REG Study Group Q1 2015 - Page 48

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  • January 10, 2015 at 8:31 pm #651751
    Anonymous
    Inactive

    Damn yammy literally just smoked AMT questions

    January 10, 2015 at 8:33 pm #651752
    Gabe
    Participant

    @stepI agree with yammy (lol) don't let the score freak you out. YOU GOT THIS

    @am_yam- thanks! writing notes now!! I take it on the 20th, so I still have another weekend to cram. You?

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

    January 10, 2015 at 8:41 pm #651753
    Gabe
    Participant

    Ok 2 questions…for invididual AMT

    1. I understand PANIC is +/-. TIMME is ALWAYS added back- similar to preferences?

    2. Where does the perm differences for AMT come into play?

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

    January 10, 2015 at 8:44 pm #651754
    The_AmYam
    Member

    17th – sitting Saturday morning, going out for my husband's birthday that night. 🙂 i will need a beer…. or 7.

    REG - 81
    FAR - 79
    AUD - 94
    BEC - OCT 15

    January 10, 2015 at 8:46 pm #651755
    Gabe
    Participant

    Looking forward to your report back 🙂 My birthday was yesterday so I took the night off. Didn't get too crazy lol. I'll be here allll day tomorrow too

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

    January 10, 2015 at 8:47 pm #651756
    The_AmYam
    Member

    PP TIMME applies to a credit avail on your regular tax, not an AMT credit.

    So if you pay AMT b/c of PP TIMME, you can't carry that part forward as part of your credit to regular income tax. (you'd essentially have to recomputed your PY AMT without those to see what your credit should be this year.)

    I've never seen this. but it's worth knowing.

    REG - 81
    FAR - 79
    AUD - 94
    BEC - OCT 15

    January 10, 2015 at 8:52 pm #651757
    Gabe
    Participant

    So how are TIMME adjustments different than preferences if they're both added back to TI to get Pre ACE?

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

    January 10, 2015 at 9:01 pm #651758
    The_AmYam
    Member

    Preference could be + or – depending on timing

    if you're earlier/later in the accel depr or the POC vs completed contract it could swing either way

    REG - 81
    FAR - 79
    AUD - 94
    BEC - OCT 15

    January 10, 2015 at 9:01 pm #651759
    The_AmYam
    Member

    I'd worry more about TIMME than PANIC b/c those don't seem to show up that frequently. just know what they are and wing the calculation if you need to, i would say.

    REG - 81
    FAR - 79
    AUD - 94
    BEC - OCT 15

    January 10, 2015 at 9:06 pm #651760
    The_AmYam
    Member

    FYI will post the questions later tonight while I'm watching TV… need to focus on other study stuff now before dinner.

    REG - 81
    FAR - 79
    AUD - 94
    BEC - OCT 15

    January 10, 2015 at 9:52 pm #651761
    knicks92
    Member

    is there like a pattern for how to distinguish between negative and positive adjustments for E+P? Or do i just have to memorize all of them

    Tough times don't last. Tough people do.

    B: 88
    A: 77
    R: 89
    F:

    January 10, 2015 at 10:33 pm #651762
    Anonymous
    Inactive

    Curious about the current E&P calculation as well… I tried reasoning through the negative adjustments and it didn't really make any sense. Any inuitive way of thinking about the calculation of current E&P?

    January 11, 2015 at 2:09 am #651763
    The_AmYam
    Member

    yeah there's a little blurb in the book about the economic ability of a company to pay dividends – that's the intuitive way to think about it.

    for tax purposes those items are treated one way – like tax exempt income. but the company still has the income to actually pay that out if they wanted to… so you add it back.

    REG - 81
    FAR - 79
    AUD - 94
    BEC - OCT 15

    January 11, 2015 at 2:16 am #651764
    Anonymous
    Inactive

    Chris, a freelance photographer, uses the cash method for business. The tax year ends on December 31. Which of the following should not be included in the determination of Chris's gross income for the following year?

    A.

    Chris owns controlling shares of a closely-held corporation and is planning to delay the bonus payment from the corporation until January of the next year. The bonus was authorized on December 15 of the current year and may be drawn at any time.

    B.

    Chris received a check from a client on December 28 of the current year for a family portrait produced on December 22 of the current year. The check was dated December 23 of the current year but was not deposited until January 4 of the following year.

    C.

    A client notified Chris on December 27 of the current year that a check was ready. The check was not picked up until January 4 of the following year.

    D.

    Chris received a dividend check on January 4 of the following year. The dividends were declared payable on December 30 of the current year.

    January 11, 2015 at 3:51 am #651765
    Anonymous
    Inactive

    Is there a difference between passive investment income and portfolio income?

    in the becker book it state passive investment income: royalties, dividends, interest, rent

    portfolio income: interest, dividend, royalties,

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