@ gabe – Yeah, usually, people who fail these simsscore weaker in atleast a few categories. The sims must have really gotten you. I find out next week, but, I'm with you. I felt confident in only a few of the sims. Not sure I got the research right, and 2 other sims were like foreign. I don't know if I still got a chance.
Also, I got a question for you: Do you know if the research question is worth 7 or 8 points or if the research is worth just 1 or 2 points? I have always wondered about that and if the research is indeed worth 7 or 8 points, it's a big difference maker.
sam- ah good luck to you next week!! Keep us posted 🙂 I am not sure about the research question, but logically, there's more chances for points in the other sims with more blanks…so I always assumed the research was worth less, but who knows.
CPA, CFE
CISA- Experience will be completed by August 2016
@Gabe I think regardless of which month in the 4Q the property is placed in service, as long as it is the 4Q, the answer would be the same because the calculation is 1.5 (half of three months) and not something specific to the day within the quarter.
@Gabe, the mid-quarter rule applies only if you've purchases over 40% of your personal property in the last quarter of the year, otherwise it would be mid-year.
So yes it would still be 1.5/12 if 40% of the property was purchased in the last quarter, and the purchase was in October. If not 40% it would be 6/12 since personal property in on a mid-year convention.
So I have a question, hopefully not a dumb one, I am using Roger review materials and he keeps stressing not to bother to memorize amounts for deductions and phase outs as they change every year but the qestions I am getting on the ninja mcqs require specfic knowledge ?!? Also what limits are you all studying for the 179? The 25k 200k?
I agree with Anna this stuff just doesn't want to stick. Maybe because it is my third test and my brain is done!
@Gabe For personal property you would use 200% for 3,5, & 7 year property. But don't forget that for AMT you can only use 150% declining balance and the difference between 200% and 150% would be an adjustment.
I'm an University of Central Oklahoma grad and I work in Tulsa now.
@ok thanks! So personal prop= double declining. And, gotta love that pesky AMT difference 🙂
Cool. I am originally from the Midwest and also work in Tulsa.
@pwrcat- true. Do not memorize all the phase-outs, it's just too much. There are two that are recommended to know- 179 deduction (which is $200k and $25k, like you mentioned) and mom and pop exception for rental (which is $25k if they meet certain qualifications)
CPA, CFE
CISA- Experience will be completed by August 2016
@ Gabe & pwrccat I contacted becker about 179 because their book has the $25/$200 limits for 2014 which is incorrect because it was extended. This was their answer:
Hi Holly,
The extension took place in mid December retroactively for the whole year.
Therefore it is not testable until July. But by then 2015 rules kick in and it has expired again. Therefore, the updated amounts are not testable. So we have not updated the book.
@Gabe Yeah, I think that's it…..then there's Real Estate…. This is so much information that we'll never use in the real world. That's what I thought studying for BEC, and then when I took BEC and saw the little that was tested as compared to what I studied!