[jeff]

REG Resources:

Free REG Notes & Audio – https://www.another71.com/cpa-exam-study-plan

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

REG Score Release: https://www.another71.com/cpa-exam-scores-results-release

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

[Joeybm123]

Hi, to All. Happy to be close to end of the CPA process. Unsure if besides motivating each other & sharing our mutual frustrations while studying if we can help each other out.

Becker Self study, Wiley Online Test Bank

BEC 84% May 2012

AUD 87% Oct 2012

FARE 88% May 2013

Reg Aug 2013

Best of Luck to everyone.

[importracr317]

Need help on two points not covered by Becker – the Accumulated Adjustment Account for an S-Corp and the relative taxable income and relative tax liability approach for consolidated corporate returns. What are they and how are they used?

Awaiting license in IL.

[importracr317]

Need help on two points not covered by Becker – the Accumulated Adjustment Account for an S-Corp and the relative taxable income and relative tax liability approach for consolidated corporate returns. What are they and how are they used?

Awaiting license in IL.

[silliepanda]

I feel like I am drowning in Corporate studies….it just seems so lengthy. Am I making too much of this section?

BEC - TOO MANY FAILS TO LIST! July 2015 I WILL GET IT!
AUD - AUG 2015- NEVER PASSED!
FAR - LOST CREDIT
REG - PASSED

[silliepanda]

I feel like I am drowning in Corporate studies….it just seems so lengthy. Am I making too much of this section?

BEC - TOO MANY FAILS TO LIST! July 2015 I WILL GET IT!
AUD - AUG 2015- NEVER PASSED!
FAR - LOST CREDIT
REG - PASSED

[CPA_TO_BE]

Hi Guys,

I just got my Reg score, and I got 67. Was very sad.

I will be re-taking this exam in couple of months after throughly studying it. My question is when you re-take the exam is it totally different from your first exam or similar? might be a silly question as I have never taken a re-take.

Thanks

[CPA_TO_BE]

Hi Guys,

I just got my Reg score, and I got 67. Was very sad.

I will be re-taking this exam in couple of months after throughly studying it. My question is when you re-take the exam is it totally different from your first exam or similar? might be a silly question as I have never taken a re-take.

Thanks

[SeattleAccountant]

@importracr317

Hi there fellow Becker student, i think i know there you are coming from. Becker did poor job on AAA. Let me guide you to materials I've used for S-Corp AAA.

There is basically nothing to it, other than:

1. Tax exempt income = do not include

2. Expenses to produce tax exempt income = do not deduct

3. Distributions = deduct but can not go past zero (i.e. stop at zero) but see #4 (different rule for loss)

4. Loss = deduct in full, OK to make AAA negative.

What's it my friend, nothing else! I wish Becker had covered it in detail instead of us doing the legwork.

web.bus.ucf.edu/faculty/ckelliher/file.axd?file…12_notes.pdf‎

page 12-12 right hand corner

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[SeattleAccountant]

@importracr317

Hi there fellow Becker student, i think i know there you are coming from. Becker did poor job on AAA. Let me guide you to materials I've used for S-Corp AAA.

There is basically nothing to it, other than:

1. Tax exempt income = do not include

2. Expenses to produce tax exempt income = do not deduct

3. Distributions = deduct but can not go past zero (i.e. stop at zero) but see #4 (different rule for loss)

4. Loss = deduct in full, OK to make AAA negative.

What's it my friend, nothing else! I wish Becker had covered it in detail instead of us doing the legwork.

web.bus.ucf.edu/faculty/ckelliher/file.axd?file…12_notes.pdf‎

page 12-12 right hand corner

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[MrsBing]

Can someone help on this? I don't understand the answer. My question is at the very bottom.

Tom and Sharlene had the following items of income and expense during the taxable year:

Self-Employment Activity:

Gross income $35,000

Business license fees $500

Marketing Expenses $2,000

Salary paid to Sharlene $10,000

Tom's wages from his Job $67,000

Interest from money market $1,500

Gain from sale of securities owned for 3 months $15,000

What is Tom & Sharlene's gross income before adjustments?

ANSWER:

Net self-employment income $ 32,500

Tom's wages $67,000

Interest $1,500

Gain from sale $15,000

Total gross Income $116,000

Note: Sharlene's salary is not included as income as 100% of the net self-employment activity is taxable to her. Her salary is considered a draw and is not an allowable business deduction against the gross income of the self-employment activity.

My question is why is Tom's wages included in gross income, but not Sharlene's salary?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[MrsBing]

Can someone help on this? I don't understand the answer. My question is at the very bottom.

Tom and Sharlene had the following items of income and expense during the taxable year:

Self-Employment Activity:

Gross income $35,000

Business license fees $500

Marketing Expenses $2,000

Salary paid to Sharlene $10,000

Tom's wages from his Job $67,000

Interest from money market $1,500

Gain from sale of securities owned for 3 months $15,000

What is Tom & Sharlene's gross income before adjustments?

ANSWER:

Net self-employment income $ 32,500

Tom's wages $67,000

Interest $1,500

Gain from sale $15,000

Total gross Income $116,000

Note: Sharlene's salary is not included as income as 100% of the net self-employment activity is taxable to her. Her salary is considered a draw and is not an allowable business deduction against the gross income of the self-employment activity.

My question is why is Tom's wages included in gross income, but not Sharlene's salary?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[MrsBing]

Another question. What's the diffrence between Adjustments to arrive at AGI and deductions?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[MrsBing]

Another question. What's the diffrence between Adjustments to arrive at AGI and deductions?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[SeattleAccountant]

@MrsBing

Sharlene's salary from self-proprietorship is IRRELEVANT b/c she must include Net Income from that business (reported on Sch C, feeds into form 1040). That net amount will be included in AGI amount. For people that are self employed, the taxable amount is not the draws but rather the net income from business.

To learn about differences between adjustments (for AGI) and itemized deductions (from AGI), listen to Becker's lecture – Gearty does excellent job on that particular topic!

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[SeattleAccountant]

@MrsBing

Sharlene's salary from self-proprietorship is IRRELEVANT b/c she must include Net Income from that business (reported on Sch C, feeds into form 1040). That net amount will be included in AGI amount. For people that are self employed, the taxable amount is not the draws but rather the net income from business.

To learn about differences between adjustments (for AGI) and itemized deductions (from AGI), listen to Becker's lecture – Gearty does excellent job on that particular topic!

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[Author]

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