REG Study Group October November 2013 - Page 90

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  • October 5, 2013 at 8:38 pm #480577
    Kenada
    Member

    yes that personal property tax is deductible because it is an “imposed” tax. you have pay it.

    For the 25 % rule it is on Gross Income.. 29,000 is not correct.

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

    October 5, 2013 at 8:42 pm #480555
    Kenada
    Member

    I just did all the questions on property trans in the wiley book.. I will post some of them up later today.. I need a break as my brain is kind of mush…

    @ Skier – i guess if Prometric has a 12 noon I would have gone for that too 🙂 I just know my self – if i picked 6 pm i would be studying all day and by the time 6 pm rolls in i would be so tired i would just drain myself.

    I am off work that week so I think i have Mon to Wed to study full time at home . Wed Night I take a break then go to bed early and just listen to Jeff's audio one more time whilst i go to sleep. Next day I wake up, get ready and just go to do the exam. God Willing I pass this exam!

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

    October 5, 2013 at 8:42 pm #480579
    Kenada
    Member

    I just did all the questions on property trans in the wiley book.. I will post some of them up later today.. I need a break as my brain is kind of mush…

    @ Skier – i guess if Prometric has a 12 noon I would have gone for that too 🙂 I just know my self – if i picked 6 pm i would be studying all day and by the time 6 pm rolls in i would be so tired i would just drain myself.

    I am off work that week so I think i have Mon to Wed to study full time at home . Wed Night I take a break then go to bed early and just listen to Jeff's audio one more time whilst i go to sleep. Next day I wake up, get ready and just go to do the exam. God Willing I pass this exam!

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

    October 5, 2013 at 8:59 pm #480557
    Skrier
    Member

    OMG…this cpa legal liability section has my head spinning!! Ugggg…..just can't seem to keep it all straight.

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

    October 5, 2013 at 8:59 pm #480581
    Skrier
    Member

    OMG…this cpa legal liability section has my head spinning!! Ugggg…..just can't seem to keep it all straight.

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

    October 5, 2013 at 10:10 pm #480559
    OCDisME
    Member

    @ insiyah24 Thanks for the response about ESPP and ISO!

    Becker Online - IL Candidate

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

    October 5, 2013 at 10:10 pm #480583
    OCDisME
    Member

    @ insiyah24 Thanks for the response about ESPP and ISO!

    Becker Online - IL Candidate

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

    October 5, 2013 at 11:13 pm #480560
    Qlad
    Member

    pls help me with this q….

    R and S are partners who share p/l 50/50. In the current year the business had book income of $100,000. This included a guaranteed salary $40, 000to R along with a $3000 charitable contri. What is the amnt of income to be included by R in his adj. gross income for the year…

    A.91500 B. 90000 C. 88500 D. 87500…

    I removed the salary and charity to calculate the income share…but they did not… why????

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

    October 5, 2013 at 11:13 pm #480585
    Qlad
    Member

    pls help me with this q….

    R and S are partners who share p/l 50/50. In the current year the business had book income of $100,000. This included a guaranteed salary $40, 000to R along with a $3000 charitable contri. What is the amnt of income to be included by R in his adj. gross income for the year…

    A.91500 B. 90000 C. 88500 D. 87500…

    I removed the salary and charity to calculate the income share…but they did not… why????

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

    October 5, 2013 at 11:38 pm #480562
    Skrier
    Member

    Qlad, I think the answer is C. $88,500. If this is correct, I read the fact pattern to mean the guaranteed salary is already deducted along with the charitable deduction. As for gross income for R, it would include $50k from income, $40k in guaranteed payments and the $1,500 portion of the charitable contribution.

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

    October 5, 2013 at 11:38 pm #480587
    Skrier
    Member

    Qlad, I think the answer is C. $88,500. If this is correct, I read the fact pattern to mean the guaranteed salary is already deducted along with the charitable deduction. As for gross income for R, it would include $50k from income, $40k in guaranteed payments and the $1,500 portion of the charitable contribution.

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

    October 6, 2013 at 12:15 am #480564
    Kenada
    Member

    I would say the answer is A 91,500. Assuming I read correctly where its asking what is included in AGI.

    Gross Income from partnership is 100,000 when they say includes Guaranteed payments and charity I am assuming its already deducted to get to the 100,000

    Now Guaranteed payments is allowable to be deducted as an expense in partnership income because it is looked at like a salary. Charity is a separately stated items that will come in your “Deductions” after AGI.

    So if the question is asking what is included in his AGI we have to take 100,000 add back the 3000.00 = 103,000 / 2 = 51,500 per partner.

    That will be part of your adjustments to Gross income to come to R's AGI. Now R got guaranteed payments that will be Gross Income to R's therefore part of his AGI

    Partnership income – Flow through 51500 plus Salary GI 40,000 = 91,500 AGI

    The Charity deduction will comes after AGI. So since the question is asking what will be included in AGI, I didn't account for the Charity.

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

    October 6, 2013 at 12:15 am #480589
    Kenada
    Member

    I would say the answer is A 91,500. Assuming I read correctly where its asking what is included in AGI.

    Gross Income from partnership is 100,000 when they say includes Guaranteed payments and charity I am assuming its already deducted to get to the 100,000

    Now Guaranteed payments is allowable to be deducted as an expense in partnership income because it is looked at like a salary. Charity is a separately stated items that will come in your “Deductions” after AGI.

    So if the question is asking what is included in his AGI we have to take 100,000 add back the 3000.00 = 103,000 / 2 = 51,500 per partner.

    That will be part of your adjustments to Gross income to come to R's AGI. Now R got guaranteed payments that will be Gross Income to R's therefore part of his AGI

    Partnership income – Flow through 51500 plus Salary GI 40,000 = 91,500 AGI

    The Charity deduction will comes after AGI. So since the question is asking what will be included in AGI, I didn't account for the Charity.

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

    October 6, 2013 at 12:36 am #480566
    Qlad
    Member

    @ insiyah…i got it the way u explained really well….i always understand that phrase wrong “already includes”,…hope i will remember now…it all made sense when i understood it…yes A is right answer….i think skrier just mistakenly said C…the calculation was right otherwise…

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

    October 6, 2013 at 12:36 am #480591
    Qlad
    Member

    @ insiyah…i got it the way u explained really well….i always understand that phrase wrong “already includes”,…hope i will remember now…it all made sense when i understood it…yes A is right answer….i think skrier just mistakenly said C…the calculation was right otherwise…

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

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