[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

[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 🙂

[UCMCPA]

Qlad, yes. The limit on a 5M AGI is 1.5M for property

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

[UCMCPA]

Qlad, yes. The limit on a 5M AGI is 1.5M for property

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

[svwCPA72]

Also you can carryforward the excess contributions for up to 5 years after. So if he only took $1.5M that year he could take $10.5M in the following years.

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]

Also you can carryforward the excess contributions for up to 5 years after. So if he only took $1.5M that year he could take $10.5M in the following years.

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!!!!

[stokey45]

Are any judgement awards non-taxable?

I just had a question and compensatory and punitive awards were taxable. Just curious, are there any that are not taxable?

[stokey45]

Are any judgement awards non-taxable?

I just had a question and compensatory and punitive awards were taxable. Just curious, are there any that are not taxable?

[Anonymous]

Soo…I thought this would be an easy question…Not so much.

Harold Thompson, a self-employed individual, had income transactions for 2012 (duly reported on his return filed in April 2013) as follows:

Gross receipts $400,000

Less COGS and deductions 320,000

Net business income $80,000

Capital gains 36,000

Gross income $116,000

In Oct. 2013, Thompson discovers that he had inadvertently omitted some income on his 2012 return and retains Mann, CPA, to determine his position under the statue of limitations. Mann should advise Thompson that the 6-year statue of limitations would apply to his 2012 return only if he omitted from gross income an amount in excess of

A $29,000

B $20,000

C $109,000

D $100,000

What do you think the answer is?

[Anonymous]

Soo…I thought this would be an easy question…Not so much.

Harold Thompson, a self-employed individual, had income transactions for 2012 (duly reported on his return filed in April 2013) as follows:

Gross receipts $400,000

Less COGS and deductions 320,000

Net business income $80,000

Capital gains 36,000

Gross income $116,000

In Oct. 2013, Thompson discovers that he had inadvertently omitted some income on his 2012 return and retains Mann, CPA, to determine his position under the statue of limitations. Mann should advise Thompson that the 6-year statue of limitations would apply to his 2012 return only if he omitted from gross income an amount in excess of

A $29,000

B $20,000

C $109,000

D $100,000

What do you think the answer is?

[stokey45]

@Cupcake985

I believe the answer is A. $29,000.

25% understatement of Gross Income (good faith mistakes do not affect this determination)

The limitation is six years from the later of the due date of return or date return is filed.

[stokey45]

@Cupcake985

I believe the answer is A. $29,000.

25% understatement of Gross Income (good faith mistakes do not affect this determination)

The limitation is six years from the later of the due date of return or date return is filed.

[OCDisME]

@stokey45

Personal injury awards are NOT taxable. “Exclude from gross income damages received as compensation for personal (physical) injury or illness.” I'm not really sure if this is what you were looking for, but I figured I'd chime in.

“Punitive damages are fully taxable as ordinary income if received in a business context or for loss of personal reputation. Punitive damages received by an individual in a personal injury case are also taxable except in wrongful death cases where state law has limited wrongful death awards to punitive damages only.”

Becker Online - IL Candidate

FAR: 85
AUD: 85
BEC: 78
REG: 90

[OCDisME]

@stokey45

Personal injury awards are NOT taxable. “Exclude from gross income damages received as compensation for personal (physical) injury or illness.” I'm not really sure if this is what you were looking for, but I figured I'd chime in.

“Punitive damages are fully taxable as ordinary income if received in a business context or for loss of personal reputation. Punitive damages received by an individual in a personal injury case are also taxable except in wrongful death cases where state law has limited wrongful death awards to punitive damages only.”

Becker Online - IL Candidate

FAR: 85
AUD: 85
BEC: 78
REG: 90

[OCDisME]

@Cupcake985 I agree with stokey45; I believe the answer to be A.

Becker Online - IL Candidate

FAR: 85
AUD: 85
BEC: 78
REG: 90

[OCDisME]

@Cupcake985 I agree with stokey45; I believe the answer to be A.

Becker Online - IL Candidate

FAR: 85
AUD: 85
BEC: 78
REG: 90

[Author]

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