[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

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

[giantsrangers]

I use Becker 2012 since I got it for free from work.

R: pass F: B: A:

[Anonymous]

@ AnnoyedCPA – Below is what you posted with regards to determining a NOL (My comments follow)

EXAMPLE 2

Destroy, a singe taxpayer, age 35 reported the following in his 2011 tax return.

Income: Wages $5,000, Interest in savings account $1000, Net Rental Income $4,000

Deductions : Personal Exemption $3,700, Standard Deduction $5,800, Net Business Loss $16,000,

Net short term capital loss $2,000.

Calculate NOL available for carry-back or carry-forward?

(26,500) [taxable amount]

+ 11,500 [3,700 personal exemption,5,800 std deduction, 2,000 STCL]

– 1,000 [interest]

= (16,000) [NOL before offset]

– 5,000 [wages]

– 4,000 [net rental income]

= (7,000) [NOL after offset]

---

My comments for you and others:

For purposes of determining NOL, you generally only need to consider items which represent “business” income or loss. An easy way to think of this is that you will include income, expense and loss items that generally are the character of “ordinary” (i.e. wages, self employment, general Pship, S Corp) and “passive” (rental RE, limited Pship, casulty bus loss), and you will ignore items which are the character of “portfolio” (interest/div) and “capital” (held for investment/no business use).

I think you showing a “taxable amount” can be misleading, because I did not calculate any taxable income. If there was taxable income, there would not be a NOL CB or CF, as it would be 100% utilized.

You could have simply started with the business income items (Wages & Rental Income), then reduced it for the business expense and loss items (Business Loss). Any excess loss can be take against any other non-business income, if there is any net non-business income remaining after reducing the non-business income for non-business expenses/losses, but there is no non-business net income in this example, as the net capital loss (st)($2,000) reduce the only non-business income (interest income $1,000) and thus AGI would be zero. The Standard deduction and exemption are completely irrelevant in this example (note however, they would reduce income if there were any remaining after netting to AGI).

Under these facts, the excess loss from the business expenses over the business income equals the NOL available for CB or CF for reasons provided above.

***Note***

The NOL is not impacted in any way by the standard deduction, exemption, interest income, or ST Cap Loss in this example . Also, it appears the “Taxable Amount” you came up with is a plug you used to make the rest of your reconciliation foot, when in reality the taxpayer will have no taxable income.

Item: Amount Amount NOL Y/N? NOL Amount

Realized Recognized

(Actual) (Return)

Wages 5000 5,000 Consider = 5000

Interest 1000 1,000 Ignore

*ST Cap Loss <2000> <1,000> Ignore

Net Rental Income 4000 4,000 Consider = + 4000

*Bus. <Loss> <16000> <9,000> Consider = <16000>

AGI 0

Std. Ded <5,800> Ignore

Personal Exempt <3,700> Ignore

Taxable Income 0

* <7,000> = NOL Available for CB/CF

I hope I helped and did not confuse!

[Maverick]

The spaces in the research section of my Becker simulations is black, not white. Therefore, I can't see the words I am typing to find the authoritative literature. Has anyone ever had this problem, if so, how did you correct it? I would really appreciate any help.

Thank you and good luck to your exams.

F - Passed...THANK YOU, LORD. GLORY TO GOD.
B - Passed...THANK YOU, LORD. GLORY TO GOD.
A - Passed...THANK YOU, LORD. GLORY TO GOD.
R - Passed...THANK YOU, LORD. GLORY TO GOD.

Ethics - 95

Licensed CPA

I COULD NOT HAVE DONE THIS WITHOUT MY LORD. THANK YOU.

"According to your faith will it be done to you." Matthew 9:29

[NySinghCPA1985]

is adoption credit refundable or nonrefundable? based on becker reg flashcards it is nonrefundable but lectures shows it as refundable.

FAR 1/30/14 86 beast is slayed
REG 5/30/12 81 expired :/ Retake April or May 2014
AUD 5/24/13 85
BEC 10/07/13 80

[ihatestudying]

im taking reg tomorrow and im confused with bonus depreciation…can someone please help me so i understand correctly..

is bonuse depreciation 100% of remaining after taking 179 for 2011 and 50% for 2012?

so for 2011 if purchased 600,000 equipment, 500,000 179 and the remaining 100,000 for bonus depreciation??

and for 2012, 500,000 179, and 50,000 bonus depreciation with the remaining 50,000 MACRS deduction?

im confused..thanks in advance

AUD - 2/27/12 - 76
REG - 5/31/12 - 78
BEC - 8/31/12 - 77
FAR - 12/6/12 - 76

[Anonymous]

@NySinghCPA1985

Credit for Adoption Expenses – A refundable credit of up to $13,360 (for 2011) for qualified adoption expenses incurred for each eligible child (including a child with special needs).

[NySinghCPA1985]

Thanks B5445

I found that this rule has changed recently.. good thing this wasn't tested on the exam yesterday.

