atabiaka

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Viewing 19 posts - 1 through 19 (of 19 total)
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  • in reply to: BEC in 3 weeks with a busy job? #853452
    atabiaka
    Participant

    Hey, you can do it! I did it within 3 weeks. Full time job, studied 8pm-11.30pm 7 days a week. I took day time rest or just did some multiple choice questions.
    So it is possible and it is durable.
    Same way I did audit. I had 4 weeks but I also had a friends wedding on Bahamas so I had a 5 days break.
    It's all in our heads. Set your goal and you'll do it.

    in reply to: Salary Raise after passing CPA exams. Please Help! #849214
    atabiaka
    Participant

    Thanks to all of you for your replies. I did get more responsibilities as I mentioned. I do a lot in my firm from day to day operations to FS and budgets, distributions and reconciliations. I have 8 partnerships I keep books for, 1 main corporations my salary gets paid from and everyone else's and I have one Non Profit we also ran. So there is a lot of work.
    I do t no what promotion they can offer (I know now they are thinking) but I think the best course is to get promotion from them and a salary raise and move on in a year.

    in reply to: Salary Raise after passing CPA exams. Please Help! #847655
    atabiaka
    Participant

    Thanks to all of you! The fact that i am still taking these two classes makes a difference of course. I do also understand that a raise in $15K+ should be reflected in the role assumed so i thought of waiting till November and see what is happening.
    Thanks again!!!

    in reply to: Please tell me how I failed REG with theses comparables #842289
    atabiaka
    Participant

    I'm sorry, but are you sure that you showed us your REG RESULT AND NOT audit?? I followed the link and all I saw was related to procedures and entities but not taxation.

    in reply to: Official “I Passed the CPA Exam” Thread #841425
    atabiaka
    Participant

    I am DONE!!!!!! 4 out of 4, 5 months of hell, studying everyday, but it worth it!
    Congrats everyone and good luck with your carrier!!!

    in reply to: Capitalized Interest #830009
    atabiaka
    Participant

    Hi Bean Counter,
    Here are my calculations:
    $500,000*.05*3/12=$6,250
    $300,000*.05*2/12=$2,500
    $700,000*.05*1/12=$2,916.66

    Total: $11,666.66

    atabiaka
    Participant

    I figured it out. Estate tax is a value at The day of death or 6 months later. But 6 months later of the same amount. Interest income will go to estate income tax return. Thus we have feb and March accrued income for bond 1 and and Jan, Feb, March for bond 2. Which is 1000 and 4000 respectively.

    atabiaka
    Participant

    Is there any other info? Like whether bonds where at face value or not?

    Have you found the solution? Really interested in solving this too.

    in reply to: Carrier Advice Needed, Please. #822562
    atabiaka
    Participant

    Thank you guys!
    I really like the job I have right now and I like the people and some possibilities in this firm. But I also think I do need experience in public accounting to secure my future… I guess I'll have to go to public.

    in reply to: KPMG transfer pricing or PwC auditing #822547
    atabiaka
    Participant

    Hi,
    I actually have a question to you… How did you get a job with them? Can you get some tips? I am an international candidate also and hopefully will pass the last section in September, and really considering working for one of big four. Don't know how to put my foot into one of those…

    in reply to: Additional Ordinary Income #822469
    atabiaka
    Participant

    Hi scottge,
    I assume you are using Wiley plus book. You need to take a look at the example shown on the previous page under 1250 recapture.
    Under this rule, when a gain arose from the sale of the asset there must be a recapture amount. For assets under Sec. 1250 you need to recapture the difference between double declining method used and straight line depreciation. Thus, $360K – $330K = $30K is the difference.

    $310K total gain
    -$30K difference
    =280K Gain if straight line depreciation was taken

    Now $30K taxed at ordinary tax rate and $280 at 1231 gain.

    However, if it is a C Corp then section 297 kicks in, where an additional amount is recaptured. In this case you recapture an additional 20% of the gain that would arise if straight line depreciation was taken. Which in this example is $280 as calculated above.As the result, you will have $30K+$56=86 at ordinary rate and the rest; $224, at 1231 gain.

