http://www.another71.com/cpa-exam-forum/forum/regulation Powered by Another71.com en-US Wed, 08 Feb 2012 23:08:41 +0000 http://bbpress.org/?v=1.0.2 q http://www.another71.com/cpa-exam-forum/search.php http://www.another71.com/cpa-exam-forum/topic/help-partnership-basis-question-exam-in-2-days#post-146316 Wed, 08 Feb 2012 09:43:17 +0000 CPAMan 146316@http://www.another71.com/cpa-exam-forum/ <p>Out of the thousands of questions I've encountered in the Gleim test prep, I've only seen them ask Basis questions on GPs and Corporations. </p> http://www.another71.com/cpa-exam-forum/topic/help-partnership-basis-question-exam-in-2-days#post-146305 Wed, 08 Feb 2012 09:21:44 +0000 ASerdy87 146305@http://www.another71.com/cpa-exam-forum/ <p>In the spirit of Jeff's warnings about exam disclosure, I am talking about review materials. I haven't seen basis questions in LLC, LLP, and LP business structures, and I used Becker FWIW.</p> <p>Not a problem big guy, you got half in the bag, one pending and the beast to close it out. </p> http://www.another71.com/cpa-exam-forum/topic/casualty-and-theft-lossess#post-146282 Wed, 08 Feb 2012 04:10:43 +0000 jamesblunt69 146282@http://www.another71.com/cpa-exam-forum/ <p>aight son, listen up. that aint no dumb question, there aint no dumb questions. but dont you be getting yoself hung up on these little things. jus read what the good AICPA wrote on tha question and answer the thing. dont be readin in to it or some shit, you get yoself all confused.</p> <p>it'll specificity whether the answer should be before or after any AGI limitations dogg</p> <p>an dont forget to do that shit less $100 bux, the taxman gon take every bit he can get his hands on heh </p> http://www.another71.com/cpa-exam-forum/topic/casualty-and-theft-lossess#post-146281 Wed, 08 Feb 2012 03:58:36 +0000 CPA628 146281@http://www.another71.com/cpa-exam-forum/ <p>I'm redoing Becker SIMS and I'm little confused. </p> <p>On one of the R2 SIMS (related to Schedule A), I'm asked to list bunch of itemized deductions...including the medical and theft losses. However, when I'm listing the medical deduction, they ignore the "7.5% limitation" and add all the expenses (disregarding the percentage limitation)....BUT same isn't done when it comes to casualty and theft losses. </p> <p>SO, if I'm asked to fill out schedule A (I doubt I'll be since this will be so easy), should I enter the amount after taking percentage limitation or without it?</p> <p>This might be a dumb question, but had to ask. Thanks:) </p> http://www.another71.com/cpa-exam-forum/topic/help-partnership-basis-question-exam-in-2-days#post-146200 Tue, 07 Feb 2012 15:53:57 +0000 jdj017400 146200@http://www.another71.com/cpa-exam-forum/ <p>Great, thanks! </p> http://www.another71.com/cpa-exam-forum/topic/reg-cpa-exam-review-2011/page/51#post-146194 Tue, 07 Feb 2012 15:43:45 +0000 easterly 146194@http://www.another71.com/cpa-exam-forum/ <p>Any one have any advice on the Law section of REG. Also anyone out there done becker for REG and feel it prepared you well. </p> http://www.another71.com/cpa-exam-forum/topic/help-partnership-basis-question-exam-in-2-days#post-146166 Tue, 07 Feb 2012 14:18:03 +0000 ASerdy87 146166@http://www.another71.com/cpa-exam-forum/ <p>I haven't seen that kind of question, meaning I've only seen Basis questions in the setting of a general partnership setting. Nothing crazy like LLP, LP's, or LLC's. So, just pay attention to P&amp;L sharing percentages (I've seen those sharing percentages being different, one partner gets all the losses, and shares in income with other partners at X%), that will be your big flag to the question.