April 29, 2019 at 8:53 pm #2361552
Averaging over 100 MCQ everyday, but my score is still not high enough. I am afraid to practice SIMS……..isn't that crazy?
My test is in a week….ahh….April 29, 2019 at 10:46 pm #2361753April 30, 2019 at 4:07 pm #2364219
.April 30, 2019 at 6:17 pm #2364543
There must be a glitch with this forum page because I can't see ASDF's comment – I only receive emails about it. Sounds like it was tough….good luck @ASDF!!!April 30, 2019 at 6:34 pm #2364579
I decided to delete the comment right after posting b/c it's not very encouraging comment for others indeed i thought T_T
(I didn't know the email notification shows the contents itself haha)
Hope everyone's studying is going well!!!April 30, 2019 at 7:43 pm #2364789
@ASDF haha that's funny!! it's OK – it was a reminder for me not to give up on studying today even though i feel super disconnected.May 1, 2019 at 12:15 pm #2367294
Hang in there guys. Just keep studying, Don't give up. Yes, I'm talking to myself too. Distractions and situations are going to happen, but we can pass. We will be so happy at score release to find those passing scores. I'm in for the day, no work just study. Zig Ziglar said ” You don't wait to get the energy to do a thing, You do the thing and the energy will come” I'm putting my head down, and I am going to do mcq's until I don't know, but I have to keep going. I know I don't feel like it, but I'm not caring anymore. I'm getting it done. TODAY.
Come on ninja's let's keep going, it will pay off. Back to study.May 1, 2019 at 6:16 pm #2368230May 1, 2019 at 9:56 pm #2368794
I am still at it. I am writing notes and going over those I got wrong. I have not done any new mcq's. I am not brave enough to do sims yet. The clock is still ticking.May 1, 2019 at 10:32 pm #2368878
Keep at it everyone! I usually can squeeze in a few sets of 10 MCQs during work, but my primary study time is at night. Highly recommended to check out the sample test a few days before your test as well.May 2, 2019 at 9:16 am #2370150
@23 I plan to do some AICPA practice test questions today or tomorrow. I'm going over Individual Taxation today and my goal is to do as many NINJA sims on it as possible and practice MCQ until I feel comfortable! I am scoring in the upper 60s but its not enough yet!!
IF anyone wants a nice classical study playlist, I use:
Study Playlist: Classical Music Mix by JaBig (The Best Instrumental for Concentration )May 2, 2019 at 12:13 pm #2370609
Starting my afternoon session, hoping to raise my score. Doing notes and mcq's 150 is the goal. I'm in all day so wish me luck. Keep studying hard gang and thanks for the Jazz music 74phoenix,May 2, 2019 at 1:23 pm #2370786
Good luck Tncincy. Today I have done 150 MCQ and 4 SIMS. I am taking a break to travel home for the test and have dinner with my boyfriend. Tonight I'll pick up more studying – 30 MCQ And 2 more sims.May 2, 2019 at 3:13 pm #2370957
Wow. Bless you, Sounds like you're on a good track to passing. Enjoy your dinner. I'll keep working though. My problem is not reading the question completely. I still feel some kinda way when I miss so many. I guess I have to keep doing them. Still don't have the courage to do sims yet.May 2, 2019 at 4:06 pm #2371017
You two are putting me to shame with your 150! Are you trending around your goal @74phoenix? You're obviously doing something correct. One more weekend!
Keep going @tncincy. 150 MC per day is great! Use those wrong answers to learn a new fact nugget(s). I remember one signature, long ago, that said RTFQ (or something similar). It still applies, and yes, I kick myself too when I miss one I shouldn't.May 3, 2019 at 10:54 am #2372730
Thanks everyone – let's stay encouraged. I am not at the score I would like – ideally I would want to be hitting the 80s but I am not there yet. I took off from work to study more this week. My laptop stopped working so I am using a relative's computer now…great timing….Tackling Ninja SIMS today – as many as I can. Then I will focus more on Individual taxation questions because I didn't do any more last night.May 3, 2019 at 10:56 am #2372742
LOL RTFQ! Never heard that before until I googled it. So true – I miss 1 or 2 when doing tests because I didn't read the question correctly, or what it was requesting. I wind up doing more work, too. Don't let the wrong answers keep getting you down @tncincy – no matter what, they are to be learned from and can show you what your weak areas are. If you have questions you don't understand, let us know in this forum!May 3, 2019 at 6:18 pm #2373894
@74phoenix Thanks for the advice. It's been along day. But I am starting my evening session. I didn't make my goal yesterday. only 50 mcq's. I'm in tonight. I will get it done. I'm writing notes for now then I'll start my mcq's. Keep studying hard gang. Where are you 23?May 3, 2019 at 9:24 pm #2374251
Got 50 in today. Aiming to do 30 more tonight along with a couple sims. I'm usually dragging by Friday, but I need to get more done. Thanks for keeping me accountable!May 4, 2019 at 12:40 pm #2375934
Starting my afternoon session, shortly. I've listened to audio this morning, next I'm going after the mcq's . I might do a sim or two, depends if the mcq's don't make me feel more unprepared for this exam. I know, I know, get ready is the name of the game. NO EXCUSESMay 4, 2019 at 1:30 pm #2376024
Starting here too. Got a second wind last night and ended up doing over 100 MC for the day, pushing me over 2000 total in NINJA MCQ. A bit concerned that my trending score has only moved 1 point over the past 1000 questions…
Don't be afraid of those sims @tncincy. Just aim to do one. Then another.
