1. 

   CPAMan
   

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   I'm trying to memorize the Separately Stated Items for Partnerships and S Corps. I know most of them, but I'm trying to memorize ALL of them, but I always forget 1 or 2. Is there any mnemonic out there that will help me memorize these separately stated items?

   I think this area is very important because it is a great target for tricky MCQs and brutal Sims. So, if anyone can help me here, I'd greatly appreciate it.

   Thank you.

   FAR: 52, 66, 73, 61, 89
   AUD: 47, 87
   BEC: 80
   REG: 64, 74, 84
   
   DONE!!!!

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   Posted 4 months ago #
2. 

   porschify
   

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   What I thought helped was going to irs.gov and obtaining a sch K-1 for a partnership and an S-Corp and studying those, as that is what they mean when they describe the term. Then during the exam I would try to visualize those schedules, instead of just trying to memorize words.

   Hope that helps!

   REG- 81
   BEC- 72, 76
   AUD- 67
   FAR-
   
   Started fresh after quitting for 3 years

   Posted 4 months ago #
3. 

   bobkorz
   

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   Yeah, get the IRS forms, schedules and instructions and just get to know them. Free stuff :)

   √ FAR - 81 10/2011 √ AUD - 84 11/2011 √ BEC - 89 01/2012 √ REG - 82 02/2012
   √ ethics - 90 10/2011 √ CPA Certificate √ CPA License certificate
   REGISTERED LICENSED ILLINOIS CPA
   
   PMP - Pass - 3P 2MP

   Posted 3 months ago #
4. 

   CPAMan
   

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   Member

   I know what the Separately Stated Items are. I was just wondering if any course uses a mnemonic to help with the memorization process.

   FAR: 52, 66, 73, 61, 89
   AUD: 47, 87
   BEC: 80
   REG: 64, 74, 84
   
   DONE!!!!

   Posted 3 months ago #
5. 

   xzam20x
   

   offline

   Member

   Portfolio income (capital gains/losses, dividends)
   Rental income
   Ordinary income
   Section 1231 gains and losses
   Percentage depletion
   Expense section 179 deduction
   Charitable deductions
   Tax exempt interest
   Foreign income credit

   this is what myself and a friend came up with to remember the separately stated items. Becker also has a good schedule for what separates 1065 & k-1

   Posted 3 months ago #

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