[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

[lmc12]

Hi everyone! I will be taking REG on November 2. I am using Becker self-study and the NINJA audio + notes. I am on the first chapter right now and it's hard to balance work and studying, but I know can do it! Looking forward to crushing this exam!

FAR - 91 (8/14/13)
REG - 75 (11/2/13)
BEC - 86 (2/7/14)
AUD - 92 (5/3/14)

[lmc12]

Hi everyone! I will be taking REG on November 2. I am using Becker self-study and the NINJA audio + notes. I am on the first chapter right now and it's hard to balance work and studying, but I know can do it! Looking forward to crushing this exam!

FAR - 91 (8/14/13)
REG - 75 (11/2/13)
BEC - 86 (2/7/14)
AUD - 92 (5/3/14)

[Qlad]

@ajurew1…

I am with u …I can't understand MACRS too and waiting for someone to explain too…

Meanwhile I have this problem that I can't understand…

Q.A reported Book income $140000.

Included in that amount was 50000 for meals and ent.

and 40000 Federal income tax expense. In SCH M-1, what amt shud be reported as taxable income.

Answer is $ 205000…

It seems this answer added all 50% of M and E and Tax. I did not understand bcoz it said that the 140000 included these expenses…then why did they add again??? they shud have subtracted 25000….or am i wrong???

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

@ajurew1…

I am with u …I can't understand MACRS too and waiting for someone to explain too…

Meanwhile I have this problem that I can't understand…

Q.A reported Book income $140000.

Included in that amount was 50000 for meals and ent.

and 40000 Federal income tax expense. In SCH M-1, what amt shud be reported as taxable income.

Answer is $ 205000…

It seems this answer added all 50% of M and E and Tax. I did not understand bcoz it said that the 140000 included these expenses…then why did they add again??? they shud have subtracted 25000….or am i wrong???

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Skrier]

@Qlad….what study materials are you using?

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

[Skrier]

@Qlad….what study materials are you using?

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

[Skrier]

@Qlad, if you have book income of $140,000 you would need to add back the federal income tax expense and 50% of the meals expense that is not deductible. $140,000+40,000+25,000= $205,000.

I hope this helps.

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

[Skrier]

@Qlad, if you have book income of $140,000 you would need to add back the federal income tax expense and 50% of the meals expense that is not deductible. $140,000+40,000+25,000= $205,000.

I hope this helps.

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

[wannabeCPA123]

I just got my score (87).

While i did dable in a CPAreview for free and Mobile Wiley MCQs.

The majority of my studying was done using Becker.

My sims were easy i felt, and I got Stronger ratings in all of my sim categories.

MCQS were devastating IMHO and I got stronger ratings in everything but business law.

Study study study!

FAR 78
REG 87
BEC 78
AUD 78
Passed all exams on first try! Good luck to everyone!

[wannabeCPA123]

I just got my score (87).

While i did dable in a CPAreview for free and Mobile Wiley MCQs.

The majority of my studying was done using Becker.

My sims were easy i felt, and I got Stronger ratings in all of my sim categories.

MCQS were devastating IMHO and I got stronger ratings in everything but business law.

Study study study!

FAR 78
REG 87
BEC 78
AUD 78
Passed all exams on first try! Good luck to everyone!

[Qlad]

@skrier..

thanks …got it…it's just that i am still not out of audit so doubt every word…lol..

by the way ..i am using becker and wiley with ninja notes…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

@skrier..

thanks …got it…it's just that i am still not out of audit so doubt every word…lol..

by the way ..i am using becker and wiley with ninja notes…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Skrier]

@Qlad… there is a good breakdown in Becker for MACRS pages R3-27 through R3-29. I think the key to MACRS is knowing the Half year, mid-quarter and Mid-Month Conventions. If you can grasp that it may be easier. Just remember MACRS depreciation will likely be different from book depreciation, in that case you will need to review Schedule M-1 on page R3- 26 to reconcile the differences.

I am by no means an expert on this, I am still struggling to completely understand it.

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

[Skrier]

@Qlad… there is a good breakdown in Becker for MACRS pages R3-27 through R3-29. I think the key to MACRS is knowing the Half year, mid-quarter and Mid-Month Conventions. If you can grasp that it may be easier. Just remember MACRS depreciation will likely be different from book depreciation, in that case you will need to review Schedule M-1 on page R3- 26 to reconcile the differences.

I am by no means an expert on this, I am still struggling to completely understand it.

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

[Kenada]

Hey Skrier, Thank you !

We can work together and get this monster under our belt 🙂

I would like to also add to what ajurew1 said about the MACRS. I am seriously weak in property transactions. So if anyone has a good grasp on this please help those of us that are stuck understand it better 🙂

What review course are you using?

@ Qlad Skrier explained it well why the answer is 20,500 :). Think of it this way, when companies prepares their p&l, they will have deducted all the meal & Entertainment and the Federal tax they paid last year.

Now when you are calculating what your Taxable income is this year you have to add back 50% of your meals & entertainment and 100% of the Federal Tax expense.

Remember Federal Tax expense is not a deductible expense so always add it back to get to your taxable income.

Hope this helps 🙂

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

[Author]

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