[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/

[Anonymous]

from seattle acct in another thread

Ok, I was wrong. Short Answer: It has to do with Section 291. Corporations must increase ordinary income by 20%, of the depreciation amount for Sec. 1250 property (excess depreciation). If the building would have been sec. 1245 property, the full depreciation would have to be recaptured.

$200k-170k = 30k depreciation (1245 recapture) <– only calculate 20% of the 1245 recapture amount

$30k x 20% = 6,000 Ordinary Income

The remainder is a Sec. 1231 gain.

[Mamabear]

Don't sleep on B-Law. Just sayin.

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!!

[How many letters do you need]

Mamabear: oh I'm not going to ignore it exactly…just don't think it's worth the time it would take to effectively learn all of that material. This is where I put my faith in the NN to guide me on the important topics….and then just memorize them. I already know that Blaw will show up as a weakness on the score report and that's ok. Still gonna do the best I can and if I can wrap up tax and professional responsibilities a little early I'll give it more focus but for now it's been relegated to memorization the week before:). Hope it works!!

MBA,CMA,CPA, CFF?, ABV?

[Anonymous]

Thanks for the advice. I like what “How many letters do you need” said, but after thinking about it, I know that if I have time to study the week before the exam, I definitely should learn the best I can the Business Law portion along with the rest just in case I need the extra points. I took Business Law over 2 years ago (I know, not very long ago compared to some here), but I never enjoyed studying it. I just completed my Master's of Accounting, Taxation, which is why I am inclined to learn the tax topics more than the others, but a well rounded study program is probably what I will end up doing. Happy studies everyone!

[Anonymous]

Hi, everyone

As I reviewed the regulation test, a problem came to my attention.

My question is when filling the Schedule M-1 for corporation tax return, should I use the netted number or place numbers separately if there is a difference between book and tax purpose?

For example, if the depreciation for tax purpose is 80, and for book purpose is 50. Do I enter 50 under “expense recored on books this year not deducted on this return” and 80 under “deductions on this return not charged against book income this year”; or just enter 30 under “deductions on this return not charged against book income this year” and ignore the “expense record on books this year not deducted on this return”?

Thanks!

[kappa1032]

What did you guys do to remember the adjustments to arrive at AGI vs. the Itemized Deductions? I'm having some trouble separating the two.

FAR - 81
REG - 74, 87
AUD - 88
BEC - 88

Finally.

“The only guarantee for failure is to stop trying”
― John C. Maxwell

[syoung123]

Well, REG, my first exam, is tomorrow! Looking forward to no longer having dreams about inside and outside partnership basis. Feeling confident!

REG (July 2014) - Pass
AUD (Aug 2014) - Pass
FAR - (Nov 2014) - Pass
BEC - (Dec 2014) - Pass

Licensed Colorado CPA (February 2015)

DONE!!!!

[NoraU]

Good luck syoung123!

BEC 05/12/14 77
REG 08/25/14 82
FAR 11/25/14 80
AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

[THISGIRLNEEDSTOPASSHERCPA]

@earlgray_holic I believe it would be the difference between the two. For instance tax depreciation is 80 and book depreciation is 50 you would put 30 under “deductions on this return and not charged as book income this year” and 0 or leave blank under “expense recorded on books…”

Taking the exam on August 27 and I'm so nervous!!!!!!! Hate AMTs gahhhhh

“I can do all things through Christ who strengthens me" - Philippians 4:13
BEC-80 yay!!
AUD- 91 whohooo!
REG- 67:( 74:( really?! I'll see you in April REG!!! 87!!!!!!!!!!!!!!!!! and I'm done as of August 2015!!!
FAR- 68:( 79!!!! 2015 is soooo loving me!

[Anonymous]

@THISGIRLNEEDSTOPASSHERCPA Thanks! I think you are right about it.

[How many letters do you need]

This Girl: You and me both! AMT is a nightmare. I've heard you don't need to memorize the exemption phaseouts for individual as much, more for corporate. That helped me a lot. I'm beginning to feel like I did with FAR where my brain is getting full and I can't imagine how I'm going to squeeze in the rest of tax, bus. law & prof. responsibilities without some of it falling out.

MBA,CMA,CPA, CFF?, ABV?

[Mamabear]

Good luck to everyone getting a REG score today! I really hope none of us see each other in the Q4 REG group. 🙂

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!!

[NoraU]

Good luck to you Mamabear! Please come and visit us as a guest in this group.

BEC 05/12/14 77
REG 08/25/14 82
FAR 11/25/14 80
AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

[Mamabear]

Failed–69. I hate you, taxes!

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!!

[Amay]

@mama I'm so sorry. If it's any consolation I failed too with a 74. I am beyond upset. I really wanted this misery to be OVER! 🙁

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 🙂

[Author]

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