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I made a similar thread like this for FAR based on the AICPA blueprints and I can definitely say it helped tremendously in studying for the simulations. It is a great way to know how well you need to know a topic. MCQ questions can be tested at a remembering and understanding or application level. But something at the analysis or evaluation (audit only) level is definitely going to be a simulation.
As I look at this list of topics, it looks like another language to me because I have never taken REG before. But if someone can align these topics with simulations in NINJA, Becker, or Wiley, I would greatly appreciate it. Thanks.
Acquisition and Disposition of Assets\Taxable and nontaxable dispositions
Analyze asset sale and exchange transactions to determine whether they are taxable or nontaxable
Acquisition and Disposition of Assets\Amount and character of gains and losses, and netting processes (including installment sales)
Review asset transactions to determine the character (capital vs. ordinary) of the gain or loss for federal income tax purposes
Analyze an agreement of sale of an asset to determine whether it qualifies for installment sale treatment for federal income tax purposes
Cost Recovery (Depreciation, Depletion, and Amortization)
Compare the tax benefits of the Section 179 expense deduction vs. the regular tax depreciation deduction
Reconcile the activity in the beginning and ending accumulated tax depreciation account
Gross income (inclusions and exclusions) (including taxation of retirement plan benefits)
Analyze projected income for use in tax planning in future years
Analyze client-provided documentation to determine the appropriate amount of gross income to be reported on federal Form 1040 – U.S. Individual Income Tax Return
Adjustments and deductions to arrive at adjusted gross income and taxable income
Analyze client-provided documentation to determine the validity of the deductions taken to arrive at adjusted gross income or taxable income on federal Form 1040 – U.S. Individual Income Tax Return
Loss Limitations
Analyze projections to effectively minimize loss limitations for federal income tax purposes for an individual taxpayer.
Determine the basis and the potential application of at-risk rules that can apply to activities for federal income tax purposes.
Tax treatment of formation and liquidation of business entities
Compare the tax implications of liquidating distributions from different business entities
Analyze the tax advantages and disadvantages in the formation of a new business entity
Differences between book and tax income (loss)
Reconcile the differences between book and taxable income (loss) of a business entity
C Corporations/Net operating losses and capital loss limitations
Analyze the impact of charitable contributions and/or dividends received deductions on the net operating loss calculation of a C corporation
Analyze the impact of potentially expiring net operating and/or capital losses during tax planning for a C corporation.
C Corporations/Entity/owner transactions, including contributions, loans, and distributions
Reconcile an owner’s beginning and ending basis in C corporation stock for federal income tax purposes.
S Corporations/Determination of ordinary business income (loss) and separately stated items
Analyze both the accumulated adjustment account and the other adjustments account of an S corporation for federal income tax purposes.
Analyze the accumulated earnings and profits account of an S corporation that has been converted from a C corporation.
Analyze the components of S corporation income/deductions to determine classifications as ordinary business income (loss) or separately stated items on Federal Form 1120S – U.S. Income Tax Return for an S Corporation
S Corporations/Basis of shareholder’s interest
Analyze shareholder transactions with an S Corporation to determine the impact on the shareholder’s basis for federal income tax purposes
S Corporations/Entity&Owner transactions (including contributions, loans, and distributions)
Analyze the shareholder’s impact of an S corporation’s loss in excess of of the shareholder’s basis for federal income tax purposes.
Analyze the federal income tax implications to the shareholders and the S corporation resulting from shareholder contributions and loans as well as S corporation distributions and loans to shareholders.
E Partnerships/Determination of ordinary business income (loss) and separately stated items
Analyze components of partnership income/deductions to determine classification as ordinary business income (loss) or separately stated items on federal Form 1065 – U.S. Return of Partnership Income
E Partnerships/Basis of partner’s interest and basis of assets contributed to partnership
Analyze partner contributions to the partnership to determine the impact on the partner’s basis for federal income tax purposes.
E Partnerships/Transactions between a partner and the partnership (including services performed by a partner and loans)
Analyze the tax implications of a partner transaction with the partnership (such as services performed by partner or loans) to determine the impact on the partner’s tax basis for federal income tax purposes
E Partnerships/Impact of partnership liabilities on a partner’s interest in a partnershipAnalyze the impact of partnership liabilities as they relate to the general partners and limited partners for federal income tax purposes.
BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?
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