[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]

🙂 I know I agree about reading the question part. The SIM's are making me nervous and I am doing them now.. I am making stupid mistake's in P/ship and Individual taxes and those are the topics i am stronger in… I am very bad in corp tax and B'law esp Sales/contracts secured creditors… Its driving me banana's.

You are right- we have worked hard to prepare for this exam. There is nothing more I can do if I had 1 or 3 more days. I will never grasp those B-law subjects as they are like a alien language to me LOL.

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

[Kenada]

🙂 I know I agree about reading the question part. The SIM's are making me nervous and I am doing them now.. I am making stupid mistake's in P/ship and Individual taxes and those are the topics i am stronger in… I am very bad in corp tax and B'law esp Sales/contracts secured creditors… Its driving me banana's.

You are right- we have worked hard to prepare for this exam. There is nothing more I can do if I had 1 or 3 more days. I will never grasp those B-law subjects as they are like a alien language to me LOL.

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

[Anonymous]

I am confused about related parties…sometimes I feel like it says >80% owner and other times it is >50%…Which is it!? For example, with related party losses, my notes say >50% owner, losses are disallowed. Then, in another section I see that a loss with a >80% subsidiary is an ordinary loss. I don't understand.

[Anonymous]

I am confused about related parties…sometimes I feel like it says >80% owner and other times it is >50%…Which is it!? For example, with related party losses, my notes say >50% owner, losses are disallowed. Then, in another section I see that a loss with a >80% subsidiary is an ordinary loss. I don't understand.

[Skrier]

@Cupcake and IY…Good Luck tomorrow…you will both do fine!!! Let us know how it goes and we can all wait for Nov 1 score release and celebrate!!!

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Skrier]

@Cupcake and IY…Good Luck tomorrow…you will both do fine!!! Let us know how it goes and we can all wait for Nov 1 score release and celebrate!!!

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Sam]

The Rites are married, file a joint income tax return, and qualify to itemize their deductions in the current year. Their adjusted gross income for the year was $55,000, and during the year they paid the following taxes:

Real estate tax on personal residence $2,000

Ad valorem tax on personal automobile $500

Current year state and city income taxes withheld from paycheck $1,000

What total amount of the expense should the Rites claim as an itemized deduction on their current year joint income tax return?

$1,000

$3,000

$3,500

$2,500

Wiley says the correct answer is $3,500 as all of them can be deducted. I thought the correct answer would be $2,600 since they could only take itemized deductions that exceed 2% of their AGI ($1,100). Can anyone explain why the 2% of AGI thresshold is not a factor?

[Sam]

The Rites are married, file a joint income tax return, and qualify to itemize their deductions in the current year. Their adjusted gross income for the year was $55,000, and during the year they paid the following taxes:

Real estate tax on personal residence $2,000

Ad valorem tax on personal automobile $500

Current year state and city income taxes withheld from paycheck $1,000

What total amount of the expense should the Rites claim as an itemized deduction on their current year joint income tax return?

$1,000

$3,000

$3,500

$2,500

Wiley says the correct answer is $3,500 as all of them can be deducted. I thought the correct answer would be $2,600 since they could only take itemized deductions that exceed 2% of their AGI ($1,100). Can anyone explain why the 2% of AGI thresshold is not a factor?

[Anonymous]

@sam Tax deductions are not subject to the 2% threshold. Same for charitable contribtions, medical, investment interest expense, gambling losses, and casualty losses.

[Anonymous]

@sam Tax deductions are not subject to the 2% threshold. Same for charitable contribtions, medical, investment interest expense, gambling losses, and casualty losses.

[Future_FLCPA]

To add onto @Cupcake's statement, misc itemized deductions ARE subject to the 2% AGI floor limitation

B - 80 (Aug 2012)
A - 89 (Jan 2013)
F - 77 (May 2013)
R - 83 (Nov 2013)

[Future_FLCPA]

To add onto @Cupcake's statement, misc itemized deductions ARE subject to the 2% AGI floor limitation

B - 80 (Aug 2012)
A - 89 (Jan 2013)
F - 77 (May 2013)
R - 83 (Nov 2013)

[Sam]

Got it – thank you both!

[Sam]

Got it – thank you both!

[Future_FLCPA]

Good luck to @IY & @Cupcake on your exam today!

B - 80 (Aug 2012)
A - 89 (Jan 2013)
F - 77 (May 2013)
R - 83 (Nov 2013)

[Author]

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