[jeff]

Welcome to the Q2 2015 CPA Exam Study Group for REG.

“Death and Taxes” – Individual Tax for the CPA Exam

Posted by Another71 on Monday, November 24, 2014

Free NINJA: https://www.another71.com/cpa-exam-study-plan/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

here, I don't even see this emphasized in my notes in any way. Doesn't C guy get 20 days retroactive thing? Ugh

Noninventory goods were purchased and delivered on June 15, 20X1. Several security interests exist in these goods. Which of the following security interests has priority over the others?

A.

Security interest in future goods attached June 10, 20X1

B.

Security interest attached June 15, 20X1

Incorrect C.

Security interest perfected June 20, 20X1

D.

Purchase money security interest perfected June 24, 20X1

[Anonymous]

willpassby2014,

is it C? If you file earlier, it counts as if you filed on a due date. This also wasn't in my notes dammit

[Anonymous]

coloradorit

this is the 1st time i ‘hear' of this large corporation exception, gonna search irs now

[Anonymous]

Anna, the PMSI is what gets the 20 day retroactive treatment, I believe. My large corp estimated thing is straight out of gleim unit 8.6. I've had questions on it as well (but Gleim only, I don't think ive had ninja questions on that).

[free983]

Well, board newbie here:

Just took first CPA test – I was awful on the SIMS, probably 30-40% at best correct.

REG: 73 OUCH! 04.24.15

FAR: ??

AUD: ??

BEC: Scheduled 07.02.15

[Anonymous]

I cant find what chapter deals with PMSIs. What was the answer, Anna, was it D) Purchase money security interest perfected June 24, 20X1?

[Anonymous]

(2) Large corporations required to pay 100 percent of current year tax

(A) In general

Except as provided in subparagraph (B), clause (ii) of paragraph (1)(B) shall not apply in the case of a large corporation.

(B) May use last year’s tax for 1st installment

Subparagraph (A) shall not apply for purposes of determining the amount of the 1st required installment for any taxable year. Any reduction in such 1st installment by reason of the preceding sentence shall be recaptured by increasing the amount of the next required installment determined under paragraph (1) by the amount of such reduction.

[Anonymous]

I seriously feel like I could just burst into tears now or start running around like PJ Fry in that episode when he drank 100 coffees

[Anonymous]

Yes, the answer is D

[Anonymous]

but shouldn't the partnership file short year thing? annualized income?

[Anonymous]

PMSI = Pretty Much Secured 1st?

I do everything with mnemonics if I can help it.

[Anonymous]

wait, why would they, they don't even pay taxes. See, agitation and idiocity combined, this is what happens

[Anonymous]

No, it's what happens when you try to cram too much information. I do the same thing. Constantly.

[Anonymous]

Case in point, this question just got me. Same thing you were just saying:

New Lots Corporation began business operations as an S corporation in 2011. New Lots files its 1120S returns on a calendar-year basis. The current year is 2014. The corporation’s taxable income and capital gains and losses for the years of operation are as follows:

(I can't copy and paste the table into here, but it's useless anyway).

What is the amount of capital loss that is available to New Lots Corporation for carryback from 2014?

Answer – Nothing, S Corp capital losses are passed through (duh!)

[Anonymous]

tell me this, is automatic perfection and PMSI the same thing? Me, buying stuff in macys with macys credit card?

[Author]

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