REG Study Group - Page 43

Viewing 15 replies - 631 through 645 (of 694 total)
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  • #2603007
    75
    Participant

    In Bankruptcy: What happens to payments voidable (set aside by the trustee)?
    Does the creditor who received that money need to pay it back to the bankruptcy trust and get in the line as a general creditor?

    thx

    #2603766
    Tncincy
    Participant

    @74phoenix, are you in this score release?

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #2652552
    se7en.14
    Participant

    hello

    Does anyone have a good method of learning the different items for book/tax differences (M1 M3 schedule)? there are just so many and how do i know if I should add/subtract it?
    How are you guys studying for this topic?

    thanks!

    #2652879
    KeepPushing
    Participant

    @Se7en.14 I just studied for it and it confused me too. I used Becker. not sure which you have but what I noticed is that the questions, specifically the Sims, would ask them in a different way, for example, they wanted me to take out the whole depreciation and then put what was allowed for tax purposes or other times they wanted me to just simply put the difference in depreciation so if the company took out too much I'd take away from it or add from it if they had taken too little. SO I had to really think about how the question was laid out. I suggest looking the actual M-1 tax form it helped me a lot to see a visual of how it actually is asked so I can have a strong base understanding of it. I focused on knowing the ones that they always seemed to test me on becker like depreciation charitable contributions, and just the ones that are shown on M-1 which aren't as many so if I mastered the ones on the M-1 I felt like I could work my way around others.

    #2654814
    bigstakk
    Participant

    Question about AMT- is this tested for individuals after Q2 '19 since it is not applicable for returns filed for tax year 2019?

    #2658318
    bigstakk
    Participant

    Sorry- meant *corporations not individuals.

    #2665206
    Bobsacajawillie
    Participant

    Can anyone help with this question. I can't figure out why they would allow John's expenses to be itemized being that he is 26 and makes more than $4,200. Thanks,

    During 2019, Mr. and Mrs. Benson provided substantially all the support, in their own home, for their son John, age 26, and for Mrs. Benson's cousin Nancy, age 17. John had $6,000 of income for 2019, and Nancy's income was $2,500. The Bensons paid the following medical expenses during the year:

    Medicines and drugs
    For themselves $400
    For John 500
    For Nancy 100
    Doctors
    For themselves 600
    For John 900
    For Nancy 200
    What is the total amount of medical expenses (before application of any limitation rules), that would enter into the calculation of itemized deductions on the Bensons' 2019 tax return?

    $1,000
    $1,300
    $2,400
    $2,700
    This Answer is Correct
    Deductible medical expenses include those incurred by a taxpayer, taxpayer's spouse, dependents of the taxpayer, or any person for whom the taxpayer could claim a dependency exemption except that the person had gross income of $4,200 (2019) or more, or filed a joint return. Thus, the Bensons may deduct medical expenses incurred for themselves, for John (i.e., qualifies for exception of no dependency exemption only because his gross income is $4,200 or more), and for Nancy (i.e., a dependent of the Bensons).

    #2665245
    Tncincy
    Participant

    The answer to your question is in the answer. Because john is a relative, and lived with his parents, the parents can claim his medical expenses. I think, I am sure there is another reason. But this is the more obvious reason to the why.

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #2677146
    se7en.14
    Participant

    Hi all,
    I'm doing MCQs and coming across questions on AMT about which deductions are added back to reg income tax. For example- real estate and state income tax is added back. I'm using becker and don't see where this is in the book. or maybe i'm just not understanding AMT…
    Is there a list somewhere that I should know these deductions under only AMT?

    Thanks.

    #2691768
    Captain Awesome
    Participant

    I am beginning to study for REG, my last section, but I'm having trouble figuring out where/how to start. It took four tries to conquer BEC and FAR so I felt very comfortable with the material by the time I finally passed, having studied and tested so many times. AUD I passed on the first try with two months of studying, but I thought that 20% of it was common sense and there is an order to auditing so I just started at the beginning and everything built from there.

    REG is beginning to remind me more of BEC and FAR in that it's a lot of random stuff in no particular order. I don't want to take REG mulitple times so I ask, what strategies did you use to grasp all the material? My current plan is to watch all the plus videos and then begin MCQ using the book and notes as reference. I tried reading the book right away, but boy is it dry.

    #2740899
    MIchelle
    Participant

    Hello!

    I am not sure if this is still active or not… but this is my 3rd attempt into REG after taking time off from studying. I recently passed BEC with a 79 and using Becker material. Any tips or anything I should focus on? Or lead me to the right study group for REG?

    Thanks!

    #2741478
    Kostas
    Participant

    Hello everyone,
    For those who are scared the Mock Exams. I don't know if this will help you but I must share my story. I've been using the Becker CPA review.
    For FAR, I scored 51%, 57%, and 51%. I passed with 75.
    For AUD, I scored 60%, 62%, and 63%. I passed with 78.
    For REG, I scored 28%, 52%, and 50%. I passed with 76.

    Moral of the story: Don't let Mock Exams to let you down. They're more difficult compared to the real test, you should not be disappointed by a bad score.

    Good luck everyone!!

    #2749065
    lasciels
    Participant

    Hi everyone,

    Can someone explain what is Unreasonable Position? I have reading Becker's text book over and over again and did some research online, but I still could not understand the meaning of this term.

    THank you!

    #2753682
    Amber
    Participant

    I've heard a lot about people skipping REG lectures in Becker to just read the material instead for time saving. I just started, work full time, and sit December 9th. Has anyone had luck with this?

    #2760654
    olabisiolayinka
    Participant

    I plan on taking REG on November 30th. This will be my first attempt at REG and it is also my final exam. I am using BECKER. Any advice?

Viewing 15 replies - 631 through 645 (of 694 total)
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