REG Study Group – Q1 2018 - Page 25

  • Creator
    Topic
  • December 11, 2017 at 10:58 am #1676693
    jeff
    Keymaster

    Welcome to the Q1 2018 CPA Exam Study Group for REG. 🙂

    Introduce yourselves and let your fellow NINJAs know when you plan to take your exam.

    The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

Viewing 15 replies - 361 through 375 (of 428 total)
1 2 3 … 24 25 26 27 28 29
  • Author
    Replies
  • February 5, 2018 at 10:41 am #1707193
    CPA_2018
    Participant

    @nick – you have to include all of your non-separately stated items:

    ordinary income: 700,000
    Salaries and Wages: (170,000)
    Repairs and Maintenance: (10,000)
    Depreciation Expense: (20,000)
    Payroll Taxes: (15,000)
    Business insurance: (9,000)
    Rent Expense: (36,000)

    Total Ordinary Income: 440,000

    February 5, 2018 at 10:44 am #1707196
    nick
    Participant

    isn't the depreciation expense need to be 8k

    why are we taking it as 20k

    February 5, 2018 at 10:45 am #1707199
    Bourne
    Participant

    That's book depreciation, it says separately MACRS depreciation is 20k

    February 5, 2018 at 10:49 am #1707208
    nick
    Participant

    thank….
    and all d best for ur exam..

    February 5, 2018 at 4:32 pm #1707609
    PassPassPass
    Participant

    Hi all,

    I just go over the blueprints and do not see the employee stock options. Though it is a module in Becker, does it mean that it would not be tested?

    February 5, 2018 at 4:49 pm #1707619
    Bourne
    Participant

    Wiley doesn't spend much time on it and Ninja only had like one MCQ on it so I would just know the basics like what would be the deductible loss from an option that expires or what part of an option contract creates recognizable compensation (when you purchase stock that has FMV $20 but the option allows you to purchase at $10, you have $10 of income).

    February 6, 2018 at 8:43 am #1708140
    Sturg
    Participant

    Hey all. Great info on this thread.

    Does anyone know if 179 deduction can be carried forward indefinitely?? Or only to the next year? Roger doesn't mention anything.

    February 6, 2018 at 9:07 am #1708156
    CPA_2018
    Participant

    @sturg – in my notes I have it can be carried forward. Not sure if there is a time limit, but I would assume indefinitely.

    Maybe someone else can chime in.

    February 6, 2018 at 8:46 pm #1708791
    Anonymous
    Inactive

    hello all

    i need a big advise here , iam confused to study REG using Becker or ninja , especially i only have 14 days full time studying with no tax experience , and do you think 14 days full time studying enough to finish the REG ?

    good luck all

    FAR :78

    February 7, 2018 at 9:13 am #1708971
    Sturg
    Participant

    @audai 123, 14 days seems tough to pull off but if you can devote full time every day then maybe. I just finished my Roger videos and now have 25 days to bang out as many questions and SIMS as possible and still feel like not enough time (I also have other commitments and can only devote an hour a night) .

    Def use Becker with NINJA and get your NINJA score near 80% before you sit for exam. Just my 2 cents, but good luck to you.

    February 7, 2018 at 4:14 pm #1709263
    momochan
    Participant

    Hello Jeff, just wanted to share the happy news that I pass REG test by using Ninja SCOUT only.
    I was taking care of my 4-month old baby (it is so much harder than work!) and was still able to pass the test @the score of 81 in Jan, 2018.
    Very happy with the product and will take FAR next by using Ninja Sniper.

    Thank you again!

    February 8, 2018 at 1:53 pm #1709764
    Anonymous
    Inactive

    @ Katie

    I am still trying to wrap my head around this depreciation question. How is it that depreciation for year 1 is already built in?

    I know we get to depreciate half on year of purchase and half on year of sale. Also how did you know that this was the right depreciation method to use. I know quarter year doesn’t apply here since 40 percent of assets wasn’t purchased in last quarter

    February 8, 2018 at 5:52 pm #1709850
    Anonymous
    Inactive

    Can someone tell me why the answer is 0. Is it because mortgage is higher than adjusted basis?

    Strom acquired a 25% interest in Ace Partnership by contributing land having an adjusted basis of $16,000 and a fair market value of $50,000. The land was subject to a $24,000 mortgage, which was assumed by Ace. No other liabilities existed at the time of the contribution. What was Strom's basis in Ace?

    $0

    $16,000

    $26,000

    $32,000

    February 8, 2018 at 6:52 pm #1709875
    Bourne
    Participant

    Adjusted basis of the property contributed 16k – 24k mortgage attached + 6,000 which is the portion of the mortgage that Strom is resposible for (25% * 24,000)
    = -2,000. You cannot have negative basis so basis is 0.

    February 8, 2018 at 7:21 pm #1709890
    Bianca
    Participant

    Hi guys,

    I just took FAR(again) on Monday, hopefully 3rd times the charm. I am sitting for REG on March 8th, only 4 weeks away. I started studying Tuesday night using Becker (also have ninja MCQ) and just finished R1 and can honestly say I am AFRAIDDDDD!!!! I didn't think REG could be worse than FAR, but based on the first chapter I feel I definitely do not have enough time to comprehend all of this information. I am going to sit for the exam anyway because you never do know and I would rather not wait 2 months for my score, but jeez someone please make me feel better and tell me its not as awful as it seems lol.

    There are just so many exceptions to the rule it seems impossible to actually remember all of them.

  • Author
    Replies
Viewing 15 replies - 361 through 375 (of 428 total)
1 2 3 … 24 25 26 27 28 29
  • The topic ‘REG Study Group – Q1 2018 - Page 25’ is closed to new replies.