[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Amay]

@boricua Thanks so much. I should have looked in my becker book. It was clarified there…I wrote down my notes wrong! I had insurance companies instead of insurance policies in my mnemonic. Thanks again 🙂

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Hustle Darling!]

I am having problems with the questions. The answer is $44, 000. Wouldn't Green only recognize taxable dividend income up to the amount of Current E&P? What am I missing?

Dahl Corp. was organized and commenced operations in 20X1. At December 31, 20X6, Dahl had accumulated earnings and profits of $9,000 before dividend declaration and distribution. On December 31, 20X6, Dahl distributed cash of $9,000 and a vacant parcel of land to Green, Dahl’s only stockholder. At the date of distribution, the land had a basis of $5,000 and a fair market value of $40,000. What was Green’s taxable dividend income in 20X6 from these distributions?

A – 9,000

B – 14,000

C – 44,000

D – 49,000

EST

 

Roger CPA Review
FAR - 5/31/16

[Evwy_Mom]

I was looking up the Section 179 deduction rules in the IRC today, and it looks like the dollar deduction and the reduction in the limitation has been reduced starting with tax years after 2013. So, which numbers will be on the exam? The Wiley test bank still has the numbers that are applicable to the 2013 year.

AUD = 85
FAR = 79
BEC = 79
REG = 65, 72, 75!

I AM DONE!!

[leglock]

25,000 limit up to 200,000 (not 2 mil) of max purchases for 2014 is what is currently testable.

[shaulec82]

I have a question I hope someone can answer about the time periods that are tested on in REG…

The review material I have (Wiley CPAexcel) have all the standard deduction, exemption, etc amounts for 2014. I'm taking the exam in November, so I'm wondering if I need to know the 2014 amounts or the 2013 amounts? All my study texts have been updated to reflect the 2014 amounts, but the Sims still all have the 2013 amounts, so I just want to clarify which tables I should study for taking the exam in 2014.

Thanks!

AUD - 86
BEC - 81
REG - Nov 6
FAR - Jan 16

[rzrbkfaith]

@Hustle Darling! – this is such a tricky one! Okay, so distributions out of E&P are dividends. It looks like E&P is only $9,000, BUT the distribution of property is a taxable event in corporations (not partnerships). So, the FMV of the property less the basis is the corporate gain that will have to be recognized ($40,000-$5,000 = $35,000). So $9,000 + $35,000 = $44,000 for E&P. The FMV to the extent of E&P is what the shareholder will recognize as a dividend. So $9,000 cash and only $35,000 for the property (instead of the full FMV due to E&P limitations) will be reported as a taxable dividend.

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[shankysays]

Just finished my last Roger lecture this morning…now review, review, review! I need to really hit s-corp tax & basis, and business law. Those are my weak areas….

BEC - 72, 82! ✓
FAR - 80! ✓
AUD - 70, 92! ✓
REG - 74, 78! ✓

Licensed CPA 5/2015

[rzrbkfaith]

@Shanky, when are you taking the exam?

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[jojamo]

For section 179 questions in ninja multiple choice are the answers wrong for most of them?

I noticed there are like 3 or so questions where the purchases were all greater than the phase out, yet in the answers the deductions were still taken.

[pia ach]

Hi I am planning to give regulation on Nov 26th and will start studying next week after my FAR exam. I have bought Wiley test book 2014 and will use the 2012 becker and yaeger videos along with it and for additional mcqs the WTB. Should i skip the videos since they are from 2012 and just concentrate on reading the book and doing mcq's?

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[WANNABE_CPA]

Can anyone explain me – No contributions in HSAs allowed once a taxpayer becomes covered by Medicare Parts A and B?

What is the difference in High deductible health insurance and Medicare A and B?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[shankysays]

rzrbkfaith – Monday the 20th

BEC - 72, 82! ✓
FAR - 80! ✓
AUD - 70, 92! ✓
REG - 74, 78! ✓

Licensed CPA 5/2015

[pghpens]

Hi I have a question abt an estimated tax payments simulation. If it was asking me to calculate the base of a failure to pay estimated taxes penalty, and the base was under $1000 for an individual, would it be 0 bc there's no penalty?

[rzrbkfaith]

I understand that penalties are assessed on $1,000 or more. So at $1,000 a penalty would be assessed. In order for there to be no penalty, it would have to be less than $1,000…

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Hustle Darling!]

@rzrbkfaith – Thank you so much! When you can answer someone else's questions you're ready!

To summarize (for myself), the gain (FMV less basis) on appreciated propery increased Dahl's current earning and profits.

CEP – 35

AEP – 9

Total E&P – 44 = dividend/taxable portion

EST

 

Roger CPA Review
FAR - 5/31/16

[Author]

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