[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

[mags603]

Schedule 1065-partnership income

Even though partnerships aren't subject to income, they must file an information return known as a 1065. This return includes Schedules K & K1. Form 1065 includes an overview of income and deductions of partnership concluding in Line 22, Ordinary Business Income (Loss).

Schedule K & K1 provide detailed info about partnership's income and expenses showing each partner's distributive share of income/loss. Each partner is liable for taxes due on his/her share even if no distribution is made

* I think the difference of K & K 1 is that Schedule K shows the aggregate amounts but K-1 is per partner.

[mags603]

that actually confused me when I was looking it up, i feel like the more I study the more confused I become…I don't get what the difference is between K and 1065 it seems like K just repeats the beginning of the form 1065? idk…

[mags603]

that actually confused me when I was looking it up, i feel like the more I study the more confused I become…I don't get what the difference is between K and 1065 it seems like K just repeats the beginning of the form 1065? idk…

[mags603]

you know how audit changed it's research question to just AU-C? is there any changes with Regs research question?

[mags603]

you know how audit changed it's research question to just AU-C? is there any changes with Regs research question?

[KiwiCPA]

mags603

Sch k (page 4 of the 1065) is the partnership income and distributions. Line 1 comes from line 22 of page 1. The other information on Sch k comes from other forms (like rental income is reported on From 8825) or is reported directly on Sch k (like interest and dividends). So Sch k does not really repeat page 1. In a way the k-1 starts where page 1 left off.

.

The K-1 is the partners share of the income reported on Sch k. The K-1 shows separately reportable income and deductions as the components are reported in different places on the personal return

Section L on the K-1 tracks the partner's capital.

Reg 82; FAR 75; AUD 91; BEC 11/9/13; result due - 11/22/13

[KiwiCPA]

mags603

Sch k (page 4 of the 1065) is the partnership income and distributions. Line 1 comes from line 22 of page 1. The other information on Sch k comes from other forms (like rental income is reported on From 8825) or is reported directly on Sch k (like interest and dividends). So Sch k does not really repeat page 1. In a way the k-1 starts where page 1 left off.

.

The K-1 is the partners share of the income reported on Sch k. The K-1 shows separately reportable income and deductions as the components are reported in different places on the personal return

Section L on the K-1 tracks the partner's capital.

Reg 82; FAR 75; AUD 91; BEC 11/9/13; result due - 11/22/13

[mags603]

@kiwi, thanks, prob need to reread your response a few more times, but think i gotta it. thank you for your clear explanation!

[mags603]

@kiwi, thanks, prob need to reread your response a few more times, but think i gotta it. thank you for your clear explanation!

[so1913]

I should be finishing up reading the Becker text and taking notes by Friday/Saturday. That gives me 12-13 days to hammer out MCQ's and nail down everything. I hope its enough time, this exam will determine if its the end of my exam journey or if I will be set back to the half way mark 🙁

AUD - 90 Pass
REG - 70,61,81 Pass DONE DONE DOOOOONNEEE!!!!!!!!
BEC - 79 - Pass
FAR - 70,82 - Pass

[so1913]

I should be finishing up reading the Becker text and taking notes by Friday/Saturday. That gives me 12-13 days to hammer out MCQ's and nail down everything. I hope its enough time, this exam will determine if its the end of my exam journey or if I will be set back to the half way mark 🙁

AUD - 90 Pass
REG - 70,61,81 Pass DONE DONE DOOOOONNEEE!!!!!!!!
BEC - 79 - Pass
FAR - 70,82 - Pass

[mags603]

Good luck, @so1913!

I have my test next Saturday and am through the Becker lessons so now I am doing 240 mcqs a day and trying to spend a lot of time understanding why I got things wrong..>I am averaging about a 72/73 with spurts of 87 🙂 and 67 🙁

Do you guys think this is an efficient use of time? I am going to spend weds/thurs/friday drilling sims. I would appreciate any insight/suggestions. thank you!!

[mags603]

Good luck, @so1913!

I have my test next Saturday and am through the Becker lessons so now I am doing 240 mcqs a day and trying to spend a lot of time understanding why I got things wrong..>I am averaging about a 72/73 with spurts of 87 🙂 and 67 🙁

Do you guys think this is an efficient use of time? I am going to spend weds/thurs/friday drilling sims. I would appreciate any insight/suggestions. thank you!!

[teeteenounouche]

@mags603 I am basically doing the same thing so let's cross our fingers it will be enough 🙂 I am also working MCQ but I am only doing about 20-30 a day while writing notes on all questions whether I got them wrong or not. I am going to review notes tonight and get back to it after work tomorrow. I hope to get some MCQ done during lunch time tomorrow as well. I took a few days off next week to study so I will have 3 days of long extended hours of study before next Sat.

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[teeteenounouche]

@mags603 I am basically doing the same thing so let's cross our fingers it will be enough 🙂 I am also working MCQ but I am only doing about 20-30 a day while writing notes on all questions whether I got them wrong or not. I am going to review notes tonight and get back to it after work tomorrow. I hope to get some MCQ done during lunch time tomorrow as well. I took a few days off next week to study so I will have 3 days of long extended hours of study before next Sat.

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[Author]

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