[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

[s2sylvir]

@cpastudent22

I'm not sure if this is the textbook definition, but my understanding is that all portfolio income is passive income, but not all passive income is portfolio income. I would say portfolio income is one type of passive income.

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]

thanks @s2sylvir

another question on Capital losses.

Suppose the capital gain of $20,000 is from an S-Corp, in which you're a shareholder.

You also have a capital loss carryover of $35,000.

What is your capital gain (loss) to appear on your 1040? Becker final simulation says a loss of $3K.

I thought the $3k was for individual capital losses only, not corporations. So then, are s-corp capital gains/losses considered individual and not corporate? I was assuming the capital loss would apply to things like selling property, etc.

[Anonymous]

thanks @s2sylvir

another question on Capital losses.

Suppose the capital gain of $20,000 is from an S-Corp, in which you're a shareholder.

You also have a capital loss carryover of $35,000.

What is your capital gain (loss) to appear on your 1040? Becker final simulation says a loss of $3K.

I thought the $3k was for individual capital losses only, not corporations. So then, are s-corp capital gains/losses considered individual and not corporate? I was assuming the capital loss would apply to things like selling property, etc.

[s2sylvir]

@cpastudent22

S Corp income for the most part passes through to the individual (exceptions are certain S Corps which were initially C Corps). On the individual's return, capital gains and losses are not differentiated between sources. An individual can net gains of $20k on some stocks they purchased, and net them against $23k (20k to the etent fo gains, 3k additional liss allowed for individuals) capital losses passed through to them from the S Corp K-1.

On a C Corp, the corporation pays income tax. But for certain entities, the income is taxed to the individual, those include S Corps, partnerships, grantor trusts.

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

Becker for all + FAR 10 Point Combo

[s2sylvir]

On some stocks they sold*

Eep, thought I should clarify that confusing word choice

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

Becker for all + FAR 10 Point Combo

[singhvidhruv]

Hi guys,

I am planning to give my REG exam in April '15 window (Q2)

Could you tell me in case of rates,exemptions,phase out limits and taxation rates for individuals. 2015 ones ?? or 2014 ones ??

[rachel525]

Samson donated a painting worth 12,000,000 to his local church. He bought the painting several years ago when it was worth only 2,000,000. The painting was Samson's only contribution for the year. What is his amount of charitable contribution deduction? AGI is 5,000,000

My answer is 12,000,000 limited to 15,000,000 (5,000,000 * 30%), but the answer in Becker is 15,000,000 :S

[The_AmYam]

these final exam reviews are killing me!!!!! now i'm wondering if I will pass…. this blows

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

[knicks92]

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 alternative minimum tax?

a.

$25,500

b.

$17,000

c.

$19,500

d.

$21,500

I know this question has been asked a bunch of times, but can some one explain it. I dont get why the taxes are included? Arent they itemized deductions?

Tough times don't last. Tough people do.

B: 88
A: 77
R: 89
F:

[The_AmYam]

knicks – scroll up to the top of the page and see my individual AMT overview – the TIMME section

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

[knicks92]

thanks @yam it was pretty helpful. im starting to understand it more, but it is one of the more difficult concepts after going through r1-r4. i wonder why becker doesnt give more practice questions on the topic

Tough times don't last. Tough people do.

B: 88
A: 77
R: 89
F:

[The_AmYam]

yes becker is deficient in AMT questions – a couple pages ago I posted a lot of corp AMT questions if you want to look at those. I will put up individual ones later; I am sitting on sat so i'm focusing on final exams and such today.

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

[The_AmYam]

does anyone know how many piece of scratch paper you get for the test? is it just one? I can't remember…. I tend to write a lot down/write things out.

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

[Gabe]

@am_yam yes- 2 pieces. not scratch paper but dry erase paper.

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

[step73121]

For those of you taking REG at the end of this week coming up or early next week: how are you spending your last few days studying?

My test is Friday

-Today I'm strictly doing Becker and Wiley MCQs for about a few hours

-Tomorrow do Wiley sims for about 5-6 hours

-Tuesday take a Becker practice test and do some MCQs

-Wednesday focus on my deficiencies and some more MCQs

-Thursday just take it easy and read new AICPA questions.

How about you guys?

REG (1/16/15): 82
FAR (5/28/15): 78
AUD (8/20/15): 85
BEC (10/8/15): 82

[Author]

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