REG Study Group Q1 2017 - Page 70

  • This topic has 1,482 replies, 126 voices, and was last updated 9 years ago by tmjcpa.
Viewing 15 replies - 1,036 through 1,050 (of 1,482 total)
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  • February 2, 2017 at 12:51 pm #1452530
    HoosierCPA
    Participant

    @re2pect yeah with some things you just have to play the odds. If you do see it on the exam, tip your cap and move on. That's the one thing I”ve learned with the cpa, you can't learn everything, and trying to learn everything can cause your brain to fry out and forget the easy stuff. You're sitting late this month right? I'm schedule for Feb 14th..I'm sure my wife is going to love that I'm pissed off from another frustrating exam experience on valentines day lol

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

    February 2, 2017 at 1:05 pm #1452539
    abig
    Participant

    I figured it out.

    Thanks guys. Now need to memorize the exemption formula!

    February 2, 2017 at 1:06 pm #1452540
    jack yassa
    Participant

    @dtatham10
    Refund of prior state income taxes
    I'm wondering if that is non-sep stated item, any idea?

    Thanks.

    February 2, 2017 at 1:09 pm #1452542
    HoosierCPA
    Participant

    @jack separately stated, line 10 on the 1040 “Taxable refunds, credits, or offsets of state local income taxes”

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

    February 2, 2017 at 1:10 pm #1452543
    RE2PECT
    Participant

    @dtatham10- Hahaha tell her you'll make it up to her over the weekend. Luckily V Day is during the week this year and it'll give you an excuse to not celebrate. I'm taking it Feb 27th. My wife was already mad that I missed Thanksgiving lol. She wasn't happy that I pushed my exam back this time, but after I told her I'd have to wait for my score until August if I needed another retake, she said take as long as you need lol.

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

    February 2, 2017 at 1:11 pm #1452545
    jack yassa
    Participant

    @dtatham10
    LOL you too fast man!

    Thanks a lot.

    February 2, 2017 at 1:21 pm #1452557
    HoosierCPA
    Participant

    @jack yeah, now that you mention it I probably should be focused on month end close at work!

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

    February 2, 2017 at 1:22 pm #1452558
    HoosierCPA
    Participant

    @re2pect yeah the thought of my final crack at REG, a 10 week wait, and a new exam format gives me too much anxiety. Hopefully it doesn't come to that!

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

    February 2, 2017 at 1:43 pm #1452570
    jack yassa
    Participant

    $160,000 $150,000 of charitable contributions $144,000
    A corporation cannot deduct charitable contributions that exceed 10% of its taxable income for the tax year.

    Taxable income before charitable contribution, $160,000 × 10% limit = $16,000.
    Preliminary Taxable Income $160,000
    Minus Charitable Contribution -16,000
    Total Taxable Income $144,000

    This answer at Ninja, While becker make it 145,000 ? which one is correct?

    February 2, 2017 at 1:54 pm #1452572
    HoosierCPA
    Participant

    @jack the first line has me a little confused:

    “$160,000 $150,000 of charitable contributions $144,000”

    How much are the contributions and how much is taxable income?

    Like you said the max allowable is 10%…the only real curveball (that I can think of) is sometimes they will give you taxable income after the dividend received deduction–in that case you would need to add back the deduction and calculate then calculate the 10% limit.

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

    February 2, 2017 at 2:00 pm #1452581
    jack yassa
    Participant

    @dtatham10
    Becker answer is 145,000 that's weird!

    February 2, 2017 at 2:06 pm #1452585
    HoosierCPA
    Participant

    @jack I'm not even sure I understand the problem. Did you copy all the details over correctly?

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

    February 2, 2017 at 2:08 pm #1452588
    jack yassa
    Participant

    @dtatham10

    Becker answer for the same TBS is 145,000. That's why i got confused!

    February 2, 2017 at 2:15 pm #1452594
    JMG
    Participant

    @jack yassa what does the 150K in your problem represent? It looks as if Becker used that amount for the 10% threshold?

    February 2, 2017 at 2:20 pm #1452597
    jack yassa
    Participant

    This is Becker answer
    Line 3 — $145,000
    The charitable contribution deduction is the lesser of the amount of the charitable contribution or 10% of taxable
    income before the following deductions: (i) the charitable contribution deduction, (ii) the dividends received
    deduction, (iii) any net operating loss carryback (but NOL carry-forwards are deducted), (iv) any capital loss
    carryback, and (v) the U.S. production activities deduction. So, the charitable contribution deduction here is
    $15,000: the lesser of (i) the $15,000 charitable contribution or (ii) $16,000 which is 10% of $160,000 preliminary
    taxable income. As such, line 30 is $145,000: $160,000 preliminary taxable income less the $15,000 allowable
    charitable contribution deduction.

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