[jeff]

FAR Resources:

Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release

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

[Anonymous]

Does anyone know if the Adoption Credit is a refundable credit ?

The NINJA notes say it is not, but my 2013 Becker book says that it is.

[jeff]

NINJA is correct.

From https://www.irs.gov/Individuals/Adoption-Benefits-FAQs

“The Adoption Credit was non-refundable for tax years 1997 through 2009 and was refundable for tax years 2010 and 2011. Carry forwards from tax years 2005 through 2009 were refundable for in tax year 2010. The Adoption Credit became non-refundable again for tax years beginning after December 31, 2011.”

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

[jeff]

NINJA is correct.

From https://www.irs.gov/Individuals/Adoption-Benefits-FAQs

“The Adoption Credit was non-refundable for tax years 1997 through 2009 and was refundable for tax years 2010 and 2011. Carry forwards from tax years 2005 through 2009 were refundable for in tax year 2010. The Adoption Credit became non-refundable again for tax years beginning after December 31, 2011.”

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

[Zackrampage]

^What chapter in audio is that?. Jeff help! I am suffering badly in stockholders equity calculation questions ahh 🙁

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[Zackrampage]

^What chapter in audio is that?. Jeff help! I am suffering badly in stockholders equity calculation questions ahh 🙁

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[jeff]

lol – oops…the message should have been posted in REG 🙂

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

[jeff]

lol – oops…the message should have been posted in REG 🙂

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

[Zackrampage]

Simms Corporation reports under IFRS. Simms reports the cost and fairvalue of its securities at year end as:

Held to Maturity 22,500 (cost) 25,000 (FV)

Held for Trading 15,000 (cost) 13,000 (FV

Simma elects the fair value thru Profit and loss method to account for its securities. The amount of gain or loss to be recognized in current earnings is:

a. 2,500 gain

b. 0

c. 500 gain

c. 2,000 loss

Correct answer is C. I'm very confused as I thought held to maturities gain/loss is not recognized but to get 500 gain you have to use held to maturity?

As a matter of fact it seems as though all of WTB is saying held to maturity gains or losses are recognized but I know 100% they are not!

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[Zackrampage]

Simms Corporation reports under IFRS. Simms reports the cost and fairvalue of its securities at year end as:

Held to Maturity 22,500 (cost) 25,000 (FV)

Held for Trading 15,000 (cost) 13,000 (FV

Simma elects the fair value thru Profit and loss method to account for its securities. The amount of gain or loss to be recognized in current earnings is:

a. 2,500 gain

b. 0

c. 500 gain

c. 2,000 loss

Correct answer is C. I'm very confused as I thought held to maturities gain/loss is not recognized but to get 500 gain you have to use held to maturity?

As a matter of fact it seems as though all of WTB is saying held to maturity gains or losses are recognized but I know 100% they are not!

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[smsingla]

@Zack, but if you choose FVoption for reporting available-for-sale or held-to-maturity securities, the security is revalued to fair value and any gain or loss is recorded in earnings for the period. even for IFRS, its just that instead of fair value option, they call in Fair Value through profit or loss

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

@Zack, but if you choose FVoption for reporting available-for-sale or held-to-maturity securities, the security is revalued to fair value and any gain or loss is recorded in earnings for the period. even for IFRS, its just that instead of fair value option, they call in Fair Value through profit or loss

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Zackrampage]

So basically if I see fv option thru profit and loss, then automatically should think even held to maturity gains or losses are recognized?

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[Zackrampage]

So basically if I see fv option thru profit and loss, then automatically should think even held to maturity gains or losses are recognized?

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[smsingla]

That's right because u r electing fair value option for even Held-to-maturity securities. which means u r going to record these securities at fair value and u hv to pick up any unrealized gain or loss due to change in fair value on Income statement

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

That's right because u r electing fair value option for even Held-to-maturity securities. which means u r going to record these securities at fair value and u hv to pick up any unrealized gain or loss due to change in fair value on Income statement

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Author]

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