[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]

88 using ninja notes only. I feel like I owe jeff a bottle if champagne. Taking aud Saturday and hope to be done with this

[spartan14]

Just did the second practice final exam of Becker since I'm taking REG tomorrow and have a question about something that came up on a sim:

Basically deciding what shows up on 1065 and/or schedule K

one of the items was “Capital gains distribution”

I would know how to treat capital gains/losses- not on 1065, but would be on schedule K; which is how the answer key showed it

The “distributions” threw me off, can anyone explain what the difference between a capital gain and a capital gain distribution would be (if any)?

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

[spartan14]

Also, I would be insanely appreciative if someone could list the differences between treatment of items of S corporations and partnerships i.e. basis calculation, at risk calculation, distributions, salaries to owners, guaranteed payments

I am getting super confused between the two, especially about the treatment of salaries and guaranteed payments to owners

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

[oblio]

@spartan

Pretty certain there is no difference in that problem between capital gain and capital gain distribution.

Guaranteed payments are self employed income for partners. There is no such category of payments for corporate shareholders because they get dividends. Salaries for shareholders are no different than salaries for nonshareholders. Salaries for partners I'm not sure – may be self employed income?

[spartan14]

@oblio thank you!

Yeah the self employed income stuff was a little unclear. I got that rental real estate, royalties, and partnerships were on schedule E; sole proprietorships schedule C; and those totals are carried over to a line on 1040. Just wasn't sure if self employed meant it had to come from schedule C or if an active participant in partnerships would be considered self employed for payments.

I was just looking up the (not guaranteed) salaries for partners and now I think are treated as partner distributions.

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

[How many letters do you need]

OK all who else is riding that 8/30 test date and in their final review? How is everybody feeling? To be honest with myself I half-assed this review and wouldn't be surprised if I don't even hit the 70s because of it. Still….I paid money for this sucker and since I refuse to miss a window I'm going to crank the next week and do my best maybe get a little luck and hit a 75.

I'm consolidating notes with my goal to have all notes in Word ready to go by Sat. MCQs on weak topics with full on memorization of business law/prof. Responsibilities to begin Monday. Sims sprinkled throughout the week….come on lucky number 75!!

MBA,CMA,CPA, CFF?, ABV?

[spartan14]

Why are “State income taxes for the business” not deductible on schedule C? Becker answer key says it would be an itemized deduction, but I thought that would only be for the personal portion of any state or local tax.

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

[Amay]

For anyone testing soon and using NINJA MCQ, pay very close attention to your trending score. Mine was so accurate it's scary! 74% trending score = 74 on the exam! For my retake, I am shooting for a trending score of 85…JUST in case!

Good luck to all testing at the end of this window! Q4 REG study mode ON!

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]

@spartan state income taxes = taxes paid on any state return. Those taxes are deductible on the federal return. However the deduction goes on the itemized deduction section of your federal return, not your Schedule C.

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 🙂

[Jspann225]

Pulling a late night study session I need to get my notes retyped for Corporation Tax and make a few note cards. I'm desperately in need of caffeine.

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[sripaljain]

Hi,

Can anyone please help me on Estates and DNI concept…

[sripaljain]

I failed twice due to this portion.. please help me out in Estates,Gift and DNI..people please start quiz on this topics..

[NJPRU]

Good luck How Many! Best wishes! 🙂

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Anonymous]

Found out this morning I passed REG with a 91. To ensure I passed this last test, I got the Roger CRAM. I think it helped quite a bit. I did that plus almost all of the questions in NINJA TB plus reading the Wiley text. If I can do it, anyone can!! I wish you all the best of luck!!

[How many letters do you need]

NJPRU! Nice to see you around. Looks like you have BEC coming up next in Oct? Have you begun that one yet?

MBA,CMA,CPA, CFF?, ABV?

[Author]

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