[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

AUD - 79
BEC - 80
FAR - 76
REG - 92

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

[jrosen92770]

The issue is that the $15,000 was not deducted but you are adding it back. Note the $15,000 contribution is not part of the operating expense total. The contribution deduction is based on what is allowed so in this case it would be the net result of the (Revenue + Dividend – Operating Expenses)*.10, which is the $14,500.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[jrosen92770]

The issue is that the $15,000 was not deducted but you are adding it back. Note the $15,000 contribution is not part of the operating expense total. The contribution deduction is based on what is allowed so in this case it would be the net result of the (Revenue + Dividend – Operating Expenses)*.10, which is the $14,500.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[stokey45]

@vital11 I think it might be easier to understand if you think of it this way…..

Revenues of $200,000 – Expenses of $75,000 + Dividends received of $20,000. Now with all of that information… how much can the corporation take as a charitable contribution if they donated $15,000 to a qualified organization?

I understand the question says they already donated but it does not say that it was included in the total expense amount provided. So therefore you do not need to add it back into the equation.

I hope this helps.

[stokey45]

@vital11 I think it might be easier to understand if you think of it this way…..

Revenues of $200,000 – Expenses of $75,000 + Dividends received of $20,000. Now with all of that information… how much can the corporation take as a charitable contribution if they donated $15,000 to a qualified organization?

I understand the question says they already donated but it does not say that it was included in the total expense amount provided. So therefore you do not need to add it back into the equation.

I hope this helps.

[stokey45]

Does anyone have a good way to remember AMT for individuals and Corps?

[stokey45]

Does anyone have a good way to remember AMT for individuals and Corps?

[Kenada]

I used this for AMT Individuals – SIMPLE – PIE

Standard Deduction

Interest on home Mort/Equity

Medical Expenses under 10% AGI

Personal/Dependent Exemptions

Local State taxes

Employee Business, Tax prep ..items subject to 2% AGI

Private activity bonds

Incentive stock bonds

Excess on personal property

For Corporations I use PILE

Private Activity Bonds

Installment sales of Inventory

Long term contract

Excess Depreciation

FAR 05/27/14; 786/110 - Done !

[Kenada]

I used this for AMT Individuals – SIMPLE – PIE

Standard Deduction

Interest on home Mort/Equity

Medical Expenses under 10% AGI

Personal/Dependent Exemptions

Local State taxes

Employee Business, Tax prep ..items subject to 2% AGI

Private activity bonds

Incentive stock bonds

Excess on personal property

For Corporations I use PILE

Private Activity Bonds

Installment sales of Inventory

Long term contract

Excess Depreciation

FAR 05/27/14; 786/110 - Done !

[Skrier]

Can someone explain the difference between Marginal tax rate and effective tax rate, and help me understand if there are different situations that one would be used as opposed to the other. I am so confused.

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Skrier]

Can someone explain the difference between Marginal tax rate and effective tax rate, and help me understand if there are different situations that one would be used as opposed to the other. I am so confused.

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[jrosen92770]

Skrier, Here is a link that should simplify the difference between the 2 tax rates. Hope it helps!

https://www.kitces.com/blog/understanding-marginal-tax-rate-vs-effective-tax-rate-and-when-to-use-each/

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[jrosen92770]

Skrier, Here is a link that should simplify the difference between the 2 tax rates. Hope it helps!

https://www.kitces.com/blog/understanding-marginal-tax-rate-vs-effective-tax-rate-and-when-to-use-each/

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[nm89]

Hey guys, I took the REG on Aug 31, gotta say it was harder than I expected. I feel like I studied really well but they ended up testing on minutia stuff that I really didn't think it was going to come on the exam. Pretty much in the later half of the exam, I keep thinking to myself “Just wth are these questions?” Just like someone else had said, I was pretty frustrated with it when I left the exam room. I used Becker 13 and my suggestion is not to overlook any topic as minor or has the probability of being tested the least. Cover every little thing.

BEC 4/19/13 - 86
AUD 5/31/13 - 69, 11/14/13 - ???
FAR 07/06/13 - 92
REG 8/31/13 - 81

[nm89]

Hey guys, I took the REG on Aug 31, gotta say it was harder than I expected. I feel like I studied really well but they ended up testing on minutia stuff that I really didn't think it was going to come on the exam. Pretty much in the later half of the exam, I keep thinking to myself “Just wth are these questions?” Just like someone else had said, I was pretty frustrated with it when I left the exam room. I used Becker 13 and my suggestion is not to overlook any topic as minor or has the probability of being tested the least. Cover every little thing.

BEC 4/19/13 - 86
AUD 5/31/13 - 69, 11/14/13 - ???
FAR 07/06/13 - 92
REG 8/31/13 - 81

[Anonymous]

So I took REG in August and failed and am taking it again in October. Is it correct that the threshold for the deduction of Medical expenses is now 10% of AGI instead of 7.5%? When will this start to be tested? A month ago when I took the test I was still using 7.5%. Ugh I am confused which one will be tested! Also, so I am guessing that means there is no longer a difference between the medical expense deductions for AMT?

[Author]

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