[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for REG.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

[CPA2B_NJ]

These types of questions kills my confidence for this Saturday.

Assume that the Brady Corporation had the following tax situation in 2015:

Sum of AMT preference items $ 40,000
Total positive AMT adjustments 85,000
Total negative AMT adjustments 15,000
Regular taxable income 100,000

Determine the amount of AMT exemption that will apply to the Brady Corporation.

——-answer——-
Start with: Regular Taxable Income $100,000
Plus: AMT Preference Items 40,000
Plus/Minus: AMT Adjustments 70,000
———————- ——–
Equals: AMTI $210,000

AMTI $210,000
Phaseout threshold amount (150,000)
———
Excess $ 60,000
x .25
———
Reduction in exemption $ 15,000
=========
Allowable exemption: $40,000 – $15,000 = $25,000

The amount of the reduction of the maximum $40,000 exemption is $15,000. The $40,000 exemption must be reduced by 25% of the excess of AMTI over $150,000.

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

To God be the glory! Forever, amen!

NJ License

[CPA2B_NJ]

Questions Attempted – 2800
Average Score – 73
Trending Score – 82

Exam is in 2 days, any insights?

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

To God be the glory! Forever, amen!

NJ License

[Future Ninja]

@ bin – im sorry man. i will post the answer side by side to the question going forward. for the question shown below: YES! your answer is correct man. its 4,200usd.

Flowers, a married taxpayer,purchased an annuity for $64,400 that will pay $700 per month over the life of Flowers and Flowers’s spouse.
At the time of purchase, the couple’s joint life expectancy was 23 years. Flowers received payment beginning April 1, Year 1, amounting to $6,300 in the first year of the annuity contract.
How much is includible in Flowers’s gross income in the first year?

A. $0 ,,,B. $2,100.,,,C. $4,200,,,,D. $6,300

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

@Future Ninja

Cost of annuity
————————- = % of each payment excluded from taxes
Expected total
annuity payments

therefore

64,400
————- = .3333% excluded of the $6300
193,2000*

*$700/month x 12 months x 23 years

So only $4,200 of the $6300 is included

[CPA2B_NJ]

My average trending with NINJA is 85% but I just took the practice test and scored 64%. I passed the MCQs section but terrible with SIMs.Any insights? Exam is tomorrow!!!!

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

To God be the glory! Forever, amen!

NJ License

[NJtax88]

I am curious, how many people in this group taking the test in the last few weeks of February are TAX people as opposed to Auditors?

I am not going to lie, I took a couple weeks off of work to specifically test in this window because it is busy season for tax professionals. I know Q1 has the lowest pass rates and I was kind of hoping most of the people taking in this time frame would either be auditors with no tax experience, or tax people trying to squeeze it in and taking it without enough preparation.

I know they say there is no “curve” but I imagine that the other scores in the window you are taking it have to effect the scoring of at least the simulations.

To my second question- what is the best way to practice these sims and research? I am doing well enough on my MCQ but simulations were always my struggle first time around trying to pass this exam.

[Anonymous]

@CPA2B_NJ, how confident are you with finding the correct research task from AL?

[CPA2B_NJ]

@Amor D – there were 3 research sims in my practice exam and I messed up because some were asking for section vs paragraph (silly stuff like that) and that's why I got it wrong. The other 3 sims I got partial credit.

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

To God be the glory! Forever, amen!

NJ License

[CPA2B_NJ]

@NJtax88 – I'm a corporate accountant (GAAP only) so no tax experience except for what I've been studying.

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

To God be the glory! Forever, amen!

NJ License

[pracap]

Hey,
Where to practice REG Authoritative Literature? AUD and FAR AL was available!!

[Anonymous]

@Pracap, what review materials are you using?

[luvlee_linda]

What is the easiest way to remember for Partnership Basis calculation if you need to add/ subtract or do both for mortgages – I'm getting confused! 🙁

[jonm857]

Took REG today. Feel like I definitely improved… but not by ten points… It's going to be a nail biter!!!!

UGHUGHGHGHGHGHGHGHGHGH

B - 81
A - 87
R - 73
F - July 5th

[Future Ninja]

@luvlee_linda – pls allow me to share my personal note:

1.) NO REALIZED G/L = when a partnership Interest is received in exchange for prop received UNLESS BOOT IS RECEIVED.

2.) PARTNERS BASIS:

cash contributed…..xxx
+ AB of Prop Contr…xxxx
+ Gain recognized….xxxxx
+share of Liab……….xxxxxx
– liab assumed by partnership (xxxx)
PARTNERS BASIS……..XXXXX

3.) PARTNERSHIP BASIS:
AB of Prop…..xxxx
+Gain recog by partner……xxxx
PARTNERSHIP BASIS……xxxx

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

@jonm857 – Doubt whom you will but never doubt yourself! The hardest thing for me to understand is TAX. Congratulations because for one, you faced one of the greatest obstacle in life. Thats a milestone already. how was your SIM?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Author]

Replies