REG Study Group Q1 2015 - Page 110

Viewing 15 replies - 1,636 through 1,650 (of 2,393 total)
1 2 3 … 109 110 111 … 158 159 160
  • Author
    Replies
  • February 11, 2015 at 7:40 pm #652684
    Gabe
    Participant

    @Ninja- found this froma few years ago:

    https://www.another71.com/cpa-exam-forum/topic/tax-filling-date-please-correct-me-if-they-are-incorrect

    CPA, CFE
    CISA- Experience will be completed by August 2016

    February 11, 2015 at 7:54 pm #652685
    lauren725
    Member

    Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, A/R were $25,000. During the year, Mosh collected $100,000 from customers. At the end of the year, A/R were $15,000. What was Mosh's taxable income for the current year?

    a. $110,000

    b. $75,000

    c. $90,000

    d. $100,000

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    February 11, 2015 at 8:13 pm #652686
    Anonymous
    Inactive

    D

    February 11, 2015 at 8:20 pm #652687
    Gabe
    Participant

    D.

    CPA, CFE
    CISA- Experience will be completed by August 2016

    February 11, 2015 at 8:27 pm #652688
    s2sylvir
    Member

    Why does a cash basis taxpayer even have A/R XD?

    BEC - PASS (79)
    AUD - PASS (63, 71, 74, 74, 83)
    REG - PASS (88)
    FAR - PASS (58, 89)

    Becker for all + FAR 10 Point Combo

    February 11, 2015 at 8:31 pm #652689
    lauren725
    Member

    who knows. that's what throws me off! hopefully wont see something like that on the exam.

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    February 11, 2015 at 8:34 pm #652690
    Gabe
    Participant

    Can someone provide the real estate formula?

    You can take $25k but it is reduce by 50% of AGI over $100k, correct?

    So 25k – (AGI>100K * 50%)

    CPA, CFE
    CISA- Experience will be completed by August 2016

    February 11, 2015 at 8:39 pm #652691
    Anonymous
    Inactive

    @Mamabear, thanks for stopping by and checking in on us. I have been aiming to sit for REG by 2/14 so I can move on to BEC. However, I am just starting my final review today and I feel that a few more days would make a big difference to make sure I nail REG. I will let you know when I know it.

    Thanks again!

    February 11, 2015 at 8:41 pm #652692
    s2sylvir
    Member

    @Cracked/Amor D

    Good luck Cracked… You got it :3 Make sure you use the AL for the SIMs!

    Amor D, you'll be fine!

    BEC - PASS (79)
    AUD - PASS (63, 71, 74, 74, 83)
    REG - PASS (88)
    FAR - PASS (58, 89)

    Becker for all + FAR 10 Point Combo

    February 11, 2015 at 8:41 pm #652693
    Gabe
    Participant

    Good luck @Amor!

    CPA, CFE
    CISA- Experience will be completed by August 2016

    February 11, 2015 at 8:48 pm #652694
    Mamabear
    Member

    Good luck Cracked! I know you can do it! Get a good night's sleep. Don't forget to make that one page of notes to review in the morning before your exam. And jot down any memorization stuff after you sit down before you log in so you can clear your mind of those things and focus on the more in depth topics. Good luck!

    CPA Exam - Finally DONE (November 2014)
    BEC (08/10/13) 80
    AUD (08/24/13) 65 (11/13/13) 85
    FAR (04/12/14) 81
    REG (07/19/14) 69 (11/29/14) 87!!

    February 11, 2015 at 9:03 pm #652695
    Gabe
    Participant

    Jimet, an unmarried taxpayer, qualified to itemize deductions in 2014. Jimet's 2014 adjusted gross income was $30,000 and he made a $2,000 cash donation directly to a needy family. In 2014, Jimet also donated stock, valued at $3,000, to his church. Jimet had purchased the stock four months earlier for $1,500. What was the maximum amount of the charitable contribution allowable as an itemized deduction on Jimet's 2014 income tax return?

    A.

    $0

    Correct B.

    $1,500

    C.

    $2,000

    D.

    $5,000

    So….

    LT= FMV

    ST= basis

    Correct?

    CPA, CFE
    CISA- Experience will be completed by August 2016

    February 11, 2015 at 9:07 pm #652696
    Anonymous
    Inactive

    @Gabe, what was your question about real estate formula? I mean, from what chapter is that topic?

    February 11, 2015 at 9:09 pm #652697
    Gabe
    Participant

    @amor I found it 🙂

    Rental activities are considered passive activities. Losses resulting from passive activities are disallowed unless an exception applies – “Mom and Pop”. This allows taxpayer to deduct up to 25k of net passive losses attributable to rental real estate if the individual are actively participating. The 25k loss is reduced by 50% of the excess of the taxpayers AGI over 100k, phasing out completely at 150k of AGI.

    CPA, CFE
    CISA- Experience will be completed by August 2016

    February 11, 2015 at 9:22 pm #652698
    Gabe
    Participant

    nevermind 🙂

    CPA, CFE
    CISA- Experience will be completed by August 2016

  • Author
    Replies
Viewing 15 replies - 1,636 through 1,650 (of 2,393 total)
1 2 3 … 109 110 111 … 158 159 160
  • The topic ‘REG Study Group Q1 2015 - Page 110’ is closed to new replies.