REG Study Group – Q2 2018 - Page 5

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  • April 7, 2018 at 3:03 pm #1759187
    Anonymous
    Inactive

    Please tell me two items in REG that may be carried forward up to 5 years.

    April 7, 2018 at 5:30 pm #1759274
    Boose
    Participant

    Hey is there any chance that someone would have a easy way to remember the breakdowns of carry back/forwards for various losses amongst entities? Struggling to remember specific and was curious if there was a mnemonic device or way that was helpful to anyone here. Thanks!

    April 7, 2018 at 5:46 pm #1759279
    Anonymous
    Inactive

    Yes Boose, I’ve made my own mnemonic for carryback/carryover items. But can you answer first my question above? LOL…

    April 7, 2018 at 10:00 pm #1759450
    Lexi
    Participant

    @amor I can only think of Charitable contributions…

    April 8, 2018 at 1:08 am #1759516
    Anonymous
    Inactive

    @Lexi, you’re correct!
    Aside from the charitable contributions, the adoption credit is the other item.

    TRIVIA:
    (0 YR/5 YRS) The adoption credit is nonrefundable, but any credit in excess of a taxpayer’s tax liability may be carried forward up to 5 years.

    April 9, 2018 at 11:39 am #1760900
    Jj
    Participant

    Can someone please explain- is there any difference in the calculation between general business credit limitations for individuals vs corps?

    April 9, 2018 at 11:40 am #1760911
    CarolLiao
    Participant

    Hi all,

    Here is a question from AICPA sample test. Please help!!!

    Question:

    Linda bought a new vehicle at the beginning of year 1 at cost of $20,000. She didn't elect to expense the vehicle under Section 179 or take bonus depreciation. The vehicle is not subject to listed property limitations. The depreciable life of this vehicle is 5 years, and Linda uses MACRS to calculate the depreciation for income tax purpose. Linda sold the vehicle on December 31, year 2, for $18,000. There are no other vehicle or equipment purchases in year 1.

    Linda drove the following miles in the vehicle for year 2:

    Personal 8000
    Business 24000
    Total 32000

    MACRS Table Half-year Convention
    year 2: 32%

    What's year 2 depreciation expense?

    Answer is $2,400

    Why the hell is $2,400? I got $4,800. Is it because she sold it by the end of year 2 so it only counts half for year 2??

    It's bothering me for a while, please help!

    Thank you all very much!!

    April 9, 2018 at 12:38 pm #1761005
    mskcle
    Participant

    I got $2,400 by doing the following:

    20,000 x 32% = 6,400 for annual depreciation

    6,400/2 = 3,200 for half year convention of the asset

    24,000/32,000 = 75% for allocation to business mileage (assuming it is used for her business provided the miles were given)

    3,200 x 75% = 2,400

    April 9, 2018 at 9:20 pm #1761580
    CarolLiao
    Participant

    Thank you. I was using Becker for review and they didn't mention this at all.

    So half-year convention is literately divided by 2…. What about mid-quarter convention, say purchased in first quarter, how do you pro-rata the months?

    April 9, 2018 at 9:32 pm #1761590
    mskcle
    Participant

    So I was doing some SIMs on Becker today covering MACRS and one of the solutions said that the MACRS table is set up to account for half year in year of purchase but not for the year of sale which is why you have to divide the % in half. I did not do any that had a mid quarter for year of sale so I can not answer that with confidence..

    To cite the SIM where I got that would be in R3 #4 in the first set of SIMS.

    April 10, 2018 at 11:18 am #1762090
    rotoleague
    Participant

    Just made it through all the material the first go around. Should I focus on the business law sections at all? Seems like its so much more important to nail the taxation sections.

    April 10, 2018 at 11:30 am #1762091
    mpr
    Participant

    began studying for REG this morning. plan to sit at the end of May. any tips?

    April 11, 2018 at 12:09 am #1762706
    Anonymous
    Inactive

    @mpr, what material are you using for REG?

    April 11, 2018 at 7:22 am #1762832
    CS
    Participant

    Finished tax material a couple of days ago and into Business Law now.

    I took FAR first, then AUD, then BEC. AUD seemed to be the most condensed, since BEC was kind of all over the place, but REG must be second to FAR in terms of volume (seems like the consensus anyway).

    I feel like I have a grasp on tax but now this business law material is almost like starting a whole new subject/section. It mostly seems like memorization and I assume the questions tested will be on a more basic level i.e. the way Gov't/NFP was for FAR. Good luck everyone

    P.S. Anyone have a good source for corporate AMT? Roger is my primary course but I also use NINJA Audio/MCQs. I felt like I understood it through Roger than NINJA has me confused all over again. Any time I feel lost on a topic I assume I'll have a SIM on it, which has happened a couple of times.

    April 11, 2018 at 10:06 am #1762987
    Tim
    Participant

    Well I just started studying for REG to take at the start of Q3. I'm only 2 chapters into Gleim and the 2nd chapter(Securities Law and Liability of CPAs) is just brutal. It's literally just a bunch of regurgitated legal crap to memorize. I surely hope this whole section isn't going to be like this. I used Gleim for the first 3 sections I took and I've been overall very impressed with it. Anyone with experience with Gleim's REG care to tell me how good a job you feel Gleim does at explaining the REG material?

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