REG Study Group Q1 2015 - Page 70

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  • January 19, 2015 at 2:41 pm #652081
    WantThatCPA
    Member

    haha! just going to crunch some progress tests and go over some minor items that need review in my notes. only going to study for a half day though so I can rest my brain for tomorrow. how about you?

    January 19, 2015 at 2:45 pm #652082
    Gabe
    Participant

    Same. Going to do a few MCQ sets of 30, then read some notes. I'll probably read over my notes tomorrow too. When do you take it tomorrow? Mine is scheduled for the late afternoon.

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

    January 19, 2015 at 2:49 pm #652083
    WantThatCPA
    Member

    Mine is in the morning so I'll wake up and get it over with.

    January 19, 2015 at 2:55 pm #652084
    terryharm
    Member

    Good Luck Guys let us know how it was have a good day today….

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

    PA license Pending..

    January 19, 2015 at 2:57 pm #652085
    WantThatCPA
    Member

    @terry thanks!

    January 19, 2015 at 3:09 pm #652086
    Gabe
    Participant

    thanks @terry

    good luck @wantthatcpa!

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

    January 19, 2015 at 3:13 pm #652087
    WantThatCPA
    Member

    thanks @gabe good luck to you too

    January 19, 2015 at 3:43 pm #652088
    WantThatCPA
    Member

    Dale's distributive share of income from the calendar- year partnership of Dale & Eck was $50,000 in Year 1. On December 15, Year 1, Dale, who is a cash-basis taxpayer, received a $27,000 distribution of the partnership's Year 1 income, with the $23,000 balance paid to Dale in May Year 2. In addition, Dale received a $10,000 interest-free loan from the partnership in Year 1. This $10,000 is to be offset against Dale's share of Year 2 partnership income. What total amount of partnership income is taxable to Dale in Year 1?

    a. $27,000

    b. $37,000

    c. $50,000

    d. $60,000

    The answer is C. Why is the interest-free loan not taxable to Dale?

    January 19, 2015 at 4:00 pm #652089
    Anonymous
    Inactive

    so im taking the exam on feb 13 around 1 pm so should be done around 4 if everything works out. im a little worried because i know that feb 14 is the end of the testing window to receive your scores by feb 24. the aicpa website says that if they receive the scores by midnight on feb 14, you should be fine. considering the time im taking the exam, will i be okay? i cannot imagine having to wait till march

    January 19, 2015 at 4:10 pm #652090
    WantThatCPA
    Member

    @cpasucks you should be fine

    January 19, 2015 at 4:17 pm #652091
    Gabe
    Participant

    @cpa you'll be fine

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

    January 19, 2015 at 5:01 pm #652092
    Anonymous
    Inactive

    thanks for the reassurance…good luck tomorrow gabe. everyone here knows you've been preparing hard for this last section

    January 19, 2015 at 5:22 pm #652093
    WantThatCPA
    Member

    are partner's guaranteed payments the only item that is both included in ordinary income and separately stated?

    January 19, 2015 at 5:35 pm #652094
    Gabe
    Participant

    thanks @amyam!

    thanks @cpasucks!

    @wantthat hmmm never thought of it. I'm inclined to say yes

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

    January 19, 2015 at 5:45 pm #652095
    WantThatCPA
    Member

    @gabe Okay, because I always get confused with these items so I'm memorizing that sim from the second Becker final exam. the guaranteed payments are the only item on that sim that is both ordinary income and separately stated so just wanted to check with you guys.

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