REG Study Group Q2 2015 - Page 26

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    Topic
  • #192517
    jeff
    Keymaster

    Welcome to the Q2 2015 CPA Exam Study Group for REG.

    “Death and Taxes” – Individual Tax for the CPA Exam

    Posted by Another71 on Monday, November 24, 2014

    Free NINJA: https://www.another71.com/cpa-exam-study-plan/

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
Viewing 15 replies - 376 through 390 (of 3,544 total)
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  • #677577
    Gabe
    Participant

    @sandia thanks…still confused on how we're using 2/2…maybe more coffee is needed lol. good luck in April!! Interested to see what you think. My wife and kids are definitely ready for me to be done 🙂

    @cpa I found this explanation in another thread, hope it helps:

    Egan says to Barton (the original creditor) “I'm satisfied with the settlement, you've paid me the full amount that I expected to get from you, I'm not going to ask you for any more money. Here, have your car title (or whatever) back.”

    Egan can release Barton and declare Barton's debt paid in full, even if Barton still thinks he owes money on the debt.

    Egan can NOT then turn around and say to West, “I didn't get enough money from Barton, he defaulted and didn't pay the full, so you owe me the difference.” If Egan releases Barton, it's done.

    This situation sometimes happens when a careless Accounts Receivable clerk posts someone's payment to the wrong account. Egan is collecting monthly payments from both Barton and Carton, but posts both payments to Barton's account. Egan's account auditor fails to notice the misposted money, sees Barton's account balance drop to zero, and sends out notices and release documents declaring Barton's debt paid in full.

    A few months later a very ticked-off Carton gets ahold of Egan and asks, “How come you haven't given me credit for my payments?” and the misposting is discovered.

    Egan now has to give proper credit to Carton, but as far as Barton — and West — are concerned, Egan is stuck. When Egan released Barton, he released West as well.

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

    #677578
    NJPRU
    Member

    Gabe – I guess what they are saying it that you are still using the double declining balance but due to you using the half year method, it's a wash. for instance you if you use the double declining balance you'll figure out the depeciation as followed:

    $111,000 – $25,000 = 86,000

    Seven year life = 1/7(years) = .1429 x 200% = 28.57% but this is for the entire year, since it's the half year convention you'll multiply that by 50% or divide by 2 = back to the .1429.

    I think your reading her equation as 1/7 * 2/2 rather than (1/7*2)/2. Does that make sense?

    AUD: DONE
    FAR: DONE
    BEC: DONE
    REG: DONE

    IM GOING TO BE A CPA!!!!!

    #677579
    Sandia
    Member

    @ GABE – everything in algebra is better for me 🙂 . This is according to Yaeger

    New asset 2014

    – SEC 179 or $25,000

    – MACRS 7year DDB or 14.29% x 2

    – 50% or 1/2 HALF YEAR CONVENTION

    = total Deprec 2014

    FAR - 77 x2 Wiley book & no test bank
    AUD - 83 x3 NINJA Test bank 3 time
    REG - 80 x1 NINJA Test bank
    BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
    Ethic 100% Licensed VA CPA

    #677580
    Gabe
    Participant

    @NJ you are a life saver. Yes! That makes much more sense 🙂

    @sandia yes! thank you! I was reading your previous post has 2/2 not divided by 2 🙂

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

    #677581
    NJPRU
    Member

    Gabe, I may not be as active on here as much as I was when I was studying, but I'm pulling for you to get that CPA license whether or not NASBA, AICPA, etc etc want to make it tough for you. You'll get that license if it's the last thing you and I do!!!!

    AUD: DONE
    FAR: DONE
    BEC: DONE
    REG: DONE

    IM GOING TO BE A CPA!!!!!

    #677582
    Gabe
    Participant

    aww thanks NJ! I'm trying hard not to bother you too much, let you enjoy your freedom 🙂

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

    #677583
    jeff
    Keymaster

    Hey everyone – the latest podcast has questions answered in it that you may find relevant to your studying:

    https://www.another71.com/cpa-exam-reviewed-podcast-58/

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
    #677584
    Anonymous
    Inactive

    this reg thread is so active its hard to keep up but its worth it cause it feels like i come here and learn something new every day

    #677585
    Future Ninja
    Participant

    did you know that:

    Use of the name “Associates” is not permitted because it might mislead the public into thinking a true partnership exists (ET 591.269).

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    #677586
    Gabe
    Participant

    @cpr I'm trying to drop some knowledge when I can 😉 Unfortunately, I am usually studying in the wee hours of the morning (before work) and at lunch…

    @future interesting…thus, they are referred to as “members” instead.

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

    #677587
    Svitlana85
    Member

    Hi guys,

    I am on to 1244 stock loss and my material is not very clear on the carryforward/back for such loss.

    So for the year in which the loss occurs, you may deduct ordinary loss up to $50K/$100K.

    If your loss is more than that you may carryback for how many years?

    and

    Is it still limited to $50K/$100K each year?

    How about carryforward? Same rules?

    Thanks guys and hope everyone has a nice and productive day!

    CPA Excel/Wiley/Ninja Notes/MCQs

    FAR Feb 2014 85
    AUD Aug 2014 88
    BEC Nov 2014 85
    REG Feb 2015 71 Retake April 16, 2015

    #677588
    Gabe
    Participant

    Svitlana85-

    * You must be the ORIGINAL holder of the stock

    * Cannot use if you provided services in exchange for the stock

    * $50k/single, $100k/MFJ limit.

    * To my knowledge, no CB/CF.

    * Any excess is treated as capital loss up to $3k/per yr.

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

    #677589
    Gabe
    Participant

    In 2013, Joan received $3,500 as beneficiary of the death benefit that was provided by her brother's employer. Joan's brother did not have a nonforfeitable right to receive the money while living, and the death benefit does not represent the proceeds of life insurance.

    How much is included in income?

    Answer: all of it.

    Question: how does everyone remember if which life insurance, pensions, death benefits are included in taxable income?

    edit: I believe I understand why this was included in her income- death benefits are included in income UNLESS proceeds are used to pay for long term care of an individual.

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

    #677590
    Anonymous
    Inactive

    I officially started my review. From here on out it's NINJA MCQ like crazy with targeted Becker on weak subjects. I also bought NINJA Audio to listen to at work. It's the first time I added NINJA Audio to my study material but I think it will help. Jeff does a really good job of focusing on the main points and concepts covered on the exam without getting into the weeds.

    My May 1 date still bothers me a bit. On one hand I think a solid month is good enough for me to review but on the other hand there is so much material to review.

    #677591
    Anonymous
    Inactive

    Also wanted to say that NINJA Audio is nice for touching on some concepts that are tested but not covered by Becker.

    For example. Most depreciation is done using MACRS which is double declining (200%). However, farmers uses 150% declining MACRS. That's an easy one to miss if you didn't know that there is a difference.

    Jeff can just PayPal me my commission to the email I used to register 😉

Viewing 15 replies - 376 through 390 (of 3,544 total)
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