April 1, 2019 at 12:02 pm #2294361
Oh Lord, I am having trouble finding a date. I might be able to get 3/15/2019 This only leaves 45 days of study. Panic attack in progress.April 1, 2019 at 1:05 pm #2294520
It's done. I'm going for the 15th. I am turning it up a notch. No more casual study.April 2, 2019 at 2:14 pm #2298504April 2, 2019 at 3:12 pm #2298624April 3, 2019 at 9:32 am #2300736
Ok so, I said I was not going to spend anymore money on review courses, but last year my children bought me Becker for my birthday and it's my birthday again so my daughter saw the gleim ad on my laptop and said she would buy me the test bank for reg. Good idea? or just stick with Ninja, or take the money and give her a big kiss. Any thoughts? Either way I'm going to continue with Ninja. (I think) I know, I know, I have no time to waste. (44 days)April 3, 2019 at 10:54 am #2300994April 3, 2019 at 4:19 pm #2301888
So I have studied Individual tax and property taxation and my scores are in the low 50s for those. Not sure if I keep hammering Individual tax and property tax or move on. Test is May 6 and studying while working full time, as everyone knows, is HARD. Feel like i am falling behind and have to move onto other topics i.e. Corp tax, flow throug entities, etc. Business law is my strong suit, so at least I have that. Anyone have advice?April 4, 2019 at 12:39 pm #2304423
what about doing random mcq's to access where you are and then move on. Or simply keep doing mcq's until your score come up and writing notes.April 5, 2019 at 6:01 am #2306406ReeseParticipant
Can someone please explain the difference in how to account for liquidating vs. non-liquidating distributions? It’s not clicking with me for some reason. Its the same for both Partnerships/S-Corp/C-Corp?April 5, 2019 at 9:44 pm #2308542se7en.14Participant
in becker review,example #3 QTB taxable income of $4207,500 or More – how do you know what the Phase out amount is? is it a given amount or do I have to calculate it someohow?
Thanks.April 6, 2019 at 10:52 am #2309736
Work is slow today, so I'm hitting mcq's. I plan to get in 100 or more today. I am working on Corporate, I'm not too confident with it right now. Hope everyone is studying hard, the clock is ticking.April 7, 2019 at 6:18 pm #2312997
So I'm doing mcq's, trying to get 100 per day (not quite there) but I see already what I am miss the most, should I keep doing questions or start working on my weak area right away. I can do a few more random questions, but just wondering…..April 8, 2019 at 4:23 pm #2316054
I recommend hitting those weak areas and focusing on getting your scores up for that.April 9, 2019 at 11:20 am #2317728
Thanks, That's what I decided to do. The same area I keep missing the most questions. I am also missing a lot of basis questions :-(. At it again today. I am determined I am not re-scheduling or canceling the exam. Yes, I am nervous and full of anxiety.April 10, 2019 at 1:21 am #2319099
Mandy is a limited partner in a limited partnership in which Strasburg and Hua are the general partners. Which of the following may Mandy do without losing limited liability protection?
I. Mandy acts as an agent of the limited partnership.
II. Mandy votes to remove Strasburg as a general partner.
Answer is Both I and II.
I chose “II Only” and my reasoning was this:
Limited partner in LP is NOT an agent and can NOT bind the p-ship to a contract, only general partner does.
If Mandy acts like an agent and third party thought she is a general partner, she will have apparent authority and this will make Mandy PERSONALLY LIABLE and not in limited liability any more.
