Capitalization of real estate taxes?
    Tom-65170 - 02/4/2020, 11:30 pm
    In this exam question, the partners exchanged like-kind business real property, and paid, but were not reimbursed by the prior owner, for unpaid real estate taxes. The correct answer capitalizes the taxes along with the basis of the building. Is this incorrect? I read on one of the practice questions that real estate taxes cannot be capitalized, they need to be expensed. Which is correct?
    Double-counting of liabilities
    Tom-65170 - 01/24/2020, 12:54 am
    "His current adjusted basis in the partnership is $50,000, which includes his share of partnership liabilities of $10,000." If the above INCLUDES his share of partnership liabilities of $10,000,( (total basis of $50,000 =initial investment of $40,000 + $10,000 partnership liabilities), then why is the answer adding another $10,000?
    qualifying child for child tax
    Xue-48452 - 01/9/2020, 2:29 pm
    I think Mary could get an additional $500 for the child aged 17, without being a qualifying child,he is a qualifying dependent, am i right?
    two true statements
    user-25746 - 01/8/2020, 10:57 pm
    THere are two true statements here, right? ... Further, one is not necessarily a better answer. ... Individual could have used 4868 OR paid via card for an extension
    Tax Prep work prior to receiving EA approval from the IRS?
    Tom-65170 - 01/8/2020, 6:21 am
    The IRS says it takes about 60 days to process your application for EA after you pass all 3 parts of the Special Enrollment Exam. Does anyone know if tax prep firms will hire you for the upcoming tax season with proof of passing all 3 exams, even though the IRS is still processing the EA application? Any names of websites that hire tax preparers working remotely? Thanks!
    Unified Credit
    user-25312 - 01/2/2020, 4:42 pm
    Wouldn't the excess be under the unified credit and no taxes are due?
    If a position is a tax shelter, what must a preparer do to assist his client to avoid understatement penalties?
    Tom-65170 - 01/1/2020, 2:43 pm
    Poorly worded question. Asks what a preparer should do, but the correct answer says what the preparer must know.
    Home Equity Interest Deduction
    Tom-65170 - 11/26/2019, 1:05 am
    Home Equity Interest still is deductible if used to for home improvement. This question omits the purpose of the home equity loan, so it's not a valid question.
    Anantha - 11/23/2019, 8:04 am
    Hi Team, My name is Anantha Nag, I have purchased one year course. I have prepared for the EA Part 3 exam using this course. However, I could find only 50% of the questions from your course in the Part 3 exam that I attended 2 weeks ago. I am not sure whether you have covered all type of questions in your course. Please include all type of questions in your course. Regards, Anantha Nag B.N.
    Wrong answer: Copier is not a capital asset
    Tom-65170 - 11/22/2019, 5:57 am
    Capital assets are either investment property or property held for personal use. The question states that he uses the copier in his business. Thus, the answer that all 3 items are long term is incorrect. Only the shares in Flora and Fauna corps are L/T
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