[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Post by Another71.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

@Coo, thanks. I have to dig my posts from 12 hours ago because I just have so many random questions as I see more MCQs.

That's clear enough. $195 partnership penalty fees for all partners go to F1065!! Thanks again!!!

[Anonymous]

Started studying tax today by doing our personal income taxes for the year 😉 Now back to R8.

[Anonymous]

I have a new question based on the definition of S Corp:

An S corporation is an elective provision (Subchapter S of the Internal Revenue Code) permitting certain small-business corporations and their shareholders to elect special income tax treatment. An S corporation is a flowthrough entity for tax purposes. Of major significance is the fact that S corporation status usually avoids the corporate income tax and that corporate losses can be claimed by the shareholders. The entity must start as a C corporation and then, with the unanimous vote of the stockholders, must apply to the IRS for S corporation status.

QUESTION #1

Per the last sentence above, all corps start as C Corporation then may elect for S Corporation class? Can I not start a corporation that's a right away S Corp so I don't have to elect for it later?

QUESTION #2

I read it somewhere, no charitable contributions are allowed for S Corp? Then later, I encountered a new MCQ that says S Corp takes a charitable contributions.

[NJPRU]

Quick Question – for Involuntary Conversions under the HIDEIT rule – it states that all losses are recognized (which I understand). But if it's a loss, can you somehow be able to use the Casualty and Loss itemized deduction on it?

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[lauren725]

I would think so NJ. As long as it met the criteria for casualty losses I would think??

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!

[Anonymous]

As i am going through my notes for corp tax, i had such a hard time to under the AMT calculation. How does everybody study for this part?

[FIFOisbetterthanLIFO]

NJ, I believe you can as long as you don't recover more than the basis and you are able to deduct over 10% of AGI.

FAR - Passed (82)
BEC - Passed (76)
AUD - Passed (89)
REG - Passed! (81)
AICPA Ethics

Licensed CPA

[FIFOisbetterthanLIFO]

coocoo, don't think of it as more difficult than it actually is. Just remember your adjustments and preferences and ACE (75%). These are added to regular taxable income. The formula for calculating it is not really complex at all if you think about it logically and remember your adjustments and preferences.

Regular Taxable income

+Adjustments and preferences

=AMTI before ACE

+ACE adjustment

=AMTI before exemption

-Exemption

=AMTI

x 20% Tax Rate

=Tentative minimum tax

-Regular Tax

=AMT

Preferences and adjustments are as follows:

PILE (memorization tool):

Private Activity Bond interest

Installment Sales – must use accrual accounting instead

Long term contract income – must use % of completion method instead

Excess Depreciation on personal property becomes 150% DDB instead of 200%

ACE adjustment:

SLIM (memorization tool): (add back 75%) of these

Seventy percent DRD

Life Insurance Proceeds

Municipal Bond interest

FAR - Passed (82)
BEC - Passed (76)
AUD - Passed (89)
REG - Passed! (81)
AICPA Ethics

Licensed CPA

[Anonymous]

@FIFO, thanks a lot for the breakout of it, wish you luck on the 24th.

[funtiks]

Taking exam on 27th

My weak areas are:

Qualified / unqualified stock options

MACRS / ACRS calculations

Exemption calculation for AMT (should I just memorize the phaseout amounts?)

social security provision income formula

On which of the above should i focus the most considering i have limited time

FAR - 76*, 73, 85
BEC - 69, 72, 78*, 80
AUD - 72, 71, 90
REG - 71, 74, 85

AFTER 3 YEARS I'M DONE!!!

[WANNABE_CPA]

Becker Practice exam #2, was a nightmare. Why do they have to make it soo crazy, isnt this suppose to be a confidence booster plus marking your weak areas, whereas this exam felt like i am weak at every small molecule of this test. I think they just overdid the difficluty level.

I scored 68%, i think i will go over all the questions/concepts tested in this test, to make use of this time i spent on it. And not be bothered and carry on with my review plan.

We can do it 🙂

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[NJPRU]

WAHOOO! Got an 80 on my first practice exam!! Time to go enjoy my birthday! haha Have a beautiful day everyone!!

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Gabe]

like kind exchange

New basis

= NBV of prop given up + gain rec + boot paid – boot received

Correct?

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

[s2sylvir]

@Amor D

Actually,

The penalty is on 1065, Page 4, Schedule K box 18c, nondeductible expenses.

It is also on K-1 Box 18, tax-exempt income and nondeductible expenses.

Remember what the book said about the sum of all shareholder's K-1's should equal to what's on the 1065's Schedule K? Thus, it needs to be on both.

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

Becker for all + FAR 10 Point Combo

[Anonymous]

what is the logic behind multiplying net income by 92.35%?

[Author]

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