[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

[CPAfit]

can anybody explain what do they mean by “exemption” and “claiming” for individual taxation?

[h0wdyus]

Exemption is a deduction provided by IRC. It changes every year. It is 3900 for the year 2013. It is deducted from the AGI right after deduction Standard Deduction. It is not the same as Standard Dedcution.

Additional exemption can be claimed for dependent children and dependent relatives.

Gross Income – Deductions = AGI – (Standard deduction or itemized dedcution) – Exemption = taxable income x Tax rate – tax credit = tax liablity

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[jrosen92770]

Tax exemptions work much like tax deductions in that they reduce your taxable income, but there's a key difference. Exemptions are based on circumstances, while deductions are based on expenses. Claiming is like your making a representation.

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

[Mamabear]

@jhawkins–I'm going through the CPAExcel notes and combining them into the Ninja Notes for a comprehensive note set. This is allowing me to go through all the material at least once. I listen to the Ninja Audio when I'm in the car (second go through). I'm going to start MCQ in a couple of weeks (3rd go through) and I will rewrite my complete note set (4th go through). I will also be going through it a couple of more times by reading through the notes multiple times over the next 7 weeks. I think Ninja recommends reading them at least 5 times and writing them twice before the test. I may not get to that second rewrite, but I will be reading the entire set at least 5 times before the test. Lectures don't do anything for me either and reading the book is too boring to keep my focus.

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!!

[Mamabear]

One set of notes I have says that if a company has 80% control after a property transfer then the transfer is tax free. Another set of notes says cash or property transfer. Is it both or just property transfer?

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!!

[h0wdyus]

@Mamabear

Cash is also treated as property in this case. Service is not included in the definition of property.

You can get 80% control by transfering property but control acquired by rendering service is not considered towards the total of 80% control.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[Mamabear]

That's what I was thinking, but I needed confirmation. Thank you! When are you taking REG? How long have you been studying? I just started this week and I'm sitting on 07/19.

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!!

[h0wdyus]

I started in Middle of Jan. There is just too much material. Exam is on 30th May. . I have been using Yaeger and wiley book and WTB. Get up in the morning and study and then run to work . So barely 2 hours a day for the 3 and half months.

I think you have enough time. Don't take Reg lightly stay on top of it.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[Mamabear]

Good luck this week!! And thanks for your help!

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!!

[h0wdyus]

Thanks. Need a lot of luck.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[How many letters do you need]

My friend took REG today and he was shaken. He doesn't do shaken and yet he was shaken. If I wasn't spooked before I sure am now….

MBA,CMA,CPA, CFF?, ABV?

[Mamabear]

Do not tell me this howmany! I thought we were friends. Booooo! Where's NJPRU with the motivational quotes? 🙂

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]

Those REG SIMS are shockingly tough, indeed!! lol

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

[How many letters do you need]

Lol mamabear. He just said the Sims were horrendous. He might have still passed he's just in CPA shock and dread mode at this point.

MBA,CMA,CPA, CFF?, ABV?

[jhawkins1010]

Genius, Mamabear!

I think I might be using your technique. Right now, I'm just going through treating each set of multiple choice questions as a diagnostic and writing notes as I go, but I'm sure that effort will seem worthless once I get to the portion of REG that involves calculations. Creating a full set of notes using my Gleim outline and my newly acquired Ninja Notes sounds like a plan, though.

[Author]

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