Am I wrong on this or am I missing something here again!! Please help!! thank you all!!April 10, 2019 at 11:12 am #2319906
@Asdf I am confused, as well. What does the explanation of the question say?April 10, 2019 at 11:38 am #2320023
All the explanation says was this
A limited partner is allowed, without losing the protection of limited liability, to act as an agent of the limited partnership.
which I couldn't agree (sigh)April 10, 2019 at 11:50 am #2320092
I would have chosen both, because even though it is a limited partnership, her voting to remove Strasburg as a general partner will not cause them be less than a llp, they are still two or more partners. And one can act on behalf of the partnership. So I would choose Both I and II.April 10, 2019 at 11:56 am #2320110cpaswagParticipant
anybody here take REG this quarter or will take soon and can give feedback?April 10, 2019 at 12:15 pm #2320140
I'm taking it may 15th I'll let everyone know how it goes. Lord, I need to keep studying, time is going by so fast.April 10, 2019 at 1:10 pm #2320194
Maybe the difference is acting as agency vs making day to day decisions (gen partner)…. @asdfApril 10, 2019 at 2:27 pm #2320311
Ok, so, the last round of mcq's made me really focus, and READ the ninja notes, not just re-write them because I am looking specifically for basis calculations and etc. I'm having a good study session today. Hope you guys are pouring it in as well.April 10, 2019 at 2:33 pm #2320326BryGuyParticipant
So, I just took REG yesterday and it was my second time around (72 on the first one) and I was surprised to see very minimal questions on BLaw. I felt like there were quite a bit of partnership interest questions and quite a bit of Corp and individual tax questions.April 10, 2019 at 2:55 pm #2320401
yes.. that's what I'm thinking too..
I have read the textbook again to clarify.
Some knowledge in the textbook here below is somewhat mixed up in my head it seem..
“Limited partner has no right to take part in the management of the business.
Limited partner is NOT an agent of the business and generally CANNOT bind the business in contract.”
“Under the Revised Uniform Limited Partnership Act of 1976, a limited partner who participates IN CONTROL OF (not agency) the business
is liable to any creditor who reasonably believes that he is a general partner.”
“Under the Uniform Limited Partnership Act of 2001, partners cannot be held personally liable for participating in management.”April 10, 2019 at 7:07 pm #2320989
Can someone help me understand why they use Basis for Porter and FMV for Corley in the question below? I chose answer D incorrectly.
Porter, the sole shareholder of Preston Corp., transferred property to the corporation as a contribution to
capital. Two years later, Corley transferred property to the corporation in exchange for a 10% interest in
corporate stock. The property transferred was valued as follows:
Porter's transfer Corley's transfer
Basis $50,000 $250,000
Fair market value 200,000 500,000
What amount represents the corporation's basis in the property received?
Choice “B” is correct. Porter's transfer is not taxable because the 80% control test is met. The
corporation's basis in the property is the basis of $50,000. Corley's transfer is taxable because the 80%
control test is not met. The corporation's basis in the property is $500,000. The corporation's total basis
in the properties is $550,000 ($50,000 + $500,000).
Choice “D” is incorrect. $300,000 would be correct if the basis of both properties used carryover basis.April 10, 2019 at 7:28 pm #2321001CH89Participant
So here is the explanation my review course provides for this question: Porter's capital contribution of property would be nontaxable, and Porter's basis of $50,000 would transfer to Preston Corp. In contrast, since Corley only received a 10% interest in Preston Corp., Corley's transfer would not qualify for Sec. 351 treatment and would be taxable. As a result, Preston Corp. would have a FMV basis of $500,000 for the property received from Corley. Preston Corp.'s total basis would be $50,000 + $500,000 = $550,000.
So the big take away to my understanding here is % interest received and whether or not it meets the control test. Hope this helps!April 11, 2019 at 7:47 am #2321760
So Porter's event is nontaxable due to the following rule:
Formation of a C Corp is generally non taxable if 80% control rule is met.
And I understand nontaxable = basis. And that taxable event here uses FMV.
Thanks @CH89April 11, 2019 at 8:59 am #2321847TommyLParticipant
@BryGuy that's good cuz Blaw makes me wanna tear my hair outApril 11, 2019 at 10:10 am #2322090CH89Participant
Don't worry Tommy, you are not alone on that one. BLaw is definitely my weak area. Too many rules and facts in my opinion haha.April 11, 2019 at 12:14 pm #2322447
Looks like you guys are having a good study session. I am working on Basis as well.I'm going over notes before I start my 100 mcq's.
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