</p> <p>But you are correct, if the question was set in one of those situations, partners are only liable to the amount of their basis in the company and do not share liability personally. </p> http://www.another71.com/cpa-exam-forum/topic/help-partnership-basis-question-exam-in-2-days#post-146158 Tue, 07 Feb 2012 13:54:04 +0000 jdj017400 146158@http://www.another71.com/cpa-exam-forum/ <p>On January 4, Year 1, Smith and White contributed $4,000 and $6,000 in cash, respectively, and formed the Macro General Partnership. The partnership agreement allocated profits and losses 40% to Smith and 60% to White. In Year 1, Macro purchased property from an unrelated seller for $10,000 cash and a $40,000 mortgage note that was the general liability of the partnership. Macro's liability:</p> <p>a. Increases Smith's partnership basis by $16,000.<br /> b. Increases Smith's partnership basis by $20,000.<br /> c. Increases Smith's partnership basis by $24,000.<br /> d. Has no effect on Smith's partnership basis.</p> <p>Choice "a" is correct: A partner's basis in the partnership is increased by the partner's share of partnership liabilities (Smith is a 40% partner). Macro is obligated on the $40,000 mortgage; 40% x $40,000 = $16,000. Even though the partnership is obligated to repay the mortgage, as a partner Smith is jointly and severally liable on the debt.</p> <p>I completely understand why the answer is a, but I have a question in regards to a "what if" scenario on this question. What if the question stated that they formed an LLC or LLP, as opposed to a GP. Would this make the answer choice different...perhaps answer choice "d"?</p> <p>I bring this up because Becker shows Basis as Ending Capital Account + "% RECOURSE liabilities"...just a little confused on how the actual exam could throw in curve balls.</p> <p>Thanks in advance. </p> http://www.another71.com/cpa-exam-forum/topic/reg-cpa-exam-review-2011/page/51#post-146128 Tue, 07 Feb 2012 10:50:32 +0000 JRCompton 146128@http://www.another71.com/cpa-exam-forum/ <p>Ok, just checking before I get way too excited. My expiration was 1/3/2012 to have all parts passed. I took my last part, REG, on 1/3/2012. Just got my scores back with an 82. I can celebrate, right???? Am I really finished??? </p> http://www.another71.com/cpa-exam-forum/topic/section-179-180#post-146074 Tue, 07 Feb 2012 00:17:34 +0000 Acct 146074@http://www.another71.com/cpa-exam-forum/ <p>:-) </p> http://www.another71.com/cpa-exam-forum/topic/why-reg#post-146058 Mon, 06 Feb 2012 23:05:43 +0000 KasiaS 146058@http://www.another71.com/cpa-exam-forum/ <p>MIni, your posts kill me.</p> <p>@goodluck, I'm sorry but ditto what Peanut said. I'm in total support of you, but Mini's response made me laugh pretty hard. Good luck with AUD next week! </p> http://www.another71.com/cpa-exam-forum/topic/salaries-paid-to-the-sole-proprietor-drawtaxable#post-146036 Mon, 06 Feb 2012 22:21:51 +0000 NECain 146036@http://www.another71.com/cpa-exam-forum/ <p>The sole proprietor has to pay income tax and SE tax on his Sch C income. The draws do not really apply. A draw for them is just like taking money out of the ATM for us. They aren't deductible nor are they taxable. </p> http://www.another71.com/cpa-exam-forum/topic/salaries-paid-to-the-sole-proprietor-drawtaxable#post-146008 Mon, 06 Feb 2012 20:45:31 +0000 CPA628 146008@http://www.another71.com/cpa-exam-forum/ <p>Okay, I'm confused on this. </p> <p>I understand personal draw aren't deductible on Sch C, so does that mean are they taxable as other income on 1040? </p> <p>In partnership/S Corp: guaranteed pmts are taxable, are personal draw similar thing or am I loosing my mind?