[jar4989]

oh my…89 on FAR and im done forever!!

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

Finally was able to get in and get my score! OMG I passed AUD with an 89!!!!! I did NOT think I would pass! I guess working through busy season in audit instead of studying because I didn't have the time was kind to me. Oh my I can't even begin to describe the relief. Now just FAR left and feeling as energized as ever to tackle this beast and put this whole thing behind me!! Best of luck to all and Cheers!!

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

Has NASBA or the powers that be ever discussed why they release scores at such an inhumane time? Who in their right mind thought 1am was ‘the time' to drop scores?

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

@bigbear86 thats happened to me on 2 of my 3 exams ive taken so far, including REG. I got the same question in each MC testlet – which to me is totally ridiculous that the exam would even let that happen. If you happen to know the answer, its extremely lucky and if you don't it pretty unfairly unlucky. Both exams I had where a question was repeated multiple times the question was basically just a simple fact-type question – either you knew it or you didn't. I find it extremely strange.

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

@Accountingbeans Don't get too caught up in the minutia detail, especially with taxation for individuals (AMT, child care & dependent tax credit for examples). You want to know what they are of course, but not that is some % up to a certain $ etc. In a perfect world we'd master all of it, but its not always practicable. My other advice is to really make sure you understand the material surrounding corporate tax at all stages – formation, operations, and dissolution. I found parternship accounting to be easier since it operates mostly like a bank account, but I'd bet the vast majority of exams have sims that include at least 1 on Corporations. Of everything on the exam, this was the area I wish I knew better. I thought I knew it going in to the exam, and perhaps I knew it well enough for MC questions, but for Sims it was a lot tougher. Business law is relatively intuitive in my opinion so thats an area you can probably get through pretty quickly. As you get questions wrong, make you know why you got them wrong – not just what the right answer should of been. Filling those holes is arguably more valuable then spreading yourself too thin at the last second cramming info you may or may not be able to even recall on exam day. Best of luck!!

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

@Khammany06 I used only Becker for BEC I thought it did a pretty good job. If you stick with Becker, my advice would be to focus heavily on Ch 1-3 to really make sure you know the material. For all of the math-related calculations, try and make sure you understand the underlying principle instead of just memorizing equations to plug in. That helped me a lot when I would get a question that perhaps didn't fit into the exact formula that the courses teach. Best of luck!

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

87 on BEC!!! Phew!!!!

Congrats to all that passed their exams tonight!

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

@dtatham10 You've come this far, think positive!!

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

Its always around this time that I want to just call it a night and go to bed LOL

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

Anyone who took BEC on the 2nd to last day of the extension period have experience with this? Did your score come out in the subsequent release date? Thanks!!

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

I have the same thing. Status as attendance and date of 12/13. I took BEC on 12/9. Perhaps it is delayed due to the writing evaluation?

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

Finally had the courage to look…this was my 1st crack at the CPA but I passed REG!! Now on to BEC!

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

This is a typo to me. I wouldn't worry about it. This qualified mortgage expense is deductible for purposes of computing AMTI – thats the important takeaway. Misc itemized deductions, however, are added back.

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

The accumulated adjustments account (AAA) track undistributed earnings that have been taxed to shareholders previously. The only entity that has double taxation on dividend-like distributions are C corporations. S corps are treated like partnerships. Since these undistributed earnings have already been taxed to shareholders (not the S corp), they are tax free upon distribution. Distributions from an S corp are taxable to the extent of current and accumulated E and P. In this problem, they don't state any current E and P, so the taxable portion of the 19,000 distribution is the 10,000 of accumulated E and P.
As a side note,
If there was no AAA, the rest (9,000) would be considered a return of capital to the extent of basis – so in this case it would reduce his basis from 20,000 to 11,000.

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

[jar4989]

My understanding is that in a situation like this, the baseline is that there is gain recognized to the extent of boot received. Given that there is an exchange of boot, the gain recognized at present is limited to the net boot difference of 25,000, with the rest of the gain being deferred.

AUD - 89
BEC - 87
FAR - 89
REG - 92

JAR

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