[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

[Anonymous]

Anyone who acquired the security, suffered damages, and the statement contained a material misstatement or omission of fact. The acquirer of security does not need to prove scienter or reliance.

I like this game.

What are the items of ACE “Adjusted Current Earnings” in determining AMT for corporations?

[Anonymous]

Anyone who acquired the security, suffered damages, and the statement contained a material misstatement or omission of fact. The acquirer of security does not need to prove scienter or reliance.

I like this game.

What are the items of ACE “Adjusted Current Earnings” in determining AMT for corporations?

[Igotthis]

The ACE Items are similar to Tax Income to Book Income for Corporations (for additions part)

+ 70% of DRD

+Interest income on municipal bonds except 2009 and 2010

+exempt life insurance proceeds

– Organizational expenditures are capitalized not amortized

+/- LIFO recapture

I think there were more but I don't remember at the top of my head. Would you have a mnemonic for this?

In an involuntary conversion, how long does the taxpayer have to hold the replacement property in order to elect not to recognize gain?

[Igotthis]

The ACE Items are similar to Tax Income to Book Income for Corporations (for additions part)

+ 70% of DRD

+Interest income on municipal bonds except 2009 and 2010

+exempt life insurance proceeds

– Organizational expenditures are capitalized not amortized

+/- LIFO recapture

I think there were more but I don't remember at the top of my head. Would you have a mnemonic for this?

In an involuntary conversion, how long does the taxpayer have to hold the replacement property in order to elect not to recognize gain?

[Anonymous]

If you're using Becker, their mnemonic is Your MIND is your ACE:

M – Muni Interest Income (Tax exempt interest)

I – Increase in CSV life insurance

N – Non S/L depreciation

D – Dividends Received Deduction (under 20% ownership)

I like this game….keep it rolling guys!!!

Question: When is a contract not irrevocable?

[Anonymous]

If you're using Becker, their mnemonic is Your MIND is your ACE:

M – Muni Interest Income (Tax exempt interest)

I – Increase in CSV life insurance

N – Non S/L depreciation

D – Dividends Received Deduction (under 20% ownership)

I like this game….keep it rolling guys!!!

Question: When is a contract not irrevocable?

[Anonymous]

Oops…didn't realize Igotthis already answered the question.

In an involuntary conversion, how long does the taxpayer have to hold the replacement property in order to elect not to recognize gain?

If it is a individual taxpayer it is 2 years from the year end when the gain was realized and for businesses it is 3 years.

[Anonymous]

Oops…didn't realize Igotthis already answered the question.

In an involuntary conversion, how long does the taxpayer have to hold the replacement property in order to elect not to recognize gain?

If it is a individual taxpayer it is 2 years from the year end when the gain was realized and for businesses it is 3 years.

[ZSRizvi]

I'm still hoping someone can answer my question about the new Becker material since it'll help me study more efficiently.

I am currently using 2013 materials which Becker says will expire on 12/31.

I've also looked at the 2014 materials and they've updated/taken out a few things.

So will this effect my exam on Jan. 4, 2014? Do I need to use 2014 materials?

Becker took out capital gains and losses and I can't find it in the 2014 materials so should I study that even?

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[ZSRizvi]

I'm still hoping someone can answer my question about the new Becker material since it'll help me study more efficiently.

I am currently using 2013 materials which Becker says will expire on 12/31.

I've also looked at the 2014 materials and they've updated/taken out a few things.

So will this effect my exam on Jan. 4, 2014? Do I need to use 2014 materials?

Becker took out capital gains and losses and I can't find it in the 2014 materials so should I study that even?

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[Anonymous]

Im taking the REG exam in February 2014 and im studying with Wiley. I might take Yaeger course. Does anybody have any advice for me about studying and taking the exam.

[Anonymous]

Im taking the REG exam in February 2014 and im studying with Wiley. I might take Yaeger course. Does anybody have any advice for me about studying and taking the exam.

[Anonymous]

Got a question regarding personal AMT.

I thought misc itemized deductions subject to the 2% floor were not allowed and were added back to compute AMT. However in a Becker problem CPA07183, only the amount in excess of 2% is added back. For example, they had an 150k AGI so their 2% floor is 3,000 — their total misc was 5,000. The 2,000 is added back for the calculation. I thought the whole 5,000 would be disallowed?

[Anonymous]

Got a question regarding personal AMT.

I thought misc itemized deductions subject to the 2% floor were not allowed and were added back to compute AMT. However in a Becker problem CPA07183, only the amount in excess of 2% is added back. For example, they had an 150k AGI so their 2% floor is 3,000 — their total misc was 5,000. The 2,000 is added back for the calculation. I thought the whole 5,000 would be disallowed?

[Anonymous]

@Attacks

You are right, the whole amount $5000 is disallowed for AMT purposes. However, the trick here is that we are adjusting the regular taxable income, which has already disallowed the 2% floor. So the adjustment in your example would only add back the $2000, portion allowed for regular tax purposes.

[Author]

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