess 60,000
    x .25%
    reduction in exception $15.000
    The $40,000 – 15,000 – $25,000,
    The amount of the reduction of the maximum $40,000 exemption is $15,000 (which I said), but the $40,000 exemption must be reduced by 25% ( I thought 20%) of the excess of AMTI over $150,000. So the answer is B, $25,000

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #784734
    LaidBackCPA
    Participant

    Is it necessary to remember the different sections of Tax Services? I didn't for my first try at REG. I was just wondering what you guys and gals thought about it,

    Battling these exams with no accounting experience!

    FAR 76-4/16
    REG 64-6/16, 78-7/16
    AUD 65-9/16, 68-10/16, 77-2/17
    BEC 78-11/16

    DONE!!!!!

    FAR: 76 (4/2/2016)
    REG: 64 (6/10/2016); 78 (7/12/16)
    AUD: (9/2/2016)
    BEC: (10/3/2016)

    Studying for these exams with no accounting experience!

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