REG Study Group Q4 2014 - Page 87

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  • #630464
    Mamabear
    Member

    @zubairs–Unfortunately it was 2:15 p.m. here when it was 10:15 p.m. your time so our quizzing will start around 2 a.m. your time. I assume you're still working full time so that may pose a problem for you. Maybe Saturday morning (my time) we can do a quiz session and it won't interfere with your sleep. How does that sound?

    CPA Exam - Finally DONE (November 2014)
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    REG (07/19/14) 69 (11/29/14) 87!!

    #630465
    CPAfit
    Participant

    @mamabear sounds great! But I do feel kinda left out for not being able to join you guys tonight for the quiz though 🙁 Well just another perk of being an international candidate I suppose. Good luck to you guys and happy study

    AUD - 82
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    REG - 83
    HIYA!

    NH Licensed CPA - Jun 2018

    #630466
    Tax lady
    Participant

    How about we work on basis. Anything to do with S-Corps, C-Corps, P-ships, and maybe even some Estates/Trusts even though we did several the other night. Everybody ok with that?

    AUD - 80
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    #630467
    Mamabear
    Member

    Sorry. Had to stop by the store on my way home, but I'm here and ready to go. I'm good with anything you want to do. It will all help. I don't know that I have any more basis questions on property transactions though.

    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!!

    #630468
    Mamabear
    Member

    OK. I'm starting with partnerships until you say otherwise.

    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!!

    #630469
    Tax lady
    Participant

    That's fine. I'm super weak on S Corps. Should we start there?

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    #630470
    Tax lady
    Participant

    Pships are fine. lol

    AUD - 80
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    REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
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    #630471
    Mamabear
    Member

    Ola Associates is a limited partnership engages in real estate development. Hoff, a civil engineer, billed Ola $40K in 2013 for consulting services rendered. In full settlement of this invoice, Hoff accepted a $15K cash payment plus the following:

    3% limited partnership interest in Ola: FMV $10K Carry amount on Ola's books N/A

    Surveying equipment: FMV $7K Carrying amount on Ola's books $3K

    What amount should Hoff, a cash-basis taxpayer, report in his 2013 return as income for the services rendered to Ola?

    A $15K

    B $28K

    C $32K

    D $40K

    CPA Exam - Finally DONE (November 2014)
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    AUD (08/24/13) 65 (11/13/13) 85
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    #630472
    Mamabear
    Member

    Sorry–after this question we can move to S-Corps.

    CPA Exam - Finally DONE (November 2014)
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    AUD (08/24/13) 65 (11/13/13) 85
    FAR (04/12/14) 81
    REG (07/19/14) 69 (11/29/14) 87!!

    #630473
    Tax lady
    Participant

    A? We can stay with P-ships. Totally fine. I didn't see what you said until I had already posted.

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    #630474
    Mamabear
    Member

    Ok. PShips work for me too. You have your test first so whenever you are ready to switch just let us know.

    The answer is actually C: $32K

    The amount of income to be reportd is the amount of money, plus the FMV of other property received. $15K + 10K + $7K

    CPA Exam - Finally DONE (November 2014)
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    FAR (04/12/14) 81
    REG (07/19/14) 69 (11/29/14) 87!!

    #630475
    Tax lady
    Participant

    I'm confused. I thought the only way a partner could recognize a gain was if they contributed services or their mortgage relief was more than their basis?

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    #630476
    Mamabear
    Member

    I don't think he is reporting a gain. This is just to calculate the income reported and since the cash basis taxpayer didn't record income when he billed the partnership he doesn't report bad debt for the $8K shortage that he settled for. Basically he just gave the guy a discount for the cash and other property. I think I remember something about services in exchange for % interest versus property or cash in exchange of % interest. Let me look.

    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!!

    #630477
    Mamabear
    Member

    Are you using Wiley book?

    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!!

    #630478
    Tax lady
    Participant

    I guess because it was property in lieu of cash? I have never seen a question like this.

    AUD - 80
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    REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
    AUD 5/30/15 (80)
    BEC 11/28/15 (75)
    FAR 7/30/16

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