[Ira Gilligan]

Does anyone have or know of a good “cram sheet” for REG? Basically, what I’m looking for is to have all of the deductions, credits, limits, etc. that require you to know a specific dollar amount in one place. For example, the $2500 limit on education loan interest. There are just so many random dollar amounts that need to be memorized for this exam!

FAR - (scheduled 9/24/16)
BEC -
REG -
AUD -

[industryCPA]

None that I know of, but I bet as a group of those taking it soon, we could come up with one.

Here's some carry back/carry forward rules

Carry Back/Carry Forward Rules:
Indefinitely – 6 [SPACES]
S – S Corporation =>Any losses disallowed may be carried forward indefinitely and will be deductible as the shareholder’s basis is increased.
P – Passive Activity Loss [PAL] => In excess of passive activity income, forward indefinitely
A – Alternative Minimum Tax [AMT] => Forward indefinitely against future “regular” income tax; At-Risk Amount [ARA] ==> Any losses in excess of the at-risk amount are suspended and carried forward without expiration and are deductible against income in future years from that activity. The at-risk amount is also referred to as basis. Note that although we discuss this in the textbook for partnerships, the concept applies to all activities that have flow through income and losses.
C – Capital Loss => Individual only, NOT applicable to corporations => After $3,000 against ordinary income and $50,000 against capital gains, forward indefinitely (ST or LT)
E – Excess investment expense over income => Forward indefinitely; Excess of any losses from at-risk amount
S – Section 179 Deductions => Amount expensed cannot exceed the TP’s aggregate taxable income from trade or business activities, excess that’s disallowed is carried forward indefinitely.
0/5——–Charitable Contributions (OVER 10% AGI Limit) –Forward 5 years
1/10——-Carryover of Excess (Disallowed foreign tax credit)
1/20——-(a) General Business Credit => Unused Credit Carryover; (b) Small Business Health Care Tax Credit
2/20——-Corporations NOL
3/5——–(a) Corporate Capital Loss; (b) Net LT Capital Loss

[jeff]

I don't advise memorizing all of that stuff…REG is very conceptual. Know the basics.

[jeff]

^ actually, what Industry posted is what I would memorize – and I would add Section 179 as well.

[benboccio]

Section 179 deduction max 500k.
Phased out when cost of property exceeds 2,010,000
Total cost deducted is limited to taxable income from active business
Any cost not deductible can be carried to the next year

[tjy49]

Has the Sec. 179 phase out changed? I have $2mil in my current ninja notes, but I just had a MCQ that used 2,010,000 for the purchase threshold.

FAR-69, 65, 84 (Feb. 2016)
AUD-86 (May 2016)
BEC-TBD (Aug. 2016)
REG-TBD

Gleim didn't work for me, but Ninja did!

[Namstut]

@tjy49, it is $2,010,000. I don't know if it changed or not but this is the number in the latest Becker material for REG.

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[Anonymous]

Yay “SPACES”! I originated that mnemonic.
I have REG by Number and REG by Ages compiled together.

[Yolonge]

There are so many to remember. I hate this stupid tax stuff! Before test (this Monday) I will need to write some notes. Thanks!

Materials: Wiley book + Ninja MCQ

FAR - 83 (Jan 2016)
Study time: 6 weeks
BEC - 87 (April 2016)
Study time: 2 weeks
AUD - 92 (July 2016), (74 Feb 2016), (72 May 2016)
Study time: 4 (Feb) + 2 (May) + 3 (July) = 9 weeks total
REG - (70 April 2016)
Study time: 3 weeks

[demarcon]

@tjy49

The 179 phase out was $2,000,000 in 2015 and is adjusted for inflation $10k per year starting in 2016. So the Ninja Notes are wrong on that one, it's $2,010,000 and will be $2,020,000 on the CPA exam July of 2017.

[Author]

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