[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

[Qlad]

@cpa dilemma….after i give my reg….i shud take a class from u on how to give AUD in 22 days and pass….bcoz i prepared for it 2 mnths and failed…i have exactly 22 days (after i give my BEC in nov.)..before this window ends, to give the AUD exam…

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

[Qlad]

@cpa dilemma….after i give my reg….i shud take a class from u on how to give AUD in 22 days and pass….bcoz i prepared for it 2 mnths and failed…i have exactly 22 days (after i give my BEC in nov.)..before this window ends, to give the AUD exam…

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

[UCMCPA]

Qlad… When donating property the amount deductible is limited to 30% of the AGI.

Since the property is capital gain property held for over a year, you would compare that to the FMV. If it's under a year I believe you use the original cost or adj basis (can't remember), in which the answer would be the 12,xxxxx

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

[UCMCPA]

Qlad… When donating property the amount deductible is limited to 30% of the AGI.

Since the property is capital gain property held for over a year, you would compare that to the FMV. If it's under a year I believe you use the original cost or adj basis (can't remember), in which the answer would be the 12,xxxxx

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

[Qlad]

@ insiyah …that is what ….the limit is 15,000,000….but the FMV was only 12,000,000…so why did he take deduction of 15m…????…i don't want to mess up in such simple question in the exam…

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

[Qlad]

@ insiyah …that is what ….the limit is 15,000,000….but the FMV was only 12,000,000…so why did he take deduction of 15m…????…i don't want to mess up in such simple question in the exam…

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

[svwCPA72]

@ Qlad

If AGI is $5,000,000 then limit for property is 30% of AGI which is $1,500,000. not 15,000,000. I think we needed ,s to make it more understandable. Just like the calculators on the test.

BEC: 80(8/10) expired, 77(10/14)!!!
FAR: 79(11/10) expired, 80(8/14)!!!
REG: 66(7/11), 70(1/12), 70(4/12), 73(10/13), 79(5/14)!!
AUD: 43(8/11), 64(10/11), 65(2/12), 69(7/12) 64(10/12), 73(5/13), 64(7/13), 84(11/13)!!! Thank you Another71 for your help!

Becker, Ninja Notes, Audio, Flashcard and Wiley test bank
Yaeger and Wiley book for Audit

I AM DONE!!!!

[svwCPA72]

@ Qlad

If AGI is $5,000,000 then limit for property is 30% of AGI which is $1,500,000. not 15,000,000. I think we needed ,s to make it more understandable. Just like the calculators on the test.

BEC: 80(8/10) expired, 77(10/14)!!!
FAR: 79(11/10) expired, 80(8/14)!!!
REG: 66(7/11), 70(1/12), 70(4/12), 73(10/13), 79(5/14)!!
AUD: 43(8/11), 64(10/11), 65(2/12), 69(7/12) 64(10/12), 73(5/13), 64(7/13), 84(11/13)!!! Thank you Another71 for your help!

Becker, Ninja Notes, Audio, Flashcard and Wiley test bank
Yaeger and Wiley book for Audit

I AM DONE!!!!

[UCMCPA]

Are you sure your numbers aren't backwards? I don't have my book here to verify if there are rules when a painting declines in value… but I've never seen a problem do that, I've only seen them appreciate in the examples.

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

[Kenada]

Was his revenue 50M or 5M ?

If his revenue is 50,000,000.00 then 30% of that means he can claim up to 30% = 15,000,000.00. Sure he only donated a 12M painting but if he had other charities then he could claim up to his ceiling of 15M. It might be the way the question was asked that was perhaps asking what his maximum claim was.

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

[Kenada]

Was his revenue 50M or 5M ?

If his revenue is 50,000,000.00 then 30% of that means he can claim up to 30% = 15,000,000.00. Sure he only donated a 12M painting but if he had other charities then he could claim up to his ceiling of 15M. It might be the way the question was asked that was perhaps asking what his maximum claim was.

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

[UCMCPA]

Are you sure your numbers aren't backwards? I don't have my book here to verify if there are rules when a painting declines in value… but I've never seen a problem do that, I've only seen them appreciate in the examples.

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

[svwCPA72]

@ insiyah24 I agree with you if his AGI was 50M but Qlad said it was 5M. If it was suppose to be 50M, I have no answer why it would be 15M deduction

BEC: 80(8/10) expired, 77(10/14)!!!
FAR: 79(11/10) expired, 80(8/14)!!!
REG: 66(7/11), 70(1/12), 70(4/12), 73(10/13), 79(5/14)!!
AUD: 43(8/11), 64(10/11), 65(2/12), 69(7/12) 64(10/12), 73(5/13), 64(7/13), 84(11/13)!!! Thank you Another71 for your help!

Becker, Ninja Notes, Audio, Flashcard and Wiley test bank
Yaeger and Wiley book for Audit

I AM DONE!!!!

[svwCPA72]

@ insiyah24 I agree with you if his AGI was 50M but Qlad said it was 5M. If it was suppose to be 50M, I have no answer why it would be 15M deduction

BEC: 80(8/10) expired, 77(10/14)!!!
FAR: 79(11/10) expired, 80(8/14)!!!
REG: 66(7/11), 70(1/12), 70(4/12), 73(10/13), 79(5/14)!!
AUD: 43(8/11), 64(10/11), 65(2/12), 69(7/12) 64(10/12), 73(5/13), 64(7/13), 84(11/13)!!! Thank you Another71 for your help!

Becker, Ninja Notes, Audio, Flashcard and Wiley test bank
Yaeger and Wiley book for Audit

I AM DONE!!!!

[Qlad]

Oh guys ….i confused u all….the AGI is 5m….so the limit will be 1.5m…right?….but he gave the painting worth 12m….that is why the answer is 1.5m….these number of zeros is making my life miserable…..i am sorry ….i told u i am a bit nervous….so pls don't mind my stupidity….

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

[Author]

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