[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/

[Meddik]

I'm nearing the same point I did on FAR where I just decided to stop practicing questions, review my notes and some lecture videos, and bide my time until Saturday. Couldn't tell you half the stuff off of the top of my head but once I see it I'm assuming I'll remember how to do it.

FAR - 86
REG - 83
AUD - 97
BEC -

[Anonymous]

I passed REG but one thing I really want to emphasize to people who are going to take REG is ..

make sure you know corporate distribution/ dividends definition inside out. (Current EP& accumulate EP, return of capital, capital gain distribution and each one's tax treatment.. taxable or non taxable).

I had a brain fart on this topic and I was so confused about what is taxable what is not. I was asked about this topic so many times in MCQ and TBS. I was panicking and dropping lots of f-bombs but I somehow passed REG. But I know that if I have reviewed this topic before the exam, my score would have been higher.

Good Luck Everyone!!!

[Anonymous]

@ elija I have a million flashcards that I made for those topics so that is good to hear. I even pulled out the old tax textbook because I was so lost between how it affected the corp vs. the shareholder.

@Anna, you said your REG book was big. Who are you using?

[Anonymous]

I am using Roger. Maybe it's little smaller

[Meddik]

My cpaexcel FAR book was 2 books that totaled in at about 1000 pages. My cpaexcel REG book is around 500.

My test is Saturday at 930am…I think I'm going to try to run through every ninja blitz video tonight & tomorrow, taking notes on them all. Hoping for some osmosis.

FAR - 86
REG - 83
AUD - 97
BEC -

[willpassby2014]

Miller's mother incurred unreimbursed medical expenses during the year totaling $4,200. Because she was unable to pay these medical expenses herself, Miller paid them on her behalf. Miller cannot claim the mother as a dependent solely because her gross income is $10,000

Can Miller claim the medical expenses in schedule A in his return?

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

umm… no? 😉

[Anonymous]

i have been trying to finish last 8 ninja mcq's for last 2 hours, procrastination is killing me, i have no time for it!

[willpassby2014]

well i thought like you but

Medical expenses paid for Miller and his dependents are deductible. Although Miller’s mother is not his dependent, for the purposes of Schedule A, she can be considered a dependent if the only reason preventing that status is the gross income test. (IRC Section 213(a))

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Meddik]

EDIT – My original response was wrong on that one. So if the gross income doesn't apply, what does? It doesn't say anything about him providing half her support etc. or other standard requirements.

But isn't there some more general rule about medical & educational expenses paid on behalf of someone directly to the institution? Is that a deduction for AGI? Or itemized? If so, medical itemized at the 10% limit and educational at what %? Maybe I'm hallucinating but the concept sounds very familiar.

FAR - 86
REG - 83
AUD - 97
BEC -

[Anonymous]

Meddik,

medical & educational expenses paid on behalf of someone directly to the institution – you are probably thinking of gift tax?

[Meddik]

Ah yes that's it, thanks. Those are not subject to gift tax, correct?

FAR - 86
REG - 83
AUD - 97
BEC -

[Anonymous]

willpassby2014, thanks for posting! Could they really ask that? It sounds very random

[willpassby2014]

Husband left wife and wife did not hear from him from Feb 2014. When filing 2014 individual income tax should wife claim filing jointly or head of household if she is survived by a son?

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

MFJ i guess? because why not?

[Author]

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