[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

[Anonymous]

@Olad…Not true! I have seen your answers on here and I think you are doing very well. Don't get discouraged… In B-Law I have found that the more problems you do, you start to recognize the same tricks over and over. Best advice is to keep doing those B-LAW MCQs. Maybe you just need to take a breather this morning. Do something relaxing…take a walk, get out for a bit, and come back later when you feel better. You are going to do great!

[sissygirl]

I'm apologize if I'm asking a common question asked on here…….. Are we expected to remember all the phase out amounts for certain deductions on tax returns?

[sissygirl]

I'm apologize if I'm asking a common question asked on here…….. Are we expected to remember all the phase out amounts for certain deductions on tax returns?

[Kenada]

Qlad – don't get panicked. Stay positive… I am doing the last chapters for Tax today – Property Tran and then the final pieces of B-Law this week

I can tell you this much… i can't remember anything i did in Individual tax/Corps or Partnerships…. even though i did them and felt happy about my progress.

I sometimes feel stupid when I try to answer a question posted here and i am like i am sure i sound mental cause i have forgotten this and i should know it… LOL

So you are no alone

@ Sissy Girl for the Phase outs – Jeff has mentioned know the Sc 179 phase out. I would make sure I know the Std Deductions and Exemptions, and AGI %'s etc. MACRs categorizes of the assets.

I would not memorize everything like all the tax rates etc.

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

[Kenada]

Qlad – don't get panicked. Stay positive… I am doing the last chapters for Tax today – Property Tran and then the final pieces of B-Law this week

I can tell you this much… i can't remember anything i did in Individual tax/Corps or Partnerships…. even though i did them and felt happy about my progress.

I sometimes feel stupid when I try to answer a question posted here and i am like i am sure i sound mental cause i have forgotten this and i should know it… LOL

So you are no alone

@ Sissy Girl for the Phase outs – Jeff has mentioned know the Sc 179 phase out. I would make sure I know the Std Deductions and Exemptions, and AGI %'s etc. MACRs categorizes of the assets.

I would not memorize everything like all the tax rates etc.

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

[terranz]

hi all – 2 q's for you all:

the first is very easy for many i'm sure, and I get the math, but I want to understand the concept so I don't miss an easy question. can someone provide a easy to understand?

“U co had cash payments and purchases on account during current year totaling 455. U’s beginning and ending AP balances for the year were 64 and 50 respectively. What amount represents U’s accrual basis purchases for the year?”

Second question:

Which of the following itemized deductions are deductible when computing AMT for individuals?

a. State income taxes

b. Home equity mortgage interest when the loan proceeds were used to purchase an auto

c. Medical expenses amounting to 10% of AGI

d. Home equity mortgage interest when the loan proceeds were used to add an additional room to house.

answer is D which Ii'm good with, but i'm pretty sure that 10% of AGI medical expenses is deductible for AMT purposes.

btw @insiyah for that question about tender offers (#38) the answer was both I and II. I thoguht it would only be II since only the person making the offer for a tender offer has to report, as in someone buying another company's stock. so, the answer should say if anyone is making a tender offer to buy john doe Company stock, NOT links.

thanks all!

[terranz]

hi all – 2 q's for you all:

the first is very easy for many i'm sure, and I get the math, but I want to understand the concept so I don't miss an easy question. can someone provide a easy to understand?

“U co had cash payments and purchases on account during current year totaling 455. U’s beginning and ending AP balances for the year were 64 and 50 respectively. What amount represents U’s accrual basis purchases for the year?”

Second question:

Which of the following itemized deductions are deductible when computing AMT for individuals?

a. State income taxes

b. Home equity mortgage interest when the loan proceeds were used to purchase an auto

c. Medical expenses amounting to 10% of AGI

d. Home equity mortgage interest when the loan proceeds were used to add an additional room to house.

answer is D which Ii'm good with, but i'm pretty sure that 10% of AGI medical expenses is deductible for AMT purposes.

btw @insiyah for that question about tender offers (#38) the answer was both I and II. I thoguht it would only be II since only the person making the offer for a tender offer has to report, as in someone buying another company's stock. so, the answer should say if anyone is making a tender offer to buy john doe Company stock, NOT links.

thanks all!

[UCMCPA]

Terrans,

First question, set is up like a T account. Just plug in the number on the credit side that would make the t account work.

AP

---

455 (dr) ……..64 (cr) beg balance

………………. 50 (cr) end balance

The second question… ABOVE 10% of AGI is deductible for AMT purposes; not “amounting to” or up to 10%.

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

[UCMCPA]

Terrans,

First question, set is up like a T account. Just plug in the number on the credit side that would make the t account work.

AP

---

455 (dr) ……..64 (cr) beg balance

………………. 50 (cr) end balance

The second question… ABOVE 10% of AGI is deductible for AMT purposes; not “amounting to” or up to 10%.

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

[Qlad]

@cupcake and insiyah….thanks a lot …i took ur advice and went for a long walk….feeling relaxed and charged a bit….hopefully, be feeling confident too by the end of the day….

@terranz… for the first q…try making a T Account…u will get the logic… second one is not C bcoz…i think AMT still using 7.5% and not 10%…i'm not sure…

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

[Qlad]

@cupcake and insiyah….thanks a lot …i took ur advice and went for a long walk….feeling relaxed and charged a bit….hopefully, be feeling confident too by the end of the day….

@terranz… for the first q…try making a T Account…u will get the logic… second one is not C bcoz…i think AMT still using 7.5% and not 10%…i'm not sure…

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

[Qlad]

Oh just read UCMCPA's reply…that was tricky to notice “amounting to” 10%…haha

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

[Qlad]

Oh just read UCMCPA's reply…that was tricky to notice “amounting to” 10%…haha

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

[terranz]

@ucmcpa/qlad thanks for response

whats throwing me off is when they say U co had CASH PAYMENTS and PURCHASES of 455.

then the q is asking, what is ACCRUAL purchases for the year.

$455 payments and purchases = Cash going out which is the same as AP reducing right?

so in t account or Base formula it would be:

Beginning – 64

Additions – Solve for this? (Accrual purchases)

Subtraction – 455

Ending – 50.

is that the right logic?

[terranz]

@ucmcpa/qlad thanks for response

whats throwing me off is when they say U co had CASH PAYMENTS and PURCHASES of 455.

then the q is asking, what is ACCRUAL purchases for the year.

$455 payments and purchases = Cash going out which is the same as AP reducing right?

so in t account or Base formula it would be:

Beginning – 64

Additions – Solve for this? (Accrual purchases)

Subtraction – 455

Ending – 50.

is that the right logic?

[Author]

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