</p> <p>Help!! </p> http://www.another71.com/cpa-exam-forum/topic/reg-cpa-exam-review-2011/page/51#post-145972 Mon, 06 Feb 2012 19:18:46 +0000 ariasem 145972@http://www.another71.com/cpa-exam-forum/ <p>thanks! </p> http://www.another71.com/cpa-exam-forum/topic/reg-cpa-exam-review-2011/page/51#post-145969 Mon, 06 Feb 2012 19:16:46 +0000 jamesblunt69 145969@http://www.another71.com/cpa-exam-forum/ <p>Yes, 15% is still correct. </p> http://www.another71.com/cpa-exam-forum/topic/who-passed-reg-on-1st-attempt-only-using-becker/page/3#post-145967 Mon, 06 Feb 2012 19:12:05 +0000 doudou 145967@http://www.another71.com/cpa-exam-forum/ <p>I passed all four parts . I only used Becker, which I bought it on Feb 11th, 2011. I went over all homework and SIM of each chapter.<br /> FAR 5/13/2011 77 1st attempt<br /> BEC 8/13/2011 79 1st attempt<br /> AUD 10/25/11 82 1st attempt<br /> REG 01/14/12 82 1st attempt </p> http://www.another71.com/cpa-exam-forum/topic/reg-cpa-exam-review-2011/page/51#post-145966 Mon, 06 Feb 2012 19:08:42 +0000 ariasem 145966@http://www.another71.com/cpa-exam-forum/ <p>question for you guys on reg (2011 vs 2010):</p> <p>So I am using the Becker 2011 book for my Reg studying. In the individual taxation chapters it says that dividends were taxed at a lower rate, 15%, during 2010, however starting in 2011 they are going to be taxed at your normal rate. Fast forward to Corporate taxation under the accumulated earnings tax method - it says that earnings that should have been paid out by the Corporation that weren't are taxed an additional 15%. The way this was explained in the lecture was: basically had the Corporation issued their excess earnings as dividends, the individual taxpayers would have been paying that 15% of tax,but since they did not, the gov't is still going to collect that 15%, but from the Corporation instead.</p> <p>my question is: is this 15% tax rate on the corporation still correct for 2011? </p> <p>thanks for your help! </p> http://www.another71.com/cpa-exam-forum/topic/who-passed-reg-on-1st-attempt-only-using-becker/page/3#post-145965 Mon, 06 Feb 2012 18:58:12 +0000 kandisjoy 145965@http://www.another71.com/cpa-exam-forum/ <p>Hey Mini! Funny that you should ask. We have our first home bout on Feb 18th and I am super excited! Unfortunately I fell a few weeks ago and hurt my knee. The doctor has ordered me to stay off of it until my cartilage can repair itself and it doesn't hurt me to walk, which he thinks will take another 3 weeks or so. But after that I'll be good as new. :) Bummed that I can't skate in our first home bout though... boo!!!</p> <p>I'll try to stop by... but yeah, year end reporting... sigh. How have you been? How's the family? </p> http://www.another71.com/cpa-exam-forum/topic/who-passed-reg-on-1st-attempt-only-using-becker/page/3#post-145960 Mon, 06 Feb 2012 18:29:22 +0000 Minimorty 145960@http://www.another71.com/cpa-exam-forum/ <p>Hey Kandis. How is roller derby treating you? Hopefully no injuries yet! Stop by more often! With Baseball taking a break, I need a few more people on here who get me and my humor. ;-) </p> http://www.another71.com/cpa-exam-forum/topic/who-passed-reg-on-1st-attempt-only-using-becker/page/3#post-145956 Mon, 06 Feb 2012 17:51:57 +0000 kandisjoy 145956@http://www.another71.com/cpa-exam-forum/ <p>Hey guys, just stopping by to say Hi!</p> <p>@Peanut &amp; Keeptrying - Glad to see you are both only one exam away from joining us in the alumni lounge! Keep it up!!!!</p> <p>@Minimorty and Jeff - What's up guys? :)</p> <p>I'm just taking a little break to check this forum to keep away the crazy that always comes with year-end reporting. Sometimes I feel like I need two of me.. or an assistant or something.. to get all of these freakin' reports done. </p> http://www.another71.com/cpa-exam-forum/topic/why-reg#post-145934 Mon, 06 Feb 2012 16:40:19 +0000 goodluck2everyone 145934@http://www.another71.com/cpa-exam-forum/ <p>@peanut</p> <p>thanks for the kind words :) You only have one left, good stuff. We'll both pass audit this month and youll be done but I'll have