    Hope this helps.

    atabiaka
    Participant

    Ratfus, I don't think anyone left the exam having extra time and not finished research question. I left Audit cause all was done and there was no reason to stay. However, on FAR I spent a lot of time on research question and end up running out of time and still not answered the question.

    atabiaka
    Participant

    I took BEC, Aud, Far and now preparing for REG. I had just exact time i needed for BEC, I left 1,5 early on Audit, and i ran out of time on FAR. Couldn't find answer for the research question. So i agree with those who say it is really depends on the exam taker.

    atabiaka
    Participant

    In #47 the taxpayer ONLY received an asset of $3,500, it won't be reduced by the boot given up, because the $1,000 he gave is a boot given and increases his basis for the asset given up. If you net the cash boot with asset and then add it to the basis of the asset you've given then the net effect will be zero.

    In #55 they exchanged debt. When debt exchanged you net them out and account for them as Net Debt Relief to the party who gave away more debt than assumed. So the taxpayer gave away 3,500 debt but received only 1,000 so he has 2,500 ‘gain' which accounts as boot received.

    I hope this makes sense. Just remember boot received is Cash received/NET DEBT RELIEF/Other Assets.
    and boot given increases your basis.

    atabiaka
    Participant

    Here is how I made it easy for myself to memorize steps:

    #47
    17,500 FMV received
    + 3,500 Boot received (cash/net debt relief/other assets)
    =21,000 Total FMV Received
    -18,000 Basis given up (17,000+1,000)
    = 3,000 Gain Realized

    The lesser of Boot recieved and Gain Realized, answer $3,000.

    #55
    17,500 FMV received
    + 2,500 Boot received (Debt relief 3,500 less Debt assumed 1,000)
    =20,000 Total FMV Received
    -17,000 Basis given up
    = 3,000

    The lesser of Boot received and Gain Realized, answer $2,500.

    in reply to: Why is this life insurance premium deductible? #821712
    atabiaka
    Participant

    I believe the premiums are not deductible if the corporate is the beneficiary. If not, then it is deductible. Also, to the person who benefits, premiums are deductible to the extents that benefit is up to $50K. if the benefit is higher then the portion of the premiums is taxable. Lets say the Corp pays $500 premiums with benefits $60K. then taxable portion is 10000/60000*500000=$83.33.

    Please correct me if i'm wrong.
    Preparing for REG also.

    in reply to: Need to Know Sim Topics for FAR #819792
    atabiaka
    Participant

    berlin97, here is what i do on each of the exams:
    Before i start the exam, in the corner of the sheet they give you, i write down the following:

    4:00 start 1 testlet
    3:15 start 2 testlet
    2:30 start 3 testlet
    1:45 start sims
    0 run away.

    i used this layout for FAR. You can figure out your own for every other exam.

    it helped me to stay on track. Hope it will help you too.

    P.S. the clock counts down

    Good luck!

    in reply to: Official "I Passed FAR" Thread #817269
    atabiaka
    Participant

    Hello everyone, all happy ones!
    Just found out i passed my FAR. First try and I feel supper happy. I've studied for 5 weeks using Roger and NINJA mcq. After exam i felt like i failed. So I jumped into studying REG so i could pass at least one exam during this summer.
    During exam i was going crazy, questions seemed to be too hard right from the beginning. I ran out of time and wasn't able to answer the research question. Still got 84 and have no clue how i managed that.
    Good luck to everyone! I have one more to go.

    in reply to: Maryland CPA Examination Application Status #757210
    atabiaka
    Participant

    Hello to you,
    I had the same problem! They've received the US transcript but not the NIES Evaluation report. I gave a call to Maryland CPA board, they confirmed the fact that they dont have my Evaluation report and told me to give a call to NIES and request another copy to be sent to them again. Long story short, i've been calling both places twice a week. To NIES to request the transcript and to the Board to see have they received it or not. NIES were saying the Board should receive it within two days, the Board said they never received. Finally, NIES told me that the Board can send them email and request the transcript. That's what i asked the Board to do. And YAY, they received it!

    And i have the same question about the application, how long does it takes them to finalize it?

    Good luck!

Viewing 19 posts - 1 through 19 (of 19 total)


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