REG Study Group Q4 2018 - Page 6

Viewing 15 replies - 76 through 90 (of 201 total)
  • Author
    Replies
  • #2000717
    Tncincy
    Participant

    So how long will it take to get another nts if I cancel? a couple of weeks? I really don't want to prolong this anymore. I am going over my ninja materials, and going over my weak areas with a fine tooth comb. I am also resorting to the old college days and planning to stay up all night if I have to. I am going to pass this once and for all.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #2001167
    Anonymous
    Inactive

    Hello,
    I am taking REG late October. I started studying in August but work was super busy and I could not focus. I'm hoping to win the monthly subscription to help me in my final review.
    The topic I'm most comfortable with is individual tax.
    The topic that scares me the most is AMT/Property Transactions.

    #2001374
    Chigracy
    Member

    1. Approx exam date – December

    2. Topic you're most-comfortable – Individual Taxation

    3. Topic you're weakest in / worries you the most – Everything lol

    #2001545
    robinpensa
    Participant

    1. November 30th
    2. Most comfortable with Corporate Taxation
    3. Most uncomfortable with property transactions and individual taxation.

    #2001680
    seepeehay
    Participant

    This is my last exam. This section is foreign to me, I only took one tax class that focused on individual and a little bit of corp so I'm like a blank slate coming into this process. But as what lecturers said that the review materials assume that the candidate has little to no knowledge of the subject, I'm trusting them and hopefully will make it through. Good luck everyone!

    AUD - 89
    BEC - 92
    FAR - 86
    REG - NINJA in Training
    An invincible determination can accomplish almost anything and in this lies the great distinction between great men and little men.–Thomas Fuller
    #2001827
    LeAnne
    Participant

    I am taking REG beginning of December.
    I feel the most comfortable with Federal Taxation of Individuals
    The topic that scares me the most is anything in Business Law. I am having the most trouble with that area.
    I have been out of school for many many years and feel like I am re-teaching so much stuff to myself.

    FAR - 8/9/14
    AUD - NOV 2014 (Hopefully)
    REG - FEB 2015 (Hopefully)
    BEC - MAY 2015 (Hopefully)

    #2001833
    gryfi
    Participant

    The following is 2018 information pertaining to Sam and Ann Hoyt, who filed a joint federal income tax return for the calendar year 2018. The Hoyts had adjusted gross income of $34,000 and itemized their deductions for 2018. Among the Hoyts' cash expenditures during 2018 were the following:

    $2,500 repairs in connection with 2018 fire damage to the Hoyt residence. This property has a basis of $50,000. Fair market value was $60,000 before the fire and $55,000 after the fire. Insurance on the property had lapsed in 2017 for nonpayment of premium.
    $800 appraisal fee to determine amount of fire loss.
    The appraisal fee to determine the amount of the Hoyts' fire loss was

    A) Deductible from gross income in arriving at adjusted gross income.
    B) Subject to the 2% of adjusted gross income floor for miscellaneous itemized deductions.
    C) Deductible after reducing the amount by $100.
    D) Not deductible.

    The answer is B… I thought appraisal fees were non deductible????

    #2002016
    Tncincy
    Participant

    @Grifi If the appraisal fee was to purchase the house it would not be deductible, but since it is a casualty loss, the house will have to be appraised. I explanation makes sense.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #2002058
    gryfi
    Participant

    @tncincy so appraisal fees only with casualty losses can be deducted? other times it's not?

    #2002097
    Tncincy
    Participant

    @Gryfi , I'm afraid not. The initial appraisal fee is used to get a mortgage and considered a closing cost which is not deductible. But to determine the casualty loss, the appraisal fee is necessary. Appraisal fee is not an itemized deduction.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #2002883
    gryfi
    Participant

    @tncincy thank you!

    Would you happen to know this one?

    David Price owned machinery which he had acquired in 2017 at a cost of $100,000. During 2018, the machinery was destroyed by fire. At that time it had an adjusted basis of $86,000. The insurance proceeds awarded to Price amounted to $125,000, and he immediately acquired a similar machine for $110,000. What should Price report as ordinary income resulting from the involuntary conversion for 2018?

    A) $14,000 (ANSWER)
    B) $15,000
    C) $25,000
    D) $39,000

    The realized gain resulting from the involuntary conversion ($125,000 insurance proceeds − $86,000 adjusted basis = $39,000) is recognized only to the extent that the insurance proceeds are not reinvested in similar property ($125,000 − $110,000 = $15,000). Since the machinery was Sec. 1245 property, the recognized gain of $15,000 is recaptured as ordinary income to the extent of the $14,000 of depreciation previously deducted. The remaining $1,000 is Sec. 1231 gain.

    I am guessing this is like a boot/ like kind exchange question? I got confused bc the wording is so different.

    #2003825
    Anonymous
    Inactive

    1. Approximate exam date- beginning of December.
    1.Most comfortable -Federal Taxation of Individuals
    3. Most uncomfortable – Business Law

    #2003828
    gryfi
    Participant

    @chandler I found one q!

    The following information pertains to treasury stock sold by Lee Corp. to an unrelated broker in 2018:
    Proceeds received $50,000
    Cost 30,000
    Par value 9,000
    What amount of capital gain should Lee recognize in 2018 on the sale of this treasury stock?

    A) $0
    B) $ 8,000
    C) $20,000
    D) $30,500
    You Answered Correctly!
    A corporation will never recognize gain or loss on the receipt of money or other property in exchange for its stock, including treasury stock.

    How does this differ from the other question on redemption of stock?

    #2004002
    Trevvor
    Participant

    1) sitting for REG in late November
    2) best area: partnership tax
    3) worst area: business law

    #2005028
    margie
    Participant

    1. I am taking REG 10/29
    2. I am most comfortable with business law and partnership tax
    2. My weakest area is personal tax

    AUD - 84
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    Margie
Viewing 15 replies - 76 through 90 (of 201 total)
  • You must be logged in to reply to this topic.