[IfThereIsaGod]

Will I have to know what the title to forms are? I mean will a question specifically ask what title is for______? If this makes sense to you and you have a minute thanks!

AUD----92 5/31/12
FAR----92 7/3/12
RED----85 8/3/12
BEC----?? 8/29/12

[Anonymous]

no , don't waste your time ! there is already enough stuff to memorize! Make sure you are comfortable with material inside the form, eg 1140 you should be comfortable with m1, m2 and m3 .

[IfThereIsaGod]

I didn't really see much from M-2 and M-3, could you help understand what I should know about it??

AUD----92 5/31/12
FAR----92 7/3/12
RED----85 8/3/12
BEC----?? 8/29/12

[IfThereIsaGod]

and do you mean 1040??

AUD----92 5/31/12
FAR----92 7/3/12
RED----85 8/3/12
BEC----?? 8/29/12

[Shay]

I m scared of M1, M2, M3. Can someone help?

[TheBsEr]

Don't worry about the form titles. If it does appear on the exam, usually it'll be accompanied by the description of the form. For example, what would be the amount of this on the Individual Tax Return, Form 1040?

For M1, M2, M3, I would recommend reviewing the book income to taxable income adjustments (Add Fed taxes, excess capital loss. Subtract non-deductibles and taxable income items). Don't worry about the forms itself.

AUD - 91
FAR - 90
REG - 87
BEC - 91
Ethics - 98

[Anonymous]

no 1120 corp !

m1- is just reconciliation between book income and taxable income . We start form Book income and add all the adjustments like we add back the federal tax expense, penalties charges etc.

m2- rec between beginning to eending retained earning – nothing crazy about that

m3 is similar to m1 – but for corp with more then 10 million gross receipts ( i forgot )

[Anonymous]

i think becker has one sim on M1 rec, once you complete that sim- you would be more clear.

Please let me know , if you need more help!

Good luck !

[Shay]

@Nam and TheBsEr

How to you prepare yourself or memorize M1, M2, M3 concept. I know becker has listed 4 items.

The way I know is,

If its NON-DEDUCTIBLE====add it back

If its NON-TAXABLE====subtract it back

If its TAXABLE==add it back

I know, if its non-taxable, its also non-deductible, so I am little confused on these issues.

[Anonymous]

Don't learn them like a theory , Practise them and you will be very comfortable. My advice is to do the M1 SIM in becker and you will get the feel.

they are very easy, once you understand the concept behind. Learn all the CORP operational rules eg.

1) LIC premiums to corp as beneficary is always deductible from book income and added back to Taxable income

2) Muncipal interest income is a Book income but its subtracted fromTaxable income.

[Author]

Replies