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Boardmangetspaid91Participant
Hi all
Its going to be my first time taking AUD (no experience in this area) and want to take it in 5 weeks. Lately Ive been thinking it might be best to study by taking sets of 10 or 20 mcq as open book tests. I am using a wiley book and printing out the MCQ that they have in the back. Ill answer like its a normal quiz but I have no clue I will look for detail in the applicable chapter. Has anyone ever tried this? Going through the book without seeing the questions first will put me to bed and jumping blindly into MCQ can be defeating.Hoping this method will help me better grasp the material before I jump heavily into MCCQ/Sims.
REG 81 7/2019BEC TBD 12/2019
AUD TBD 9/2019
FAR TBD 10/2019
Boardmangetspaid91ParticipantBoardmangetspaid91Participant@krstnam what are you average in Gleim right now? im at 61% not sure if it means im not ready or that its just really hard. I got a 73 when I took it a couple weeks ago. Still don't feel like im as prepared when I walked into that exam especially with these low gleim scores
REG 81 7/2019BEC TBD 12/2019
AUD TBD 9/2019
FAR TBD 10/2019
Boardmangetspaid91ParticipantBoardmangetspaid91ParticipantGoal is to retake Reg the first week of July as I think much of it is still fresh in my head. I've done about 75 cumulative questions after reseting my stats and Im trending at an 82 and averaging 76.(small sample size) Should I get another test bank or use the same one? I am currently using Surgent and after doing those 75 questions Im already back at the review phase. Thoughts? Anyone else giving themselves little time before a retake?
AUD - NINJA in Training
BEC - NINJA in Training
FAR - NINJA in Training
REG - 81REG 81 7/2019BEC TBD 12/2019
AUD TBD 9/2019
FAR TBD 10/2019
Boardmangetspaid91ParticipantJust found out I failed REG with a 73…. Thoughts on retaking in early July? Giving myself 2 weeks to study
REG 81 7/2019BEC TBD 12/2019
AUD TBD 9/2019
FAR TBD 10/2019
Boardmangetspaid91ParticipantDoing 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
REG 81 7/2019BEC TBD 12/2019
AUD TBD 9/2019
FAR TBD 10/2019
Boardmangetspaid91Participant@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 lossREG 81 7/2019BEC TBD 12/2019
AUD TBD 9/2019
FAR TBD 10/2019
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