REG Study Group Q4 2014 - Page 105

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  • #630735
    Mamabear
    Member

    @bucky–I don't know what would happen with the trust.

    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!!

    #630736
    WANNABE_CPA
    Member

    I agree B

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

    #630737
    Tax lady
    Participant

    Yes, i agree B. Amount is per donee.

    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

    #630738
    WANNABE_CPA
    Member

    The federal estate tax may be reduced by a credit for:

    foreign death taxes.

    tax on prior transfers.

    A.

    I only

    B.

    II only

    C.

    Both I and II

    D.

    Neither I nor II

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

    #630739
    Mamabear
    Member

    BTW–I'm adding the little explanations for my own benefit to make sure I understand and that I'm not guessing. I am not trying to be smarty pants by adding those explanations. It helps me.

    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!!

    #630740
    Anonymous
    Inactive

    @Mamabear – I wonder if that $5.3 million credit would apply upon transfer and he would have to pay taxes on anything over that amount. Or, you know, his kid could have been nice to him!

    #630741
    Tax lady
    Participant

    C

    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

    #630742
    Anonymous
    Inactive

    B is correct, by the way.

    #630743
    Tax lady
    Participant

    By all means…explain away! It helps us all.

    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

    #630744
    Anonymous
    Inactive

    @Wannabe – I change my answer to D

    #630745
    WANNABE_CPA
    Member

    C is correct

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

    #630746
    WANNABE_CPA
    Member

    During 2014, Blake transferred a corporate bond with a face amount and fair market value of $20,000 to a trust for the benefit of his 16-year-old child. Annual interest on this bond is $2,000, which is to be accumulated in the trust and distributed to the child on reaching the age of 21. The bond is then to be distributed to the donor or her successor-in-interest in liquidation of the trust. Present value of the total interest to be received by the child is $8,710. What is the amount of the gift that is excludable from taxable gifts?

    A.

    $20,000

    B.

    $10,000

    C.

    $8,710

    D.

    $0

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

    #630747
    Tax lady
    Participant

    @bucky. When do you test? I think you said it already but I can't remember…

    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

    #630748
    Anonymous
    Inactive

    OMG…. seriously stressing… I'm to the review portion so these quizzes are helpful, but holy moly all this deductions, limits, etc are getting so mixed up in my head!! Thanks for posting these, super helpful on what I need to take another look at…

    #630749
    Tax lady
    Participant

    @wannabe C

    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

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