[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

[Anonymous]

I was advised by a friend to start studying again. While a passing score is possible, I do not think Becker fully prepares you for the exam and am going to go back and look at Wiley. Even if I do find out I got a passing score, at least I will know the answers to those topics I had never seen prior to the exam. It really bugs me that there were SO MANY of them! Grrr.

Anyway, I'm going back in.

[Mike1987]

Lets hope most of them were pre-exam 🙂 I'll be taking the exam tomorrow, just looking over some of the wiley sims today and doing some progress tests. Becker did add 1 entire section to the 2013 material (employee stock options), but still no property law stuff.

[Anonymous]

Yeah….. that was rough. just took it this morning. I'll post more tomorrow about my experience.

[kip_snoodles]

One week until my exam. I feel pretty good with all the Becker Materials, except for one or two areas. I made a pretty decent score (all things considered) on the final exam practice. Currently going through Wiley questions and will start on their Sims tomorrow. I still don't have a full grasp on the AMT. I guess as I have been studying, I just feel like there is a lot of concepts to master for a topic that really doesn't have very many questions. Are there any tips, or certain areas some of you are focusing on when studying the AMT? It is just hard to tell how in depth I need to get with it.

Thanks!

[Mike1987]

There is one wiley sim on individual AMT, it really wasn't that difficult at all if you memorize the mnemonic from Becker and how the formula works. As for corporate I think their formulas go in greater detail especially for ACE. Also a few mcqs from Wiley require you to understand how the ACE adjustment works. I'm just praying I don't see that level of detail regarding corporate AMT on my exam at this point.

[kip_snoodles]

@ Mike – Thanks. I see you are using Becker 2013. I am using 2012 w/Wiley testbank. You mentioned an extra section called employee stock options. Are there a lot of questions in Becker on it, or is it another section they barely touch like the Dodd section? I don't see anything in the Wiley test bank on it either.

Thanks!

[Mike1987]

There are only 13 mcq on it and it is only a few pages in the text, so not too much info there. I would be more concerned about everything else that is in Wiley not covered in Becker. I send them an email asking if property law is being tested, will post here once I know.

[MCLKT]

Good Luck Tomorrow MIKE!!!!!

For Corp AMT I am memorizing the overall formula as well as:

Preferences, Adjustments.

ACE Adjustment (75% of change if negative limit to prior years + adj)

Exemption $40k (reduce by 25% of AMTI > 150K)

20%

I am secretly praying for an AMT Sim.

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[lucretia123]

Brooke, Inc., an S Corporation, was organized on January 2, 2010, with two equal stockholders who materially participate in the S corporation's business. Each stockholder invested $5,000 in Brooke's capital stock, and each loaned $15,000 to the corporation. Brooke then borrowed $60,000 from a bank for working capital. Brooke sustained an operating loss of $90,000 for the year ended December 31, 2010. How much of this loss can each stockholder claim on his 2010 income tax return?

Options: 5,000 / 20,000 / 45,000 / 50,000

Indicated correct answer was 20,000

I'm beginning to think that I'm over thinking things…can someone please clarify why the $30k for each stockholder wouldn't contibute to their basis and the possible max offset of the loss 50,000?

Much appreciated

BEC - Passed AUD - Passed REG - Passed FAR - Passed
It feel surreal to be done with the exams! I think it is still sinking in.

[Mike1987]

@lucretia, if this was a partnership the entities loans would increase partners' basis based on their % ownership. This is not the case for S Corps.

[lucretia123]

I completely missed that! Thanks Mike1987

BEC - Passed AUD - Passed REG - Passed FAR - Passed
It feel surreal to be done with the exams! I think it is still sinking in.

[Mike1987]

I am some what confused by the ninja notes on page 49 regarding the AAA account, Isn't it correct to say that the $30,000 could be taxable if it was a S Corp with C Corp E&P or if there is just no more stockholder basis? Also, isn't the bit about the board being able to authorize up to 3/15 incorrect (top of pg 40)? I'm pretty sure they board would have to authorize by the end of the tax year, but corp can pay up to 3/15. I could just be reading this wrong. https://www.law.cornell.edu/uscode/text/26/170

[kip_snoodles]

I'm sure there is not a way to do this, but is there some sort of way in the wiley test bank to search for questions by topic? Like is there like a master search somewhere to find all the questions related to AMT?

[MCLKT]

MIKE – the charity contribution has to be paid by 3/15 (must be accrued as of 12/31). So, theoretically, if the books were still open the board could decide as late as 3/15, pay immediately, and have the accrual posted on 12/31 as a prior year expense.

Kip, I try to bookmark those specific questions as I work through, then test select Bookmarked for that chapter. But there is no specific way to find them. Maybe look at your previous assessments and see if you can remember which session you saw those in, bookmark then or just review?

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Mike1987]

Thanks MLCKT. I just got a reply from Becker lol.

Me: Hi is property law such as mortgages, deeds and etc. being tested for this window?

Becker: Yes.

Wow. that was helpful thanks and yet its still not in the text.

[Author]

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