REG Study Group Q1 2015 - Page 41

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  • January 7, 2015 at 7:25 pm #651645
    rachel525
    Member

    Thank you @gabe and @mika!

    January 7, 2015 at 7:31 pm #651646
    rachel525
    Member

    @gabe The way I remember 1933/1934 is section 11 is with 1933 because of the double digits! (11/33). Doubles don't need to prove intent, negligence, or reliance. They just need to prove they acquired the stock, suffered loss and FS contained material misrepresentation. If you remember this, then with 10b-5, you know it is with 1934 and you need to prove whatever is mentioned above along with scienter and reliance!

    Hope this helps!

    January 7, 2015 at 7:37 pm #651647
    Gabe
    Participant

    thanks @Rachel- so

    1933- stock, loss, MM

    1934- stock, loss, MM, scienter, reliance

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

    January 7, 2015 at 7:38 pm #651648
    rachel525
    Member

    @gabe Yes that's correct! 🙂

    January 7, 2015 at 8:07 pm #651649
    Anonymous
    Inactive

    hey what does it mean when for farming cash basis, inventories of produce, livestock, etc are NOT considered? and for accrual it is. So like why would a farmer who spend money on feed for his livestock be able to deduct that amount

    January 7, 2015 at 8:12 pm #651650
    Gabe
    Participant

    I know this was already discussed but…for individuals:

    Robert had current-year adjusted gross income of $100,000 and potential itemized deductions as follows:

    Medical expenses (before percentage limitations) $12,000

    State income taxes 4,000

    Real estate taxes 3,500

    Qualified housing and residence mortgage interest 10,000

    Home equity mortgage interest (used to consolidate personal debts) 4,500

    Charitable contributions (cash) 5,000

    What are Robert's itemized deductions for the alternative minimum tax?

    A.

    $17,000

    B.

    $19,500

    C.

    $21,500

    D.

    $25,500

    I had B. The answer is A. I watched that AMT video by Jeff and I swear state/real estate tax was OK.

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

    January 7, 2015 at 8:13 pm #651651
    Gabe
    Participant

    @cpa I'd have to see more context…but I would assume you mean that if a farmer has inventory or livestock they CANNOT use cash basis. They MUST use accrual.

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

    January 7, 2015 at 9:10 pm #651652
    Anonymous
    Inactive

    @gabe no real estate tax is not okay. Idk what materials your using but Beckers mneomnic is very good.

    PANIC TIMME

    Panic is your adjustments (can increase or decrease) and TIMME is your itemized deductions.

    T – no taxes allowed

    I – interest is okay if used to build or substantially improve home (anything else add back)

    M – medical expenses in excess of 10% AGI are okay

    M – add back misc deductions subject to 2% AGI (they are not allowed)

    E – no exemptions (3,950) or standard deduction can be taken

    January 7, 2015 at 9:30 pm #651653
    terryharm
    Member

    @GABE I would remember that 1933 is less than 1934 and has less criteria to prove liability

    BEC: 81
    FAR: 75
    AUD: 81
    REG: 85

    PA license Pending..

    January 7, 2015 at 9:31 pm #651654
    Gabe
    Participant

    Thanks blackhawks! I have Becker. I think I was confused on what was categorized as what…so PANIC can +/- and TIME is never allowed?

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

    January 7, 2015 at 9:49 pm #651655
    Gabe
    Participant

    Don Mills, a single taxpayer, had $70,000 in taxable income before personal exemptions. Mills had no tax preferences. His itemized deductions were as follows:

    State and local income taxes $5,000

    Home mortgage interest on loan to

    acquire residence 6,000

    Miscellaneous deductions that exceed

    2% of adjusted gross income 2,000

    What amount did Mills report as alternative minimum taxable income before the AMT exemption?

    A.

    $72,000

    B.

    $75,000

    C.

    $77,000

    D.

    $83,000

    I had A. Answer is C…which allows taxes. I think my brain is turning off for the day

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

    January 7, 2015 at 9:52 pm #651656
    terryharm
    Member

    state taxes not deductible in AMT

    BEC: 81
    FAR: 75
    AUD: 81
    REG: 85

    PA license Pending..

    January 7, 2015 at 10:05 pm #651657
    Gabe
    Participant

    So, state taxes are ADDED back? (as the above question would promulgate) since it is 70 + 2 + 5

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

    January 8, 2015 at 3:11 am #651658
    thawdar
    Participant

    How do you guys remember about Ira???? I doesn't seem to get that right. ;(

    January 8, 2015 at 3:18 am #651659
    Mika
    Participant

    do u guys pay much attention on those Act, say Clean Air Act, EPA etc

    I have alot of these Acts question in Ninja MCQ which driving me crazy

    REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
    FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
    BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
    AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

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