[jeff]

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REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[WANNABE_CPA]

@Bucky…B?

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

[Anonymous]

@Tax Lady – you are correct!

[WANNABE_CPA]

Lol.. ia m really slow with typing, i have no idea where you guys are…i was still answering Buckys question haha

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

[Tax lady]

@wannabe what is the answer to your question?

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CPAExcel, Ninja MCQ's

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Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[WANNABE_CPA]

its C

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

[Anonymous]

@Wannabe – do you have the explanation for that question?

[WANNABE_CPA]

Beg basis 25000

Plus Ordinary income 1000

less long term cap loss (3000)

=$23000 Buckys basis

Compare with amount distributed to know how much is Return of capital. $30000 – $23000=$7000

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

[linkman311]

@ Wannabe,

On your question over Stalin's basis, can you show the answer? Why is it B? Is that because his basis is reduced by the 5,000 of losses over gains? Can basis be reduced by losses carried forward?

Confidence is a prerequisite for success

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Have Becker, wish I got Roger

[Anonymous]

Thank you!

[WANNABE_CPA]

@linkman…Yes, In that question, you net capital gains and losses to get Net capital loss of $5000 which is subtracted from the ( Basis + Income )amount.

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

[Anonymous]

Carson owned 40% of the outstanding stock of a C corporation. During a tax year, the corporation reported $400,000 in taxable income and distributed a total of $70,000 in cash dividends to its shareholders. Carson accurately reported $28,000 in gross income on Carson's individual tax return. If the corporation had been an S corporation and the distributions to the owners had been proportionate, how much income would Carson have reported on Carson's individual return?

A. $28,000

B. $132,000

C. $160,000

D. $188,000

[Tax lady]

@wannabe Oh I thought it said 10,000 ordinary income, not 1,000.

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CPAExcel, Ninja MCQ's

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FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Tax lady]

@bucky D?

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

CPAExcel, Ninja MCQ's

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
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BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Anonymous]

It's C – The distributive share to Carson would be $400,000 × 40% = $160,000. I think they threw those extra #s in there to confuse you!

[WANNABE_CPA]

I am getting C ?

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

[Author]

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