REG Study Group Q1 2016 - Page 11

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  • December 22, 2015 at 9:43 pm #747981
    Boate
    Participant

    Does anyone know when the Ninja Notes and Audio will be updated and available for the REG in Q1? Since I only have the 2014 version, I don't want to listen to it because I don't want to get older standards confused with the new.

    AUD: (65)(66) 77
    REG: (66) (48) destroyed me mentally.....
    FAR: (68) (66)(69)(71)
    BEC: (63) 75

    "Greatness is not some precious thing, it is no more unique to us than breathing. We are ALL capable of it."

    December 22, 2015 at 11:13 pm #747982
    marqzho
    Participant

    I don't think there is much changing from 2014. Trust me you can start going through all the 2014 material now and pick up any 2016 changes later. =)

    REG 90
    FAR 95
    AUD 98
    BEC 84

    December 22, 2015 at 11:15 pm #747983
    marqzho
    Participant

    BTW , I just saw the Ninja update thread.

    REG 90
    FAR 95
    AUD 98
    BEC 84

    December 23, 2015 at 2:00 am #747984
    liquidassets519
    Participant

    Hi everyone,

    Quick question about the Becker R4 simulation 3, question #8 on Section 179 expense using 2014 rules.

    The question is:
    Equipment in the amount of 35,000 was purchased and placed in service during the current year. Taxable income before the Section 179 deduction was $94,000. No other personal or real property was purchased during the year. What is the amount of the deduction allowed under the 2014 section 179 rules?

    The answer is 25,000

    “The equipment will qualify for the Section 179 deduction. Limitations exist when there is a loss or when qualified purchases exceed $2,000,000 during the year. There is also a maximum cap of $500,000 on the Section 179 deduction. It is the maximum cap that is the limitation here.”

    But in previous questions on that simulation we were expensing the full amount placed in service or taxable income if it was following the 500,000 cap rule.

    For example, #1
    1. Equipment in the amount of 300,000 was purchased and placed in service during the current year. Taxable income before section 179 deduction was 900,000. No other personal or real property was purchased during the year.

    The answer is 300,000:
    1. $300,000
    The equipment will qualify for the Section 179 deduction. Limitations exist when there is a loss or when qualified purchases exceed $2,000,000 during the year. There is also a maximum cap of $500,000 on the Section 179 deduction. None of these limitations apply here.

    Thanks for the help!

    December 23, 2015 at 6:18 am #747985
    ahugemistake
    Participant

    CPA2B_NJ

    YOU GOT THIS!

    You and I are in the same boat. My FAR will expire 2/6/2016 and my exam is 1/31. This is my one shot and I am going to give it my best. Goodluck to us both!

    FAR - 78*
    AUD - 66, 79
    REG - 73, 76
    BEC - 79

    December 23, 2015 at 6:58 am #747986
    PwCnewbie1
    Participant

    I'm looking for some tips on REG. Specifically what to focus on the most. I seem to struggle with remembering the tax phase out amounts and the deduction maximums. Using Becker. Thanks. PS despite my scores, I don't exactly ooze confidence towards REG haha. Good luck everyone.

    FAR 94 (8-4-15)
    BEC 90 10-11-15)
    AUD 99 (11-30-15)
    REG 88 (2-21-16)

    Time to get my life back.

    December 23, 2015 at 8:48 am #747987
    Anonymous
    Inactive

    Jordan Corporation has two stockholders. Jordan derives all of its income from investments in stocks and securities, and it regularly distributes 51% of its taxable income as dividends to its shareholders. Jordan is a:

    a) Corporation subject to tax only on income not distributed to stockholders.

    b )Personal holding company.

    c )Personal service corporation subject to accumulated earnings tax.

    d) Regular investment company.

    Choice “b” is correct. Personal holding company status applies if a corporation is owned more than 50% by five or fewer individuals at any time during the last half of the tax year and at least 60% of the adjusted ordinary gross income for the tax year is personal holding company income (which would include income from investments in stocks and securities).

    Can someone explain this? I thought PHC income is from NIRD? Net rent, Interest, Royalties, and Dividends?

    December 23, 2015 at 3:37 pm #747988
    rosecpa
    Participant

    Ekinsbs, it makes sense that it would be a PHC because more than 60% of its income is passive. This is obviously in addition to the max of 5 shareholder requirement.

    You are obviously using Becker, but if I heard correctly on Ninja audio, Jeff said that it includes all passive income.

    December 23, 2015 at 3:39 pm #747989
    rosecpa
    Participant

    Marqzho, I'm waiting for you to answer liquidassets519's question.

    December 23, 2015 at 6:30 pm #747990
    Anonymous
    Inactive

    Welcome to the journey @CPA2B_NJ! REG is my last part as well.

    I'm also using Roger and have finished Section 1 (Individual tax) and 2 (Corp Tax). About to review Indiv Tax again since there's so much info!

    December 23, 2015 at 7:26 pm #747991
    marqzho
    Participant

    @rosecpa

    I wanna help but I can't. It seems to me even the explanation itself contradicts with the answer.

    I know the max. deduction is $500,000 for qualify equipment. If the total cost exceed $2m, the deduction reduces dollar by dollar on the amount over $2m. There is a $25,000 limit on SUV. I know the max. deduction is subject to change every year by the congress or it will drop back to $25,000, but 2014 and 2015 should both be $500,000. (BTW, the congress just made the $500,000 deduction Permanent two days ago)

    There maybe some other info. with the question I guess? If not, I'd email Becker and ask for more explanation.

    REG 90
    FAR 95
    AUD 98
    BEC 84

    December 25, 2015 at 3:34 pm #747992
    Sheffi
    Participant

    Do we need to know securities? I keep getting confused the difference between Sect 11 of 1933 and Sect 10b of 1934, I know 10b is fraud. How important is this?
    Any mnemonics?

    December 25, 2015 at 5:33 pm #747993
    Tncincy
    Participant

    @sheffi, I think that part of securities is a theory question, I think you should just know the difference. The test bank only have a few questions on securities. So again I would just know the difference.

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    December 25, 2015 at 11:45 pm #747994
    Pandarama
    Participant

    sec 11 1933 – IPO, due diligence best defense, no reliance/negligence needed,

    sec 10b 1934 – fraud, must show reliance/scienter/material misstatement, best defense=no ill intentions,

    BEC - 80
    AUD - 64, 75 - credit lost, 90!!
    REG - 73, 74, 83
    FAR - 61, 72, 85

    Feels good finishing on my best note. Time to watch the mailbox.

    December 26, 2015 at 4:32 pm #747995
    CPA2B_NJ
    Member

    Aren't capital losses allowed 3 years back and 5 forward? I thought the answer would be $16,000 but it's $22,000
    which means the loss is not being carried back. Any light into this answer?

    In 20X5, James Bolton, an individual taxpayer, incurred net capital losses that amounted to $25,000. During the period from 20X1 through 20X4, Bolton had net capital gains of $2,000 each year. How much capital loss may Bolton carry forward to 20X6?

    a. $22,000
    b. $25,000
    c. $16,000
    d. $14,000

    FAR - 50, 78
    BEC - 67, 72, 75
    AUD - 72, 80
    REG - 70, 85

    To God be the glory! Forever, amen!

    NJ License

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