REG Study Group - Page 4

Viewing 15 replies - 46 through 60 (of 694 total)
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  • #2157319
    Josh
    Participant

    @Tncincy You can do it! Some hard work, and a good exam day.. I think books can be good reference for looking up information especially PDF versions and for examples like how to perform tasks.
    @LeoLeo I take REG tomorrow. I've been working the AICPA Sample Test tonight.

    I got 2 interviews the next day. I'm glad I'm off work tomorrow. After this exam as I await the February 5th release date, I plan on getting my QuickBooks certification. I wonder if anything else is worth considering? So far, the CPA seems like it would be the best thing I can do. I also imagine that I've taken too long of breaks after exams in the past, but it may help a bit to have one considering I'm back out of the 18 month window give or take tomorrow. Let's do this.

    AUD - 75
    BEC - 78
    FAR - 76
    REG - 80
    Josh
    “Focus on the future for 50%, on the present for 40%, and on the past for 10%." - Maasaki Hatsumi
    #2161117
    rahee
    Participant

    @josh, how was the exam!?

    AUD - 84
    BEC - 81
    FAR - 82
    REG - 79
    Rahee
    #2161861
    busiest
    Participant

    Trying to understand the differences between S-Corp vs C-Corp liquidating and non-liquidating distributions. Specifically, the gains/losses to both the shareholders and the corporations as well as the basis rules.

    Does anyone have an example problem or an easy way to understand this?

    #2165164
    Boardmangetspaid91
    Participant

    @Busiest this is a post from @Tax Lady back in 2014 I think it would be very beneficial for all of us.

    1) Non-liquidating – Corps.
    Shareholder basis = AB (adj basis) of property transferred
    + gain recognized (only if less than 80% ownership)
    – boot rec'd (such as assumption of a liab.)
    = shareholder basis
    **if shareholders have 80% control after a property transfer, no taxable event occurs
    **if liability exceeds basis on contributed property to corp. then gain is recognized
    **a non-liquidating distribution of a corp will reduce the retained earnings of the corp and are taxable as a dividend to the shareholder if E&P exists. (current E&P); distribution of accumulated E&P is a return of basis and distribution of any remainder is a capital gain.
    2) Liquidating Dist. – Corps
    Property distributed uses FMV, not AB
    If a corp distributes property with a FMV below basis, there is no loss
    If a corp distributes appreciated property that is capital in nature, then it's a capital gain to the corp
    If a corp distributes appreciated property that is non capital, then it's ordinary income
    3) Non-liquidating partnership distributions
    -property exchanged for a partnership interest has no gain/loss unless the property has a liability attached that exceeds basis, then a capital gain is recognized by the partner (which also increases their basis)
    -again property is valued using partner's adj. basis
    -If a partner exchanges his services in exchange for a partnership interest, then it is taxable to the partner (FMV of service * p-ship interest); Also, if partner receives assets instead of cash for payment, then use FMV of assets to determine amount of income to partner
    -a partner that purchases his p-ship interest uses the amount of purchase as his basis and if a p-ship interest is gifted to a partner, then use the gift basis rules
    – guaranteed payments do not affect p-ship basis
    -liabilities taken on by p-ship from the partner, decrease the partner's basis, but will increase their basis by their percentage of the amount of debt
    4) Liquidating distributions for a p-ship
    -property distributions take basis to zero, never below
    -liquidating dist. are the only way a loss can occur
    -things that cause a loss: Cash, or hot assets
    -hot assets = unrealized receivable, and appreciated inventories and these cause an ordinary loss

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 81
    REG 81 7/2019

    BEC TBD 12/2019

    AUD TBD 9/2019

    FAR TBD 10/2019

    #2167759
    Determined24
    Participant

    @KG91 thanks for reposting this. I compared it with my notes and it does bring it down to an even more bite-size.

    All or Nothing
    #2168161
    jaya
    Participant

    Hi Folks,

    Need your help on the below question . Can you answer this ?

