REG Study Group Q4 2014 - Page 110

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  • November 12, 2014 at 3:17 am #630810
    Mamabear
    Member

    I have no idea! When I took REG last time I knew nothing. Seriously. I did over 3,000 MCQ in Ninja and I still failed the damn test. This time I read the Wiley book for tax and it's making so much more sense. I hope it goes this well when I actually start doing the MCQ in the testbank.

    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 3:17 am #630811
    WANNABE_CPA
    Member

    lol i dont remember anything that means…

    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 3:18 am #630812
    Anonymous
    Inactive

    Baker, an individual, owned 100% of Alpha, an S corporation. At the beginning of the year, Baker's basis in Alpha Corp. was $25,000. Alpha realized ordinary income during the year in the amount of $1,000 and a long-term capital loss in the amount of $3,000 for this year. Alpha distributed $30,000 in cash to Baker during the year.

    What amount of the $30,000 cash distribution is taxable to Baker?

    A. $0

    B. $7,000

    C. $4,000

    D. $30,000

    November 12, 2014 at 3:19 am #630813
    Tax lady
    Participant

    Maybe I should have used the Wiley book!

    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 3:19 am #630814
    Mamabear
    Member

    Wannabe–The main distinctions of S-Corps are that they can only have 100 members, they cannot have a C-Corp or p-ships as a shareholder, but can have other S-Corps, estates, individuals, and trusts as shareholders. They can only have one class of stock (common or preferred), but they can have voting and nonvoting of the same class of stock

    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 3:21 am #630815
    Tax lady
    Participant

    @bucky A

    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 3:21 am #630816
    Mamabear
    Member

    B–$7K

    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 3:22 am #630817
    Anonymous
    Inactive

    It's C – Calculate basis in an S corporation as follows: The current basis of $25,000 is increased by the $1,000 of income to $26,000, then reduced for the distribution of $30,000 which would reduce the basis to $0 and produce a $4,000 gain. The $3,000 loss is suspended until there is more basis in the future.

    If the amount of the distribution exceeds the adjusted basis of the stock, such excess shall be treated as gain from the sale or exchange of property.

    November 12, 2014 at 3:23 am #630818
    Mamabear
    Member

    Dang it. I deducted the loss before the distributions. So basis + income – distributions = ending basis if positive and taxable income if negative. If positive, THEN deduct the loss. Would it have been the same if the loss was ordinary or would you deduct the ordinary loss before deducting the distribution?

    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 3:26 am #630819
    Anonymous
    Inactive

    I believe you deduct until you get to $0 basis and the rest is gain. Ok, I'm tapping out. Thanks everyone! @Tax lady, I will be back on tomorrow around 11:30 Central Time if you would like to quiz more.

    November 12, 2014 at 3:26 am #630820
    Mamabear
    Member

    Bye Bucky! Thank you so much for participating. I hope you found it helpful!

    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 3:26 am #630821
    Tax lady
    Participant

    My formula shows beg. basis + share of income items – distributions (cash or prop) – non deductible expenses – ordinary losses (but not below zero). = ending basis

    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 3:27 am #630822
    Tax lady
    Participant

    Thanks so much Bucky! See you tomorrow!

    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 3:28 am #630823
    WANNABE_CPA
    Member

    I think i ll go too, i need to finish some chores, eat and get back to studying.

    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 3:29 am #630824
    Tax lady
    Participant

    nevermind

    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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