[atabiaka]

Hey, you can do it! I did it within 3 weeks. Full time job, studied 8pm-11.30pm 7 days a week. I took day time rest or just did some multiple choice questions.
So it is possible and it is durable.
Same way I did audit. I had 4 weeks but I also had a friends wedding on Bahamas so I had a 5 days break.
It's all in our heads. Set your goal and you'll do it.

[atabiaka]

Thanks to all of you for your replies. I did get more responsibilities as I mentioned. I do a lot in my firm from day to day operations to FS and budgets, distributions and reconciliations. I have 8 partnerships I keep books for, 1 main corporations my salary gets paid from and everyone else's and I have one Non Profit we also ran. So there is a lot of work.
I do t no what promotion they can offer (I know now they are thinking) but I think the best course is to get promotion from them and a salary raise and move on in a year.

[atabiaka]

Thanks to all of you! The fact that i am still taking these two classes makes a difference of course. I do also understand that a raise in $15K+ should be reflected in the role assumed so i thought of waiting till November and see what is happening.
Thanks again!!!

[atabiaka]

I'm sorry, but are you sure that you showed us your REG RESULT AND NOT audit?? I followed the link and all I saw was related to procedures and entities but not taxation.

[atabiaka]

I am DONE!!!!!! 4 out of 4, 5 months of hell, studying everyday, but it worth it!
Congrats everyone and good luck with your carrier!!!

[atabiaka]

Hi Bean Counter,
Here are my calculations:
$500,000*.05*3/12=$6,250
$300,000*.05*2/12=$2,500
$700,000*.05*1/12=$2,916.66

Total: $11,666.66

[atabiaka]

I figured it out. Estate tax is a value at The day of death or 6 months later. But 6 months later of the same amount. Interest income will go to estate income tax return. Thus we have feb and March accrued income for bond 1 and and Jan, Feb, March for bond 2. Which is 1000 and 4000 respectively.

[atabiaka]

Is there any other info? Like whether bonds where at face value or not?

Have you found the solution? Really interested in solving this too.

[atabiaka]

Thank you guys!
I really like the job I have right now and I like the people and some possibilities in this firm. But I also think I do need experience in public accounting to secure my future… I guess I'll have to go to public.

[atabiaka]

Hi,
I actually have a question to you… How did you get a job with them? Can you get some tips? I am an international candidate also and hopefully will pass the last section in September, and really considering working for one of big four. Don't know how to put my foot into one of those…

[atabiaka]

Hi scottge,
I assume you are using Wiley plus book. You need to take a look at the example shown on the previous page under 1250 recapture.
Under this rule, when a gain arose from the sale of the asset there must be a recapture amount. For assets under Sec. 1250 you need to recapture the difference between double declining method used and straight line depreciation. Thus, $360K – $330K = $30K is the difference.

$310K total gain
-$30K difference
=280K Gain if straight line depreciation was taken

Now $30K taxed at ordinary tax rate and $280 at 1231 gain.

However, if it is a C Corp then section 297 kicks in, where an additional amount is recaptured. In this case you recapture an additional 20% of the gain that would arise if straight line depreciation was taken. Which in this example is $280 as calculated above.As the result, you will have $30K+$56=86 at ordinary rate and the rest; $224, at 1231 gain.

Hope this helps.

[atabiaka]

Ratfus, I don't think anyone left the exam having extra time and not finished research question. I left Audit cause all was done and there was no reason to stay. However, on FAR I spent a lot of time on research question and end up running out of time and still not answered the question.

[atabiaka]

I took BEC, Aud, Far and now preparing for REG. I had just exact time i needed for BEC, I left 1,5 early on Audit, and i ran out of time on FAR. Couldn't find answer for the research question. So i agree with those who say it is really depends on the exam taker.

[atabiaka]

In #47 the taxpayer ONLY received an asset of $3,500, it won't be reduced by the boot given up, because the $1,000 he gave is a boot given and increases his basis for the asset given up. If you net the cash boot with asset and then add it to the basis of the asset you've given then the net effect will be zero.

In #55 they exchanged debt. When debt exchanged you net them out and account for them as Net Debt Relief to the party who gave away more debt than assumed. So the taxpayer gave away 3,500 debt but received only 1,000 so he has 2,500 ‘gain' which accounts as boot received.

I hope this makes sense. Just remember boot received is Cash received/NET DEBT RELIEF/Other Assets.
and boot given increases your basis.

[atabiaka]

Here is how I made it easy for myself to memorize steps:

#47
17,500 FMV received
+ 3,500 Boot received (cash/net debt relief/other assets)
=21,000 Total FMV Received
-18,000 Basis given up (17,000+1,000)
= 3,000 Gain Realized

The lesser of Boot recieved and Gain Realized, answer $3,000.

#55
17,500 FMV received
+ 2,500 Boot received (Debt relief 3,500 less Debt assumed 1,000)
=20,000 Total FMV Received
-17,000 Basis given up
= 3,000

The lesser of Boot received and Gain Realized, answer $2,500.

[Author]

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