[jeff]

Resources:

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Exam Experience: https://www.another71.com/cpa-exam-forum/topic/reg-exam-experience-official-thread

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

[terranz]

@amaramin19

your calc is correct, but it should be 75% of 24000 not 25%.

in partnership basis q's, you have to subtract the mortgage amount that is assumed by the other partners, and you can't ever start with a negative basis.

@LSNYC

Thanks for responding – think i'll push it back at least, just to be safe. stinks, cuz i'll have to pay a fee!

i feel good about R4-R8, w/ a emphasis on the diff entities in R8 and just going to let it be a toss up for the rest of R8.

question to all: if ppl say Reg is more conceptual, how is everyone keeping Gross income / Adj to Gross / Deductions from AGI / Exemptions straight? It all becomes a blur, state taxes can be deducted or not depending on situation…

[terranz]

ah didn't refresh to see gobias already responded @amaramin19

[Anonymous]

@terranz Thanks for the input. I have applied this to the other practice questions and I am seeing better results!

[Anonymous]

In which section of MCQs in the Wiley Test Bank can I find more questions about trust/estate/gift taxation (like from R4)? Would it be under “other?” Should this be more obvious to me? Hmmmm

[Anonymous]

@terranz Deductions FOR AGI are the same as Adjustments, than the FROM AGI deductions would be considered itemized deductions. Think of FOR AGI as “above the line” and then FROM AGI as “below the line.” That's how my tax prof taught it and it clicked for me. Also, state taxes are always able to be an itemized deduction for individuals but they are always an add back for AMT purposes. What gets me is the “Ad Valorum” taxes. So if a state tax on personal property is based on the actual value (ad valorum) than they are deductible as an itemized deduction. Other state taxes such as registration expenses on a vehicle are not deductible.

I don't know if that helps at all but good luck!

[hecubus330]

Checking in.

Less than 72 hours til exam time.

Trying to just do a bunch of progress tests with Becker.

My birthday is in 3 hours. Wheeeeeee! I'll still be studying.

BEC -69, 69
REG -77 (expired), 79
FAR - ?
AUD - 65, 67

[smp73]

hecubus330 good luck! p.s. studying on your birthday is super fun (please not the sarcasm there!)

Time to do MC for a few hours before I have to be at a family function.

NYS CPA License # 113563
CIA: Done as of 2/15/14

Training for a half marathon post studying!

[Zaq]

So a Wiley Test Bank question just told me that the gift tax exclusion is $14,000 per individual. Whereas Becker has shown me that the gift tax exclusion is $13,000.

…Which one is right?

FAR: 50, 76!
REG: 74... (ouch baby, very ouch), 76!
AUD: 65, 91!?
BEC: 80! Aaaand doneskies!

May 2012 to August 2013. Can't believe it's over.

[gobias]

It's 13k for 2012 and 14k for 2013.

F - 86
R - 90
A - 97
B - 91

[LSNYC]

Checking in! Getting in a few mid day hour then I am meeting a friend for dinner. Tomorrow i am going to try for 5-6 20 question sets. I am making Easter dinner (lunch?) so i am going to try to drop in and do a quick question when ever i have time.

Happy studying all!

@hecubus330 Good luck! You can kill this test!

A - 61, 91!!
B - 78!
F - 76!!!
R - 71, 73, 74, 69, 77!!!!

Finally done!

This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

[Zaq]

I'm the middle of a 1,000 MC Wiley marathon that I plan on finishing by Monday. Exam is on Tuesday.

If I have any time to spare, I'll pour the rest of my energy in the Wiley Sims.

Let's do this!

FAR: 50, 76!
REG: 74... (ouch baby, very ouch), 76!
AUD: 65, 91!?
BEC: 80! Aaaand doneskies!

May 2012 to August 2013. Can't believe it's over.

[LSNYC]

me and AMT do not get along at all…….

A - 61, 91!!
B - 78!
F - 76!!!
R - 71, 73, 74, 69, 77!!!!

Finally done!

This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

[Zaq]

@LSYNC: Corporate AMT or Individual AMT? Or both? 🙂

For me, I found the best thing to do is first be able to distinguish between Corporate and Individual AMT.

Corporate (start with Taxable Income):

Adjust for LIE.

Add back Preferences (PPP).

Determine your Exemption amount ($40,000 – 25%(AMTI-$150,000).

Multiply by tentative tax rate (I believe is 20%)

Individual (start with Taxable Income):

+/- Adjustments (PANIC TIMME)

+ Preferences (PPP)

– AMT Exemption

x Tax Rate = AMT Liability

– Certain Credits that reduces AMT (FACCE it)

FAR: 50, 76!
REG: 74... (ouch baby, very ouch), 76!
AUD: 65, 91!?
BEC: 80! Aaaand doneskies!

May 2012 to August 2013. Can't believe it's over.

[Anonymous]

hmm.. after a 3 month “break” from the CPA exam for busy season, I guess I should get started on REG so I can finish this exam… haha

[Mel]

Hurt my back yesterday so i won't be going anywhere today. Hopefully i can lay/sit in the right position and get several hours of study in! Hope everybody is pushing through this last day of the weekend.

[Author]

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