[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for REG. 🙂

[aatoural]

https://i1150.photobucket.com/albums/o602/aatoural/gleim.png

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[aatoural]

the highlighted in yellow that says test prep

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[HoosierCPA]

Ok I lied haha, I didn't realize you had to create the question bank. Whomp whomp. There's my feel dumb moment for the day!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[RE2PECT]

@dtatham10- When you go into the sims menu where you choose what sims you want to do, there should be a link above it that says “Go To Test Prep”

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[JMG]

Not sure if this was in the last quarter group pages, but does anybody have the list of Ninja sims by number? Or is it accessible somewhere?

[aatoural]

LOL Dtatham!

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[aatoural]

For section 179 expense in lieu of depreciation. I understand that deduction is not allowed if there is a net loss or if is going to create one. Does that implied that you cannot desuct to the extent of making it zero?

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[HoosierCPA]

@aa you can deduct to the extent to zero but not beyond zero like you said.

If you have 100k in taxable income and have 200k in 179 depreciation you can deduct 100k in the current year and the disallowed 100k is allowed to be carried forward to future years.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[RE2PECT]

@JMG

https://www.another71.com/cpa-exam-forum/topic/ninja-mcq-simulations-complete-topic-list-by-sim

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[aatoural]

Thank you

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[Anonymous]

I've been a long time CPA candidate. Too long. New to the forum. Studying to pass REG for the last time. Good to see you all. Let's get it done!

[JMG]

@re2pect thanks, knew it was probably somewhere obvious lol

[jack yassa]

AMT “individual” question

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. $17,000
b. $19,500
c. $21,500
d. $25,500
=======================================================
The correct answer is A.17000
In Becker Example P51 he added the state income tax.
Now ‘m not sure why he didn't add it here as well?

[HoosierCPA]

@jak is it A?

Taxes are addbacks so I eliminate the first 2. Medical is an allowable deduction (as long as you aren't over 65 and claiming the 7.5%) so $2k can be claimed. Qualified Housing is allowable as well and Charitable contributions $10k and $5k respectively bringing total AMT deductions to 17k. Interest on personal debts even if its from home equity is not allowed for AMT purposes so that's an add back as well.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[jack yassa]

@dtatham10
Very confusing i really don't understand it
What about this one too

Question CPA-07183
On their joint tax return, Sam and Joann, who are both over age 65, had adjusted
gross income (AGI) of $150,000 and claimed the following itemized deductions:

-Interest of $15,000 on a $100,000 home equity loan to purchase a motor home
-Real estate tax and state income taxes of 18,000
Unreimbursed medical expenses of $15,000 (prior to AGI limitation)
Miscellaneous itemized deductions of $5,000 (prior to AGI limitation)
Based on these deductions, what would be the amount of AMT add-back
adjustment in computing alternative minimum taxable income?
a. $21,750
b. $23,750
c. $35,000
d. $38,750
Thanks a lot 🙂

[Author]

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