[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Anonymous]

July 2nd test date!

[Mamabear]

Welcome Nick! Good luck on your studies.

Commercial Paper sucks–So a holder through a holder in due course has the same rights as a holder in due course even if the holder through a holder in due course knew that the holder in due course only became a holder in due course through means that were not in good faith. Something is seriously wrong with our system.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Anonymous]

lol. Yep! Commercial paper is the absolute worst chapter in all of REG in my opinion. But federal securities and corp tax are a close second and third.

How's the MCQ challenge going?

[Mamabear]

I'm at 306 on the MCQ. You?

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[NYCaccountant]

@Mamabear welcome to the ” I hate commercial paper club” lol! Took me forever to totally figure that out. Advice – Know who has primary and secondary liability well.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Anonymous]

Not too far behind you. I'm hoping to finish most of them today because I have a busy day tomorrow.

[MikeHoncho]

@JMOR, alimony recapture in a nutshell:

Recapture of deductions and income is required if alimony payments decreased by $15,000 over the first three years of the divorce. So here's the easy 4 step process:

A.

(Year 2 payment – Year 3 payment – $15,000) = Step 1

B.

(Year 2 payment – Step 1) = Step 2

C.

(Year 3 payment + Step 2) / 2 = Step 3

D.

(Year 1 payment – Step 3 – $15,000) = Step 4

E.

Alimony recapture = Step 1 amount + Step 4 amount

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[MikeHoncho]

I guess it's a 5 step process lol

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[Anonymous]

i love buisness law – said no one ever

[JMOR]

Thanks Mike Honcho!

REG - 86
FAR - 74,
BEC - 72,
AUD -73,

[Amay]

@mamabear that sounded like a riddle! LOL. I just went over dividends received deduction last night. Wasn't too bad, but I feel the “best” is yet to come. I feel behind…anyone else feeling like they really need to take advantage of the upcoming July 4th weekend?

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Mamabear]

@amay–As I was typing it I kept thinking “try saying that three times fast”. 🙂 I feel very behind and will definitely be taking advantage of the holiday weekend.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Anonymous]

I have a question about an IRA Reduction example below (from Becker's R2-5 page). I would like to know where to find a table or source for phase-out range* and the maximum IRA reduction**.

Thanks guys for your help.

Kristi, a single TP, is an active participant in her employer’s pension plan. Kristi’s 2014 AGI is $62,000. Kristi’s maximum IRA deduction is $4,400, calculated as follows:

2014 AGI……………………………………….$62,000

Less…………………………………………… (60,000)

Excess Over $60,000………………………… 2,000

Divided by $10,000 (Phase-Out Range) … ÷ 10,000*

Phase Out Percentage ……………………… 20%

Times Maximum IRA Deduction …….……… x 5,500**

Amount of IRA Phased Out …………….…… (1,100)

2014 Maximum IRA Deduction ……………… $4,400

[Anonymous]

Funny! Hahaha.

By the time I moved to page R2-6, I found the answer for $5,500 2014 IRA Deduction.

I guess, I need to know where the phase-out range comes from.

[Anonymous]

Does anyone have any advice on simulation research? Sometimes I find it difficult to use the AL when I am trying to research the answer. At times I find it right away but most of the time I am struggling to find the right answer. Is there a specific way to point out keywords or anything. How are you all utilizing the simulations when conducting? Thanks

[Author]

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