REG Study Group Q4 2014 - Page 88

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  • November 11, 2014 at 11:25 pm #630479
    Tax lady
    Participant

    Ok thanks. I use CPAexcel and Ninja notes. I just checked the notes and there is nothing in there about this…

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    November 11, 2014 at 11:26 pm #630480
    Mamabear
    Member

    From the Wiley book: Partner must recognize compensation income when an interest in a partnership capital is received in exchange for SERVICES RENDERED (sorry, can't bold on here so I had to use caps).

    CPA Exam - Finally DONE (November 2014)
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    November 11, 2014 at 11:28 pm #630481
    Tax lady
    Participant

    Ok, so I will make a note that compensation can either be cash or assets at FMV. Good stuff.

    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 11, 2014 at 11:31 pm #630482
    Mamabear
    Member

    I typed out a bunch of stuff and then deleted it because I was confusing myself. LOL.

    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 11, 2014 at 11:32 pm #630483
    Tax lady
    Participant

    LOL. I hope you aren't having to type all these questions. Hopefully someone else will chime in soon. Do you want me to copy some from Ninja? I won't answer them until we pick an answer.

    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 11, 2014 at 11:34 pm #630484
    Tax lady
    Participant

    Which of the following limitations will apply in determining a partner’s deduction for that partner’s share of partnership losses?

    Select an answer:

    A.

    At-risk: Yes; Passive loss: No

    B.

    At-risk: No; Passive loss: Yes

    C.

    At-risk: Yes; Passive loss: Yes

    D.

    At-risk: No; Passive loss: No

    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 11, 2014 at 11:34 pm #630485
    Mamabear
    Member

    here's the example they post about it

    X received a 10% capital interest in the ABC P-ship in exchange for services rendered. On the date X was admitted to the partnership, ABC's net assets had a basis of $30K and a FMV of $50K. X must recognize compensation income of $5K and would have a basis of $5K for the partnership interest.

    It's a little different spin on the info, but it shows you how to calculate if you only given the P-ship info and not the amount of the invoice. 10% of the FMV of the P-ship net assets = how much he has to recognize.

    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 11, 2014 at 11:35 pm #630486
    Mamabear
    Member

    I do have to type them all out because I haven't gotten this far in Ninja yet. Hopefully there will be some more joiners soon, but I think a lot of people are on the West coast and still at work.

    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 11, 2014 at 11:36 pm #630487
    Tax lady
    Participant

    Ok cool. So I will remember anytime a partner donates services for an interest in the pship he has to recognize income even if no cash was received. Got it. I'm glad you told me that!!! I've not seen it anywhere else so far. This is what worries me so much about this test.

    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 11, 2014 at 11:36 pm #630488
    Mamabear
    Member

    I think the answer to your question is A.

    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 11, 2014 at 11:37 pm #630489
    Mamabear
    Member

    Don't worry. I'm sure there is plenty in your studies that I haven't seen.

    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 11, 2014 at 11:38 pm #630490
    Tax lady
    Participant

    You answered A. The correct answer is C.

    A partner may deduct his share of partnership losses subject to three levels of limitations:

    Level 1: Any deductible loss is limited to the adjusted basis of the partner’s interest in the partnership.

    Level 2: If there is enough adjusted basis to deduct a loss, then the partner is only allowed to deduct the amount of loss for which he is at risk.

    Level 3: If there is enough adjusted basis and enough at risk, then the partner applies the passive activity limits.

    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 11, 2014 at 11:39 pm #630491
    Mamabear
    Member

    Dang it. I don't remember reading any of this stuff. 🙁 Jotting that down.

    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 11, 2014 at 11:39 pm #630492
    Tax lady
    Participant

    I didn't know what it was…and I really don't understand what 3 is saying.

    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 11, 2014 at 11:40 pm #630493
    Tax lady
    Participant

    OMG the very next question in Ninja is the one you just posted. lol No wonder I had never seen it.

    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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