[jeff]

REG Resources:

Free REG Notes & Audio – https://www.another71.com/cpa-exam-study-plan

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Score Release: https://www.another71.com/cpa-exam-scores-results-release

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Kenada]

Matthews was a cash-basis taxpayer whose records showed the following:

2012 state and local income taxes withheld

$1,500

2012 state estimated income taxes paid December 30, 2012

400

2012 federal income taxes withheld

2,500

2012 state and local income taxes paid April 17, 2013

300

What total amount was Matthews entitled to claim for taxes on her 2012 Schedule A of Form 1040?

A. $1,500

B. $1,900

C. $2,200

D. $4,700

FAR 05/27/14; 786/110 - Done !

[UCMCPA]

1,900. Only the state and local taxes go on schedule A. The federal taxes go on page 2

FAR - 84
AUD - 94
REG - 86
BEC - 86

[UCMCPA]

1,900. Only the state and local taxes go on schedule A. The federal taxes go on page 2

FAR - 84
AUD - 94
REG - 86
BEC - 86

[Kenada]

Yes 1900 🙂 and the other 300 state tax – because he is cash basis and paid it in the following year. he can claim it next year.

I missed that part LOL…

I guess I would rather make mistakes now and realize it than in the exam.

FAR 05/27/14; 786/110 - Done !

[Kenada]

Yes 1900 🙂 and the other 300 state tax – because he is cash basis and paid it in the following year. he can claim it next year.

I missed that part LOL…

I guess I would rather make mistakes now and realize it than in the exam.

FAR 05/27/14; 786/110 - Done !

[UCMCPA]

@skrier..

I only did 150 questions today, you're making me feel bad.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[UCMCPA]

@skrier..

I only did 150 questions today, you're making me feel bad.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[Kenada]

LOL – I know when I saw Skrier has done that much I am like …. Holy…… ^*(*&*( i only have done 80 LOL .. I am trying to do 75 more today night before I call it quits.

@ UMCPA – you should have a break since your exam is tomorrow. You need to relax so your brain is not tired when you are at the test centre. I hope you do come back and tell how in general terms how you felt etc etc.

Kind of Surprised we haven't heard from Qlad at all. But hope you and OCD will come back and hooray us on to the end 🙂

FAR 05/27/14; 786/110 - Done !

[Kenada]

LOL – I know when I saw Skrier has done that much I am like …. Holy…… ^*(*&*( i only have done 80 LOL .. I am trying to do 75 more today night before I call it quits.

@ UMCPA – you should have a break since your exam is tomorrow. You need to relax so your brain is not tired when you are at the test centre. I hope you do come back and tell how in general terms how you felt etc etc.

Kind of Surprised we haven't heard from Qlad at all. But hope you and OCD will come back and hooray us on to the end 🙂

FAR 05/27/14; 786/110 - Done !

[Kenada]

I remember someone wanted a question on this so here it is.

Smith, an individual calendar-year taxpayer, purchased 100 shares of Core Co. common stock for $15,000 on December 15, Year 1, and an additional 100 shares for $13,000 on December 30, Year 1. On January 3, Year 2, Smith sold the shares purchased on December 15, Year 1, for $13,000. What amount of loss from the sale of Core’s stock is deductible on Smith’s Year 1 and Year 2 income tax returns?

Year 1 Year 2

A. $0 $0

B. $0 $2,000

C. $1,000 $1,000

D. $2,000 $0

FAR 05/27/14; 786/110 - Done !

[Kenada]

I remember someone wanted a question on this so here it is.

Smith, an individual calendar-year taxpayer, purchased 100 shares of Core Co. common stock for $15,000 on December 15, Year 1, and an additional 100 shares for $13,000 on December 30, Year 1. On January 3, Year 2, Smith sold the shares purchased on December 15, Year 1, for $13,000. What amount of loss from the sale of Core’s stock is deductible on Smith’s Year 1 and Year 2 income tax returns?

Year 1 Year 2

A. $0 $0

B. $0 $2,000

C. $1,000 $1,000

D. $2,000 $0

FAR 05/27/14; 786/110 - Done !

[UCMCPA]

Wash sale rules apply, selling the shares on Jan 3, year 2 creates a loss of 2,000 that will be disallowed, baring any other details, all of it is added to his basis in the other shares.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[UCMCPA]

Wash sale rules apply, selling the shares on Jan 3, year 2 creates a loss of 2,000 that will be disallowed, baring any other details, all of it is added to his basis in the other shares.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[Kenada]

So the Answer is A

The January 3, Year 2, sale was a wash sale because substantially the same stock (as that sold at a loss) was purchased within 30 days. The $2,000 loss realized on the wash sale is not recognized in Year 1 or Year 2. The disallowed loss is added to the basis of the stock purchased in the wash sale.

FAR 05/27/14; 786/110 - Done !

[Kenada]

So the Answer is A

The January 3, Year 2, sale was a wash sale because substantially the same stock (as that sold at a loss) was purchased within 30 days. The $2,000 loss realized on the wash sale is not recognized in Year 1 or Year 2. The disallowed loss is added to the basis of the stock purchased in the wash sale.

FAR 05/27/14; 786/110 - Done !

[Author]

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