REG Study Group Q1 2015 - Page 68

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  • January 18, 2015 at 6:19 pm #652051
    WantThatCPA
    Member

    @sylvir I take mine on Tuesday and I am very nervous. Don't think that way! I'm sure you did excellent.

    January 18, 2015 at 6:20 pm #652052
    Gabe
    Participant

    @wantthat so…

    if a question asks which of these are ADDED back for AMTI:

    mortgage interest to acquire home 10k

    state income taxes 5k

    misc ded >2% $20k

    I could ADD back 20k and the 5k?

    CPA, CFE
    CISA- Experience will be completed by August 2016

    January 18, 2015 at 6:21 pm #652053
    s2sylvir
    Member

    @CPAby2015

    I totally agree.. GL on your exam!

    @Gabe

    I think it depends on the question. If it starts with regular itemized deduction, and it's asking you to add back for AMT purposes (aka increase income aka disallow the deduction), then you would include 2%. If straight off the bat it's asking you to calculate itemized deductions for AMT purposes, then you would not include the 2%

    And yes, I should! Am I crazy though that I find it relaxing talking to you guys? It's more comforting than talking to my parents. I feel like the only people who understand the CPA journey are others talking the CPA XD

    BEC - PASS (79)
    AUD - PASS (63, 71, 74, 74, 83)
    REG - PASS (88)
    FAR - PASS (58, 89)

    Becker for all + FAR 10 Point Combo

    January 18, 2015 at 6:21 pm #652054
    WantThatCPA
    Member

    @gabe correct!

    January 18, 2015 at 6:23 pm #652055
    funtimesNOT
    Member

    REG is hard with all the rules OH and exceptions to these rules (my downfall)? any tricks in keeping all the S, C corp and partnership rules straight? how about FLAT tax!

    AUDIT - 79
    FAR - 64, 77
    BEC - 69, 71,79 - DONE!
    REG - 60, 75

    Nothing in the 80s ; however, I worked full time the whole time! (like 10 hour days) so it can be done 🙂

    January 18, 2015 at 6:23 pm #652056
    funtimesNOT
    Member

    ^^^ wait nevermind that would harm our industry!

    AUDIT - 79
    FAR - 64, 77
    BEC - 69, 71,79 - DONE!
    REG - 60, 75

    Nothing in the 80s ; however, I worked full time the whole time! (like 10 hour days) so it can be done 🙂

    January 18, 2015 at 6:24 pm #652057
    s2sylvir
    Member

    @WantThatCPA

    Thank you! It totally feels more convincing when you guys say it as opposed to my bf (who is not an accountant) haha… I hope he doesn't walk in on me typing this XD

    BEC - PASS (79)
    AUD - PASS (63, 71, 74, 74, 83)
    REG - PASS (88)
    FAR - PASS (58, 89)

    Becker for all + FAR 10 Point Combo

    January 18, 2015 at 6:28 pm #652058
    funtimesNOT
    Member

    A shout out to all the BFs that girlfriends are studying the CPA!~

    AUDIT - 79
    FAR - 64, 77
    BEC - 69, 71,79 - DONE!
    REG - 60, 75

    Nothing in the 80s ; however, I worked full time the whole time! (like 10 hour days) so it can be done 🙂

    January 18, 2015 at 8:18 pm #652059
    lauren725
    Member

    Good luck Gabe today and I hope Tuesday goes well for you. I look forward to hearing about your experience and hope it is a good one.

    NJ are you finished with R5? I am about to do MCQ for last section. I see you won the Ninja MCQ! Let me know how you like it once you start. I may opt to blend in some ninja with my review later. I was not a huge fan of the amount of repeating questions I saw on ninja BEC but the cost is low so I may end up getting it again.

    Also just realized if I don't pass next month, my Becker will expire mid March. That makes me a little nauseous. No pressure -____-

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    January 18, 2015 at 8:18 pm #652060
    lauren725
    Member

    Has anyone taken any of the becker final tests yet? If so, thoughts?

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    January 18, 2015 at 8:35 pm #652061
    Gabe
    Participant

    @lauren I took both comprehensive tests, but I do it a little differently. I just use it as a way to see different mcqs…i thought they mixed in a lot of different topics, so overall it was good. The second one is blaw heavy

    CPA, CFE
    CISA- Experience will be completed by August 2016

    January 18, 2015 at 9:40 pm #652062
    rachel525
    Member

    In 2014, RR Trust had a long-term capital gain of $3,000 (allocated to corpus), taxable interest of $2,000 and nontaxable interest of $2,000. The trustee's fee was $400. The trust distributed $1,600 to beneficiaries. RR Trust is a simple trust. The trust's taxable income is:

    The answer is 3700.

    The calculation is 2,000/4,000 = 0.5 X 400 = 200 (trustee's fee)

    distribution 2,000/4,000 = 0.5 X 1,600 = 800

    simple trust is allowed a 300 exemption

    I thought it would be 700 (2,000 – 200 – 800 – 300) since you don't add LTCG or anything allocated to corpus.. ??

    January 18, 2015 at 10:21 pm #652063
    s2sylvir
    Member

    @rachel525

    I believe the question is asking for the trust's taxable income not the beneficiary's taxable income

    BEC - PASS (79)
    AUD - PASS (63, 71, 74, 74, 83)
    REG - PASS (88)
    FAR - PASS (58, 89)

    Becker for all + FAR 10 Point Combo

    January 19, 2015 at 1:15 am #652064
    funtimesNOT
    Member

    Ok just to get my mind straight regarding guaranteed payments for partnerships. I know what they are, is just need to confirm that I have this right. Guaranteed payments decrease the partnership income. Increase the PARTners income though the K-1 BUT have no effect on Basis. Where as distributions don't decrease partnership income, but decrease partnership basis. Do distributions increase the partner's income?…..

    AUDIT - 79
    FAR - 64, 77
    BEC - 69, 71,79 - DONE!
    REG - 60, 75

    Nothing in the 80s ; however, I worked full time the whole time! (like 10 hour days) so it can be done 🙂

    January 19, 2015 at 2:10 am #652065
    Anonymous
    Inactive

    @funtimes Distribution do not increase partner's income unless the distribution exceeds the AB in partnership share. Capital gain is recognized in that case.

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