[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

[Amay]

Individuals Sec 1250 Rule: The lesser of the accumulated depreciation or the recognized gain is taxed at 25%. Any gain in excess of amount that gets taxed at 25% is taxed as 1231 capital gain (0, 15, or 20%)

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 🙂

[Amay]

Sec 1250 is giving me a headache! But the good news is that Becker says that we are more likely to get tested on Sec 1245 which we know: if it's a loss = ordinary loss, ordinary income = gain to extent of accumulated depreciation, Sec 1231 capital gain = remaining gain.

Edited! I need a small break. BRB!

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 🙂

[Anonymous]

Sorry guys. I need to call it a night. I have a massive headache that my hospital grade Ibuprofen isn't helping. Time to lay down. Thanks for participating. My test is on the 19th so I'll be back on the weekend (hopefully sans the headache).

[Amay]

Hope you feel better mama! Thanks to you too! 🙂

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 🙂

[jfernandes256]

Hope you feel better mamabear! 🙂

[jfernandes256]

@Amay and Amor are you on PST or EST? How long are planning to stay up?

[Anonymous]

EST here. I will stay up to the next 2 hours or so. The only problem I have now is not being able to participate in higher topics like C & S Corp Taxation, Property, Pship, Prof. Responsibilities, and all those 3 BLAWS.

[Amay]

EST planning on staying up for a couple more hours as well, but really need to work on corp. tax questions. @Amor when are you testing?

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 🙂

[Anonymous]

I am aiming to sit before 7/31. But it seems impossible to me. We'll see. How about yourself?

[Amay]

7/15 – Have 2 days to decide whether I should reschedule or not because I am far from being ready.

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 🙂

[Anonymous]

What review materials are you using again?

[Amay]

Becker & NINJA. I used Becker to do tax lectures (skipped business law) and decided to use NINJA MCQ for this one.

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 🙂

[Anonymous]

After skipping BLAW lectures and using NINJA MCQs, how are you scoring now in quizzes?

[jfernandes256]

In a tax year where the taxpayer pays qualified education expenses, interest income on the redemption of qualified U.S. Series EE bonds may be excluded from gross income. The exclusion is subject to a modified gross income limitation and a limit of aggregate bond proceeds in excess of qualified higher education expenses. Which of the following is true?

The exclusion applies for education expenses incurred by the taxpayer, the taxpayer’s spouse, or any person whom the taxpayer may claim as a dependent for the year.

“Otherwise qualified higher education expenses” must be reduced by qualified scholar­ships not includible in gross income.

A. I only

B. II only

C. Both I and II

D. Neither I nor II

[Anonymous]

C. Both I and II

4 Conditions under Nontaxable Series EE:

[THAN]

T – TP => There is TP or joint ownership (spouse)

H – Higher education => is reduced by tax-free scholarships of the TP, spouse, or dependents

A – Age 24 => TP is over 24 when issued

N – 1989 => Bonds are acquired after 1989

[Author]

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