    Mr and Mrs are born in united states. On behalf of their work Mr stayed in US Virgin Islands for 4 months and returned back to US rest of the year. where as Mrs stayed in US virgin islands for 6 months on behalf of her work and the reminder of the year she is in US. They want to file their Tax return as Married filling jointly. Which section of the code determines their filing status

    FAR - 87 ( Expires 04/13/2019)

    BEC - 77 (Expires 09/09/2019)

    REG - 71 , 81(Expire in jun 2020)

    AUD - 57 , 68

    #2170177
    Emily
    Participant

    Can anyone help me with this?
    Clay, Finch, Lark and Token formed Amber Co., a C Corp. (all contributed property and the combined stock received is 100%)
    Token contributed $10,000 in cash; property worth $40,000 ($5,000 basis), with related liability of $20,000 assumed by the corporation.
    The answer provided states that the corporation's basis in noncash property received from Token is $10,000, which is the carryover basis of $5,000 plus the $5,000 gain recognized by the shareholder. But shouldn't the basis be $20,000 since the corporation's basis in property received should be the greater of NBV+gain recognized by shareholder OR debt assumed by corporation?

    Thanks in advance for your help.

    AUD - 83
    BEC - 90
    FAR - 79
    REG - 93
    "Highlight that, now circle it" - Tim Gearty
    #2170180
    Emily
    Participant

    Can anyone help me with this?
    Clay, Finch, Lark and Token formed Amber Co., a C Corp. (all contributed property and the combined stock received is 100%)
    Token contributed $10,000 in cash; property worth $40,000 ($5,000 basis), with related liability of $20,000 assumed by the corporation.
    The answer provided states that the corporation's basis in noncash property received from Token is $10,000, which is the carryover basis of $5,000 plus the $5,000 gain recognized by the shareholder. But shouldn't the basis be $20,000 since the corporation's basis in property received should be the greater of NBV+gain recognized by shareholder OR debt assumed by corporation?

    Thanks in advance for your help.

    AUD - 83
    BEC - 90
    FAR - 79
    REG - 93
    "Highlight that, now circle it" - Tim Gearty
    #2170270
    Determined24
    Participant

    @Emily I had the same problem with this question.

    All or Nothing
    #2171308

    Taking the test in 2 hours. Hopefully I pass this time.

    AUD - 75
    BEC - 77
    FAR - 77
    REG - 76
    Licensed in VA
    #2171359
    Boardmangetspaid91
    Participant

    Doing a little power weekend. Feel free to join! Will be studying the majority of today and tomorrow. Trying to get my trending score in the 70s before tomorrow night. Currently trending 61%

    Working through MCQs in Business Tax and Blaw as my main focus for today.

    Saturday goal:

    100 MCQ in Business Tax

    100 Blaw

    50 Cumulative questions

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 81
    REG 81 7/2019

    BEC TBD 12/2019

    AUD TBD 9/2019

    FAR TBD 10/2019

    #2172328
    zettrawl44
    Participant

    Hey all! I’m jumping back into REG after about a month and half of not studying and I’m hoping to find an accountability partner. I want to do early morning study sessions and after work study sessions! Thanks!

    AUD - 75
    BEC - 80
    FAR - 64
    REG - 68
     

     

    #2172331
    Typical
    Participant

    Yeah man. Ill join you on that one. Got my test in two weeks. Would love to talk with others.

    AUD - 77
    BEC - 79
    FAR - 78
    REG - 79
    The Notorious B.I.G ~ " No need to worry, my accountant handles that "
    #2172373
    Determined24
    Participant

    @ZETTRAWL44 When are you planning to resit REG…?

    All or Nothing
    #2173480
    kakooakki
    Participant

    hello everyone, I am using Becker V3.1, i am planning to sit for the REG in FEB 2019, would that cover the new changes or i need to buy the new version.

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    SICK OF HAVING THE CPA CLOUD In my life
Viewing 15 replies - 46 through 60 (of 694 total)
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