I need a little advice. I am taking REG this week and I know for casualty losses for 2009 that the minimum must be $500 instead of the previous $100 floor....both years are still subject to the 10% AGI limitation. My question is this. If I get a simulation that asks for a casualty loss, should I use the $500 or $100? I could see it going either way. Thanks in advance.
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Use the $500. The change happened last year and should be the testable amount (previous year's tax law for current year's testing).
RTCDQ!!.......Read the Cocka-Doody Question!
AUD-94; REG-97; BEC-93; FAR-94
see how I did it day by day: http://cpa-exam.dalesines.com
contact info on blogPosted 1 year ago # -
mw5582 - Also look at the fact pattern. Many of the questions in REG state the year in the fact pattern. For example, a Becker sample question could be: it might say in July 2006, George bought a building for ... its FMV is ... On Aug 2007 a fire occurrd causing ... damage. The insurance information is provided. In this case you would use the numbers for Year 2007 and not the current year 2009. Good Luck on your exam.
Becker - FAR 80, AUD 73, 81, BEC 76, REG 81 (2010) DONE!!!! IN LICENSED CPAPosted 1 year ago # -
never2late
offlineMemberNow i am confused. Lee_IN, are you saying we need to memorize all prior years' numbers or will question be providing it if it was asking for a prior year? So far, i am using 2010 becker book, and only plan to remember 2009 #s. thanks.
FAR 86 (11/21/09), BEC 88 (1/06/10), REG 90 (3/7/10), AUD 93 (5/9/10) I am done!!!Posted 1 year ago # -
mw5582
offlineMemberOh, ok. Thanks Lee_IN. I didn't even think about that. That is great info.
Never2late- I don't think we need to know very many specific 2009 figures for REG. I have heard the only specifics we need to know are causalty losses and the Section 179 amounts for deprecation. Other than that, it is more conceptual that anything.
Posted 1 year ago # -
never2late
offlineMemberthanks, mw5582. I have heard that too, but many becker questions require us to memorize specific figures, so i am not sure.
Also, does anyone know if i should bother remembering GAAP rule applying to Principle vs. Income (REG4 Appendix A). It doesn't make sense to me at all.. thanks.
FAR 86 (11/21/09), BEC 88 (1/06/10), REG 90 (3/7/10), AUD 93 (5/9/10) I am done!!!Posted 1 year ago # -
The only specific numbers you should commit to memory are the Section 179 stuff, the casualty loss amount (easy), and the passive loss allowance for the 'mom & pop' allowance.
RTCDQ!!.......Read the Cocka-Doody Question!
AUD-94; REG-97; BEC-93; FAR-94
see how I did it day by day: http://cpa-exam.dalesines.com
contact info on blogPosted 1 year ago #
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