I am taking my last section (REG) tomorrow. What topics do I need to definitely look over today during my final review? Any help would be appreciated!
-BASIS, BASIS, BASIS. Basis in partnership interest, s-corps, etc.
-Basis for purposes of determining gains/losses.
-Make sure you KNOW what items are above the line for purposes of determining AGI and the rules applying to them.
-In going with AGI, KNOW the AGI thresholds for itemized deductions such as over 10% for medical expenses (7.5% for those 65 or older), over 2% for miscellaneous expenses, up to 50% for charitable contributions, etc.
-Items that are additions/deductions for AMT purposes.
-For corporate taxes: KNOW how to go from book income to taxable income and the other way around.
-Of course, don't forget your business law. 1933/34 Acts and what a plaintiff needs to prove in a lawsuit against a CPA in cases of negligence, gross negligence or fraud/constructive fraud. Also, defenses the defendant CPA can invoke in such situations.
-UCC rules such as negotiable instruments (to order vs. bearer, endorsements, holder vs. holder in due course), when title and risk of loss for goods passes from seller to buyer.
-Bankruptcy chapters 7, 11, 13 and so on.
That should get you started =)
You must be logged in to reply to this topic.