CPAnet Forum: N-0-N-E in Becker

Active Topics

Memberlist

Help

REG STUDY GROUP
CPAnet Forum : REG STUDY GROUP

Topic: N-0-N-E in Becker (

Topic Closed)

Author

Message

<< Prev Topic | Next Topic >>

iheartpeter
Major Contributor

Joined: 17 Mar 2009
Location: United States
Online Status: Offline
Posts: 274

Posted: 01 Jan 2010 at 17:19 \| IP Logged

What does N-0-N-E mean in Becker? I've seen it a couple times and I don't remember it ever being defined.

Thanks!

__________________
BEC: 80 (May 2009)
AUD: 81 (August 2009)
REG: 90 (March 2010)
FAR: 80 (May 2010)

DONE!!

Carrie...On The Cheap

chicago.cpa
Contributor

Joined: 05 Aug 2009
Online Status: Offline
Posts: 68

Posted: 01 Jan 2010 at 21:44 \| IP Logged

It doesn't really stand for anything special other than something being a nontaxable event, so therefore, no gain/loss is recognized. They emphasize the N's to help you remember - if an event is Nontaxable (such as the formation of a corporation), then the basis of the property transfered would be the Net book value (rather than FMV) and there would be No gain/loss recognize.

__________________
BEC: Aug 09 - 86!
FAR: Oct 09 - 82!
AUD: Nov 09 - 87!
REG: Jan 10
Ethics: Passed
Becker 2009
----
phil 4:13

Sorry, you can NOT post a reply.
This topic is closed.

Printable version

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum