REG Study Group Q4 2014 - Page 104

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  • November 12, 2014 at 2:25 am #630720
    Tax lady
    Participant

    Ok great. I just didn't want us to run out of time or topics.

    AUD - 80
    BEC - 75
    FAR - 85
    REG - 82

    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

    November 12, 2014 at 2:25 am #630721
    Tax lady
    Participant

    @bucky. Sounds good!

    AUD - 80
    BEC - 75
    FAR - 85
    REG - 82

    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

    November 12, 2014 at 2:25 am #630722
    WANNABE_CPA
    Member

    Answer is C ,

    The gift is subject to both the gift tax and the generation-skipping tax.

    The generation-skipping tax is imposed on lifetime and testamentary transfers to “skip persons.” A skip person is anyone who is two generations or more below the transferor (IRC Section 2613). It is a separate taxing system, so it is imposed in addition to gift or estate taxes. It is imposed at the highest gift and estate tax rate (IRC Section 2641). There is a lifetime exclusion of $5,000,000 (IRC Section 2631(a)).

    The exclusion amount increased to $5,340,000 in 2014 and a maximum rate of 40%. The Tax Relief Act of 2010 reinstated the estate tax for 2011 and 2012. The same law reinstated the generation-skipping tax for 2010, 2011, and 2012. The estate tax was not in effect for 2010. The Taxpayer Relief Act of 2012 made these provisions permanent and increased the maximum rate to 40%.

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

    November 12, 2014 at 2:25 am #630723
    Mamabear
    Member

    And much like the ring–who the hell has $7 million to give their granchildren. The children better have been loaded themselves or I would be pissed they skipped me and went straight to my kids. Hahaha

    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!!

    November 12, 2014 at 2:26 am #630724
    WANNABE_CPA
    Member

    But i dont understand, it is not 2 generation over here right? So why Both taxes…i thought it is just gift tax

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

    November 12, 2014 at 2:26 am #630725
    Tax lady
    Participant

    I'm failing hard on this section. I need to re-learn apparently. UGH

    AUD - 80
    BEC - 75
    FAR - 85
    REG - 82

    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

    November 12, 2014 at 2:26 am #630726
    Anonymous
    Inactive

    So, they got hit twice with the gift, but if they would have put that $$ into a trust, would the double tax still have happened?

    November 12, 2014 at 2:27 am #630727
    Mamabear
    Member

    It is two generations. The kids would be the first generation level and the grandkids are the second generation.

    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!!

    November 12, 2014 at 2:27 am #630728
    Anonymous
    Inactive

    @Wannabe – The gift was to his grandchild. The question was worded weirdly.

    November 12, 2014 at 2:28 am #630729
    WANNABE_CPA
    Member

    OH yes but its just one generation skipped is what i thought lol..

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

    November 12, 2014 at 2:28 am #630730
    Tax lady
    Participant

    That just goes to show you need to leave it to your own kids and then let them leave it to their kids.

    AUD - 80
    BEC - 75
    FAR - 85
    REG - 82

    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

    November 12, 2014 at 2:29 am #630731
    Mamabear
    Member

    Their kids must have been A-holes!

    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!!

    November 12, 2014 at 2:30 am #630732
    Tax lady
    Participant

    HA! I bet so! Ungrateful bastards.

    AUD - 80
    BEC - 75
    FAR - 85
    REG - 82

    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

    November 12, 2014 at 2:30 am #630733
    Anonymous
    Inactive

    Jan, an unmarried individual, gave the following outright gifts in 2014:

    Donee Amount Use by Donee

    Jones $15,000 Down payment on house

    Craig 14,000 College tuition

    Kande 5,000 Vacation trip

    Jan's 2014 exclusions for gift tax purposes should total

    A. $34,000

    B. $33,000

    C. $28,000

    D. $9,000

    November 12, 2014 at 2:31 am #630734
    Mamabear
    Member

    B=14+14+5=33 The college tuition wouldn't have been a gift if they had paid it directly to the school, but because they used the word “outright” meant they gave it to the person, not the school.

    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!!

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