[Last Chance CPA]

AMTI – What’s the minimum we need to learn for the exam? The topic has always eluded me…

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Anonymous]

I know people will disagree – but all I knew about AMT was the purpose and a few of the very basics, and felt that was enough. Jeff has a YouTube video out there that sums it up nicely.

Best of luck.

[nestle_life]

Just look at it this way. AMT is for rich people only. They make lots of money, and the government makes sure they pay more in taxes by AMT.

Adjustments: a good way to memorize adjustments for AMT.

Government: HEY RICH GUYS, SINCE YOU GUYS ARE RICH, NO PERSONAL EXEMPTIONS AND STANDARD DEDUCTIONS FOR YOU ALL!! OH, AND THOSE EXPENSES YOU THOUGH YOU COULD DEDUCT ABOVE 2% AGI – NOT DEDUCTIBLE!!

Rich guys: What? Why? *Waaaa waaa* *Not fair*

Government: SORRY, FOLKS. BUT HEY, WE'LL GIVE YOU GUYS A BREAK ON YOUR MORTGAGE INTEREST IF IT'S USED FOR BUILDING, REPAIRING YOUR HOUSE….BUT IF YOU GUYS USE THE LOAN TO BUY A CAR, CUZ YOU'RE ALL SOOOOOOO HOT AND ALL, THEN NO. YOUR INTEREST ON THE LOAN (backed by the house) FOR THAT SUPER COOL CAR (also known as home equity loan) IS NOT DEDUCTIBLE.

Rich guys: Why! Oh, god, why! I love cars!

Government: OH YEAH? ALSO…YOU GUYS OWN FACTORIES AND WANNA AMORTIZE YOUR EQUIPMENT SO FAST? HAHA! GUESS WHAT! ONLY AT 150%! SO ADD PART OF THAT AMORTIZATION BACK, SUCKAS!!

Rich guys: I hate you!! I hate you!!

Preferences:

Easy: Just add the interest-exempt interest. (most likely tested on this)

Percentage Depletion / Excess intangible drilling costs (IDC) (slim chance on test)

Depreciation (ACRS/MACRS) (slim chance on test)

You need to know the exemption formula. It's very easy.

And the carry-over of AMT…how it works.

[OnMyWay732]

Well done, sir

AUD - July 2014 - 76
REG - August 2014 - 82
FAR - November 2014 - 78
BEC - January 2015 - 81

DONE!!!!

Used Becker online. Who needs a text when you can burn your eyes out staring at the screen for months on end?

"Let me tell you something you already know. The world ain't all sunshine and rainbows. It is a very mean and nasty place and it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain't how hard you're hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done!"

[Author]

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