a ways to go still</p> <p>@mini</p> <p>eh good to be back I guess. </p> http://www.another71.com/cpa-exam-forum/topic/section-179-180#post-145929 Mon, 06 Feb 2012 16:32:57 +0000 CPA628 145929@http://www.another71.com/cpa-exam-forum/ <p>haha that's an awesome feeling:!) </p> http://www.another71.com/cpa-exam-forum/topic/taking-reg-in-8-days#post-145928 Mon, 06 Feb 2012 16:30:07 +0000 CPA628 145928@http://www.another71.com/cpa-exam-forum/ <p>Yes, I have gone through all the MCQs and SIMS in Becker!! I'm hoping to redo them in the next two days, then read the ancillary material then hammer out Wiley! If I have more time, then I'll start reading Roger cram!!</p> <p>Thanks guys! </p> http://www.another71.com/cpa-exam-forum/topic/i-am-going-to-pass-reg#post-145924 Mon, 06 Feb 2012 16:24:47 +0000 porschify 145924@http://www.another71.com/cpa-exam-forum/ <p>@CPAMan, great attitude to have! Also dont let test anxiety get the best of you, keep yourself calm during the exam and pretend its another practice exam. RTFQ twice before marking any answer, dont let it upset you if a question comes out of nowhere, look at it as an opportunity to get a question correct that others will probably get wrong. Im rooting for you! </p> http://www.another71.com/cpa-exam-forum/topic/i-am-going-to-pass-reg#post-145920 Mon, 06 Feb 2012 16:18:04 +0000 Peanut 145920@http://www.another71.com/cpa-exam-forum/ <p>Yeah CPAman!!!!! Wooo. You got this, slay the beast! </p> http://www.another71.com/cpa-exam-forum/topic/i-am-going-to-pass-reg#post-145903 Mon, 06 Feb 2012 15:40:45 +0000 bobkorz 145903@http://www.another71.com/cpa-exam-forum/ <p>I've passed the other 3 sections on the first try. I'm now up against REG and it is harder than I expected. I could easily get a lack of confidence. </p> <p>I've got the Rambo attitude toward REG. "REG! I'm coming for you!" </p> <p>I'm going to study EXTRA HARD to make sure I pass, I'm NOT letting this one conquer me. I will conquer it! One more to go! I've got a deadline because Illinois discontinues the CPA certificate on 7/1/2012. I want that certificate! </p> http://www.another71.com/cpa-exam-forum/topic/i-am-going-to-pass-reg#post-145900 Mon, 06 Feb 2012 15:36:08 +0000 RedStorm45 145900@http://www.another71.com/cpa-exam-forum/ <p>@CPAMan...new here (a week or so)...you improved 40 points on AUD in one exam?? And in terms of REG, you already improved 10 last time, so it looks like you're on the right track. </p> http://www.another71.com/cpa-exam-forum/topic/reg-2011-or-2012-in-effect#post-145895 Mon, 06 Feb 2012 15:27:21 +0000 jdj017400 145895@http://www.another71.com/cpa-exam-forum/ <p>@CPAMan</p> <p>I've been struggling with that as well... </p> http://www.another71.com/cpa-exam-forum/topic/i-am-going-to-pass-reg#post-145894 Mon, 06 Feb 2012 15:26:41 +0000 CPAMan 145894@http://www.another71.com/cpa-exam-forum/ <p>Thank you all. You guys are the best. I have done so much additional studying this time around and I feel ready to tackle this beast and kill it. Heck, if I were to take this exam right now, I believe I'd pass. Everything is finally clicking and unlike before, I'm finally seeing the big picture. But I guess as the test date draws near, I get a little worried. This test is so detailed, who knows what questions will pop up that day. I need to pass because the closer my credit expiration date comes, the more pressure it will put on me. I can do this! </p> http://www.another71.com/cpa-exam-forum/topic/i-am-going-to-pass-reg#post-145891 Mon, 06 Feb 2012 15:17:56 +0000 jokami 145891@http://www.another71.com/cpa-exam-forum/ <p>@CPAMan</p> <p>I am with you... I am taking on the 28th for the first time and hope to pass it on my first try... Let's see how it goes!!! I am trying to change it to the 29th but no openings so far... </p>