[jeff]

Welcome to the Q3 2017 CPA Exam Study Group for REG. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your REG exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

[CPAIn2018]

Beckers Question CPA 02210.

Jhon Budd is the sole stockholder of the Corp. Hence, I would say, he is 100% owner and devidend Received deduction should be 1000. Not 70%. Am I right? Pls help. It is under R4:M2 , MCQs.

Thank you all

[Holly]

@Tulip this question is asking how much should Ral include in in taxable income from dividends received from a taxable domestic corporation where he owned 500 of 1,000,000. John Budd isn't what they're asking about here.

Don't be too jealous; I still have a lot of reviewing to do. Now that I'm on my last test I have found that pushing through the material and getting familiar with it, then going back and really reviewing works best for me.

BEC - 79
REG - 85
AUD - 5/27/16

[CPAIn2018]

@ Holly

Thank you so much. I fell in to thier trap. I should answer what is asked than what I wanted.
Your plan sounds good. You know how to navigate until your exam day, once you cover all and focus on important once.

[Scared-cpa]

Hello, all!

Do we need to memorize the different tax forms and what types of exemptions/income/etc. go on what form?

[Anonymous]

@scared_cpa-I am not sure, but based on the Becker materials, it seems that we should just be familiar with what form are what, and how they work…I would imagine you want to know 1040 and Schedule C as well as K-1 in detail.

[Anonymous]

@Holly-that's what I do too-just get through the material, and then review. My test is on the 20th, I am in Day 2 of review phase-Ninja MCQ are brutal but I have scored an 89 on my Becker progress test, which is good right?

[Holly]

@anyatver That's great!!

BEC - 79
REG - 85
AUD - 5/27/16

[Julia]

@scared: lots of people r asking bout forms. I found u become familiar w them as u study and do mcq.
I finished all 75 Sims today and found u practice doing the forms there. It helps lots.
I wud not freak out, it sticks.
Like what's a Dr and a cr. It just clicks.
I finished allll my Sims and almost all non- blaw questions 1200. I mostly have skipped like 600 blaw questions. I'm trending at 78 b/c of it. I'm at 85 w tax stuff.
I have 9 more days. I think it might b best to redo all Sims and mcq (not blaw.) thoughts?

[Sweet<3 soon to be CPA]

Hey,
Hope this isn't too far off topic. As most reading these posts I am scheduled for Reg in Q3 – July 3rd to be exact. So here I am down to the last 10 or so days of studying trying to get mentally ready. Today I get a Prometric reminder of my Exam on July 18th.
Of course I freak out bc I never authorized this change-stop everything at work to dig up the email confirm. Under normal circumstances I would appreciate an extra 2 weeks of study time, however I am already scheduled to sit for Audit the last day of Q3 window.
End of story is I called them – something to do with maintenance at the center (which I think is BS). As a courtesy they would rescheduled me for that day I had or any other day – July 3 was not available so I was able to get July 8th. 5 days – not too big of a deal. 5 extra study days 😉
Just curious if this has ever happened to anyone in their CPA process and if it is a normal occurrence with Prometrics. It was mentally exhausting. Girl on phone was sweet and as helpful as she could be but she told me she was new to her position. This is only my second sitting for exam/second section. Assumed that maybe prometric staff wanted to start their July 4th early (like every other candidate studying doesn't – lol)??

Thanks & Happy Studying!

[Holly]

@Tracy a friend of mine had a prometric once just lose her appointment. She decided to confirm it on the site just a couple days before going and it wasn't there, and when she called there wasn't anything they could do. She ended up having to switch to a different center which is a big deal to us because the closest one we have is 2 hours away.

BEC - 79
REG - 85
AUD - 5/27/16

[CPAIn2018]

@Tracy

I wish they do that for me.I really need it .

Never experienced like that or never heard of. This is my 4th sitting and hope final one.

[CPAIn2018]

Hi folks,based on experience, should I dig in deep on corporatr AMT or skip? It looks like, patches and pockets of info here and there and too difficult to align all.

[CPAIn2018]

Beckers CPA # 04607
Tentative minimum tax credit carryforward from year 1 was $25,000 for West Company. In year 2, tentative minimum tax is $150,000 and regular tax is $130,000 for West. What is the minimum tax credit carryover to Year 3?
A. $20,000
B. $0
C. $5,000
D. $45,000

My answer was C, but per Beckers it is D. They just add up the $20,000 current year excess of tentative minimum tax to the regular tax(150 -130), on the $25,000 from last year.

My point is, if it is excess of the regular tax amount, then it should be paid in that year, rather than carryforward to year 3. Where am I missing the link?

Thanx for your help.

[Sweet<3 soon to be CPA]

Tentative tax is based on rules for AMT subtract regular tax and u are left with AMT amount that needs to be paid (basically IRS forces tax payer to pay no less than tentative amount).
This AMT add on is carried forward and can reduce future tax – not future AMT payments – therefore the $25,000 is a carry forward amount. Next year taxpayer pays an additional AMT (150-130=20) to be carried forward and rolled into the 25 previous rolled over (25+20=40).
The deduction for AMT can only be used against regular tax – if tax payer continues to pay an AMT it will snow ball up until if ever tax payer is below AMT threshold.

[Julia]

@Tracy. I just had a mini heart attack. I'm scheduled for July 3. I just confirmed it online. I'm taking bec in September so I need to stick to my schedule.

[Author]

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