REG Study Group Q4 2014 - Page 108

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  • #630780
    Mamabear
    Member

    Stahl, an individual, owns 100% of Talon, an S corporation. At the beginning of the year, Stahl's basis in Talon was $65K. Talon reported the following items from operations during the current year:

    Ordinary Loss $10K

    Municipal interest income $6K

    LTCG $4K

    STCL $9K

    What was Stahl's basis in Talon at year end?

    A $50K

    B $55K

    C $56K

    D $61K

    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!!

    #630781
    Mamabear
    Member

    I guess D

    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!!

    #630782
    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

    #630783
    Anonymous
    Inactive

    @Mamabear – C – $56

    #630784
    Mamabear
    Member

    Ya'll are right. I was thinking they could only offset CLs against CGs. 🙁 Is that just C-Corps?

    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!!

    #630785
    Tax lady
    Participant

    Yes mama

    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

    #630786
    Tax lady
    Participant

    Is wannabe gone?

    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

    #630787
    Mamabear
    Member

    And yes..I typed ya'll. In my mind I've been saying that all night.

    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!!

    #630788
    Anonymous
    Inactive

    Yes – I remember that S-Corps are similar to Partnerships, so a lot of the income is passed through to the partners.

    #630789
    Mamabear
    Member

    I think so. She'll probably be back. She's west coast I think. Dinner time.

    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!!

    #630790
    Anonymous
    Inactive

    Bristol Corp. was formed as a C corporation on January 1, 1980, and elected S corporation status on January 1, 1987. At the time of the election, Bristol had accumulated C corporation earnings and profits which have not been distributed. Bristol has had the same 25 shareholders throughout its existence.

    In 2014 Bristol's S election will terminate if it

    A. Increases the number of shareholders to 75.

    B. Adds a decedent's estate as a shareholder to the existing shareholders.

    C. Takes a charitable contribution deduction.

    D. Has passive investment income exceeding 90% of gross receipts in each of the three consecutive years ending December 31, 2013.

    #630791
    Mamabear
    Member

    OK–Clarification. Individuals can only offset $3K of CL against ordinary income. P-ships and S-Corps can deduct all CL and C-Corps can only deduct to the extent of CGs?

    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!!

    #630792
    Tax lady
    Participant

    yes true. It's that NC coming out in ya! haha

    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

    #630793
    Mamabear
    Member

    It's not A or B because you can have up to 100 members and an estate as a shareholder. I want to say D, but I'm not sure.

    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!!

    #630794
    WANNABE_CPA
    Member

    sorry guys..i m back..i got a phonecall.

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

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