[Q3] REG Study Group 2014 - Page 85

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  • August 14, 2014 at 2:49 pm #591887
    Qlad
    Member

    @CNS…really good explanation…made the concept very clear…just adding another point that I got it from another similar question…if in the situation…Silk had accepted the 2nd offer and Blue had knowledge about it , then Blue's acceptance is not valid…

    @taxlady…all the best for the exam…

    I'm stuck at this question…need someone's help here..

    B corp is and Scorp with Ordinary Income of 50000 and interest on Municipal bond $10000. It distributes 20000 to J a 50% owner. What shud J include in Gross Income for the year.

    A. 25000

    B. 30000

    C. 20000

    D. 10000

    The answer is A …but I thought that Gross income shud include tax free income too…if they had asked taxable income, I understand that it wud be A…is my logic wrong?

    FAR 72,71,81 🙂
    AUD 64,71, 72, 75 🙂 I'm done !!!
    REG 73, 74, 74, 84 🙂
    BEC 76 🙂

    August 14, 2014 at 3:50 pm #591888
    TigerWoods
    Member

    I averaged high 80s – low 90s on the Becker practice exams. I came out the test feeling defeated. I'll report back come Aug 21.

    August 14, 2014 at 4:51 pm #591889
    Tax lady
    Participant

    Sounds like you will do just fine. I wish I wasn't so borderline with my score. Not much I can do about it at this point except hope my exam doesn't test my weak areas. Yea right…..

    REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
    AUD 5/30/15 (80)
    BEC 11/28/15 (75)
    FAR 7/30/16

    Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

    August 14, 2014 at 5:08 pm #591890
    spartan14
    Member

    Question on what's included when calculating DNI…

    I thought DNI excluded those items attributable to corpus/principal, but I just got something wrong on my Becker sim so now I'm not so sure. Maybe the rules are different for income attributable to corpus and expenses attributable to corpus?

    AUD- 99 (5/29/14)
    FAR- 92 (7/3/14)
    REG- 93 (8/22/14)
    BEC- 94 (10/11/14)

    August 14, 2014 at 5:16 pm #591891
    Tootsie
    Member

    @spartan14, I think when it comes to expenses (not income), you do include those items attributable to corpus/principal in DNI. I remember seeing a question like this in the Becker multiple choice.

    So, I love the tax stuff but the business law stuff is really boring. I'm in the middle of chapter 7 and want to poke my eyes out. The goal is to finish this chapter tomorrow and hopefully be done with the last chapter by next Monday so I can start my final review.

    FAR - 76
    AUD - 88!!! DONE!!!!!!!!
    BEC - 76
    REG - 77

    never, never, never give up

    August 14, 2014 at 5:18 pm #591892
    spartan14
    Member

    @Tootsie that would explain my confusion, thanks!

    AUD- 99 (5/29/14)
    FAR- 92 (7/3/14)
    REG- 93 (8/22/14)
    BEC- 94 (10/11/14)

    August 14, 2014 at 7:26 pm #591893
    Mamabear
    Member

    Just popping in to wish everyone luck in the next couple of weeks taking REG! I'm taking a study sabbatical until my rematch in Q4. I hope you all nail it this quarter and I don't see any of you next quarter!! You can do it!!

    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!!

    August 14, 2014 at 8:14 pm #591894
    spartan14
    Member

    Really dumb question I've been wanting to ask…

    So as I understand capital assets, they are basically any property held for personal or investment use.

    Therefore, a personal residence would be a capital asset.

    Why would loss on personal residence not be deductible as a capital loss then (up to $3000 over cap gains)?

    Can capital gains and losses only occur on capital assets held for investment?

    AUD- 99 (5/29/14)
    FAR- 92 (7/3/14)
    REG- 93 (8/22/14)
    BEC- 94 (10/11/14)

    August 14, 2014 at 8:18 pm #591895
    JamesBJames
    Participant

    @Tootsie, it unfortunately gets worse. I thought Chapter 6 of business law was totally fine, Chapter 7 was boring, and Chapter 8 was somehow more painful than Chapter 7. If you're using Becker, you also have something crazy like 350 questions all in all for homework.

    I just finished that yesterday. Thank God. Now I gotta do R3-R5 in about 9-10 days.

    FAR: May 1st, 2014 - 91
    AUD: May 29th, 2014 - 97!
    BEC: July 16th, 2014 - 91
    REG: August 29th, 2014 - 88

    Licensed December 2015

    Feel free to add me on LinkedIn by clicking my username!

    August 14, 2014 at 9:05 pm #591896
    Qlad
    Member

    If a person dies in the current year…can the spouse claim the exemption for that person for the year in which s/he died? really minute questions that r disturbing me and I can't find their answers

    FAR 72,71,81 🙂
    AUD 64,71, 72, 75 🙂 I'm done !!!
    REG 73, 74, 74, 84 🙂
    BEC 76 🙂

    August 14, 2014 at 9:28 pm #591897
    JamesBJames
    Participant

    @Qlad: Yeah. I think there's a stipulation that the spouse can't keep the exemption if he / she remarries in the same year, but other than that, there's nothing else that comes to mind. The spouse's filing status would be married filing jointly and he / she keeps the exemption.

    FAR: May 1st, 2014 - 91
    AUD: May 29th, 2014 - 97!
    BEC: July 16th, 2014 - 91
    REG: August 29th, 2014 - 88

    Licensed December 2015

    Feel free to add me on LinkedIn by clicking my username!

    August 14, 2014 at 9:28 pm #591898
    Tax lady
    Participant

    @ Qlad …yes and file a MFJ return for that year and surviving spouse/qualifying widow(er) for the next two years if they have a dependent.

    REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
    AUD 5/30/15 (80)
    BEC 11/28/15 (75)
    FAR 7/30/16

    Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

    August 15, 2014 at 6:38 pm #591899
    thechapman
    Member

    I just finished REG 5 (Becker) and have a question someone might be able to help with. Part of this chapter discusses penalties that can be imposed on “tax return preparers” as well as “tax practitioners”. One of the penalties regarding tax practitioners is the SEC or IRS can revoke/suspend a tax practitioner's right to practice before the SEC/IRS.

    Can anyone tell me what kind of activities would be considered “practicing before the IRS/SEC”? I'm assuming that a tax return preparer charging someone to do their taxes is not considered practicing before the IRS. What is the distinction?

    Passed - 2014

    August 15, 2014 at 6:47 pm #591900
    Kimboroni
    Member

    Tax lady, the real exam is scored much differently than how test banks score, so your practice score really isn't a good indication of anything, other than you knew about 75% of that particular material. The real test score is not a percentage. So don't pay attention to the percentage and keep focusing on the material. You've got this!

    AUD 84 (1/9/14-Wiley books/TB + free materials)
    FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
    REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
    BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

    Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

    August 15, 2014 at 6:56 pm #591901
    Mamabear
    Member

    ^^Agreed. I got a 78% on the practice exam and a 69% on the real exam. Don't let the practice exams give you false confidence or kill your confidence. Just treat it as practice for the layout of the real exam, not an indication of how you will do.

    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!!

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