What's your plan for the last few days @74phoenix? Power through that finish line!May 4, 2019 at 5:30 pm #2376558
@23 I think their algorithm tests you with harder and harder questions? So I wouldn't worry about the trending score not movig..or at least that's what I'm telling myself LOL. I'm a bit anxious today – haven't gotten much studying in. I feel a bit burnt out and Monday is my test! Still trying to kick butt though. Tomorrow I plan to hit SIMS hard in the morning, then review MCQ in the afternoon, review my notes at night, and pray to God all day. LOL! On Monday morning, I am going to watch a few Ninja Blitz videos and eat a nice breakfast.May 4, 2019 at 9:26 pm #2376948
@74phoenix You think you're anxious. Every time I get ready to do mcq's I go back to my notes. I am thinking I need a current property transactions lecture. I am not getting it from the book. Nor the capital losses. I am absolutely panicking. I am going to keep going. But hey 74phoenix, this is your show. Keep going at it, you might just know enough to pass. Good luck to you.May 5, 2019 at 9:15 am #2378103
If the CPA was easy, everyone would be one. We have to keep trying! I need help with a DRD question…
Question: C corp received 100K in dividend income.
Taxable income before DRD is 90K.
Loss from Operations is -10K.
Dividends received as mentioned is 100K.
How much is the DRD?
Answer: The dividends-received deduction (DRD) is generally calculated as 50 percent of dividends received, which would be $50,000 (50% × $100,000). However, the deduction is limited to 50% × dividends-received deduction (DRD) modified taxable income. DRD modified taxable income is calculated as taxable income before the dividends-received deduction, any NOL deduction, and capital loss carryback deduction. Because the loss of $10,000 is a current year loss and not a carryover, it is not an adjustment to taxable income when calculating modified taxable income. DRD modified taxable income is $90,000. Best's DRD deduction on its Year 1 tax return is limited to $45,000 (50% × $90,000).
My question is why aren't we adding the Dividends Received 100K plus the 90K taxable income before DRD? I thought that was the approach.May 5, 2019 at 11:11 am #2378322
I'm starting my afternoon session. Looking to do better today than yesterday.
@74phoenix I am looking at your question and looking for the formula for DRD.May 5, 2019 at 1:30 pm #2378601
@74phoenix This is my 2 cents explaining the answer. Generally,if the Corp has a NOL before Dividend Received (DR) application , when the DR is applied and it translates to still a NOL for the Corp then the DRD ( 50%,65%,100% ) should still be applied to the existing/current NOL increasing the Taxable loss.
The exception to the rule is if there is a NOL before DR application and when the DR is applied it translates the NOL into a taxable income then DRD is the lower of the taxable income at (50%,65% or 100% )and the DRD %( 50%,65%,100%) multiplied by the DR.
So for the question applying the DR translates the NOL to a taxable income of $90 so the exception rule apply and therefore the DRD is the lower of $ 45 (50% x $90) and $50 (50% x $100).
Hope this helps.May 5, 2019 at 2:12 pm #2378691May 5, 2019 at 2:28 pm #2378730
Thanks to both. @23, I kept thinking it wasn't included in the taxable income of 90K yet, so I will have to assume it like you said.May 5, 2019 at 4:04 pm #2378919
Welcome Jack_j . The drd explanation was very good. I found the information in the ninja notes but had no idea how to explain it. I did see the NOL and DRD in the question but was not sure of the drd rate for the taxable income. Very good explanation, writing it down. Keep studying hard gang. The clock is ticking.May 5, 2019 at 4:20 pm #2378946
Another question – this time on book income to taxable income questions.
The M-1 reconciliation of book income to taxable income would be as follows:
Book income: $ 140,000
Federal income tax expense deductible from book income, but not deductible for tax purposes
50% × $50,000 meal expenses not deductible for tax purposes, but deductible from book income:
My original guess subtracted 25K, not added it. Please explain why 50% of the $50,000 meal expenses are disallowed for tax purposes??? And if disallowed, why would they be deductible from book income…and added here? I thought you can deduct 50% of meals still, but entertainment is the thing the TCJA changed.
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