FAR 1/30/14 86 beast is slayed
REG 5/30/12 81 expired :/ Retake April or May 2014
AUD 5/24/13 85
BEC 10/07/13 80

[OUCPA84]

Using 2011 Becker REG materials, I have CPAexcel as well.

What's the best way to utilize Becker? Meaning, video lectures then do questions. Any study strategy tips that have worked for people in other sections as well, would be appreciated.

Thanks!

AUD Pass
REG Fail, Rematch TBA
FAR 11/26 Certain I failed
BEC ?

Becker

[Anonymous]

OUCPA, I used Becker 2012 as just passed REG with a 91. I would go through a lecture and then immediately do the questions pertaining to that portion of the lecture. If I got a question wrong, I would write out a short explanation in my notes as to why I got it wrong. If I got it right for the wrong reason, I would do the same. Even on the questions that I got right, I would makes sure to read all of the answer explanations because you can learn a lot from why the other choices were wrong, especially in the business law section.

I would also try to think about how the answer would be different if facts were slightly changed, like how would this basis calculation change if this were a corporation vs. partnership or would the treatment of this item be different under individual taxation as opposed to corporations. I did a ton of progress tests the week before the exam in sets of 24 questions, since that's the length of the testlets in REG. After a while I got to the point where I remembered the answer to most the multiple choice before reading the question, but trying to explain to myself why each answer was correct or incorrect helped me get a grasp on the content.

There will always be surprises come exam day, but I could usually narrow my answers down to one or two based on what I knew from Becker (Granted I missed some as I didn't get a perfect score, but it worked well enough for me)

[Anonymous]

I applaud so many people on here that are able to pass REG. I am trying to figure out if I went into the wrong profession. I just recently found out that I failed REG – AGAIN! First time, 68 and now 71. CLose, but not good enough. I feel extremely depressed and that really discourages me from moving on. I've been crying my eyes out ever since I found out this morning. I am currently studying for BEC and I am not even all that comfortable with the content. Seems like REG and BEC are the hardest sections for me. I passed FAR – 83 and AUD – 86. So what is wrong with me? AM i just plain stupid? I admit, I did procrastinate on REG because I was confident I'd passed it as I passed the first 2. But now since I passed the other parts, the clock is ticking for me. I am taking BEC in late Aug. Now I would have to take REG over and PASS in late Oct/Nov. Or else, I am dead. FAR expires May 2013. I am just so afraid of going on. What is wrong with me? Has anyone been in my shoes? I feel so low than ever. Now I have to tell everyone at work that I missed it by 4 points. I am totally embarassed. nothing else in the world matters now…

FAR – 83

AUD – 86

REG – 68, 71

BEC – 8/31/12

[letmepassalready88]

Hi,

Need some advice. I just bought Becker review for reg. I'm trying to figure out the best way to study. So I got a few questions…… After watching the lectures and re-reading the chapter again, I normally work on the questions while looking through the chapters for answer that I don't know. Do you guys do the same or is it better to attack the hw, class questions and simulations w/o looking through the book? and then mark the ones that you got wrong and then study them? Thanks!

[Anonymous]

@letme pass- for all of the sections ive taken so far, i do the questions the first time around while flipping through the becker book. i dont retain everything through just watching the lectures, so its reinforcement of the material through doing questions because it forces me to look it up, read it slowly, and understand it. the second or third time going through the MC, i do it without looking in the book.

@cpagal- i know it totally sucks at the moment, but you can definitely pass the next time. you have 11 months before anything starts to expire…do you really think you cant pass it in 11 months? i think you can since you are so close now. dont get discouraged. BEC is easy. once you pass that in august i think it will really boost your self confidence…at that point you will only have REG left you can wholeheartedly focus on that section. i promise you can do it.

[letmepassalready88]

Thanks for the advice, emrld89!

[StephyCPA]

Hi everyone! This is my first time posting. I have taken REG and got a 74 using Becker. I am currently using Exam Matrix and I just purchased Lamber's. Has anyone used these review courses for REG??? I haven't heard anything about these products? I am getting worried that I made the wrong decision.

On average how many hours a week has every spent studying? I take the exam July 21st and I am averaging 15-20 hours a week.

Thanks and good luck to everyone testing in this window 🙂

REG - 7/21/12 - 73 / 10/20/12 - 83 (Expires 4/30/14)
BEC - 1/14/13 - 75!!
AUD - 4/17/13 - 74 :(((( Re-take 8/26/13
FAR - 7/20/13 - 70

I WILL BE A CPA IN 2013!!!!!

Using Becker Self-Study, Wiley Testbank, NINJA Audio & Notes

[Anonymous]

@StephyCPA…Becker is OK for REG, but if it combines with Wiley Test Bank it works like a magic! You don't need other review materials, which will cost you hundreds. Just order a Wiley Test Bank from Jeff (for a discount). I didn't like Wiley AUD that much, but Wiley REG is great…it's little bit harder than the Becker questions but covers a wider range and asked the topics deeper, which prepared me well for the test.

[Author]

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