[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

[Gabe]

^^ agree with angel. Based on everyone's input, I feel like we have a pretty solid group of folks who are going to destroy REG this quarter 🙂

CPA, CFE
CISA- Experience will be completed by August 2016

[Holly]

@Gabe I am going through ‘trouble questions' on NINJA, reading/listening to a little of Becker, and randomly going through flashcards.

@Angel I agree with never feeling good about the test. I REALLY want to hit the review phase of NINJA; that alone would make me feel much, much better.

BEC - 79
REG - 85
AUD - 5/27/16

[Troblin]

I just started looking through the Ninja Simulations for REG. Good lord are these terrible…

If I saw some of these on the test I'd probably have a meltdown.

FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

Date I Got My Life Back!: 8/4/2015 🙂

[jstay]

my goal from this week on is to get through two chapters a week which will give me two weeks for a final review (where i have two weeks completely off and will be doing nothing but studying). I'm starting to get nervous that i'm not giving myself enough time, testing on 5/15

[Holly]

@jstay it sounds like you've got a good plan. Two chapter a week is doable, plus two weeks of review is perfect. I think hovering over this stuff for so long you start to lose focus and you forget things you've read if it's been a long time.

BEC - 79
REG - 85
AUD - 5/27/16

[Gabe]

@troblin pretty much describes my previous REG take bahaha. Since then I have gone through all of Ninja and Wiley Sims

@jstay very doable. especially with 2 weeks off. I wouldn't be worried. I also completely agree with @HR it's easy to want to study longer, but that's when you start forgetting things.

CPA, CFE
CISA- Experience will be completed by August 2016

[Gabe]

Rita Spano is an active participant in a company retirement plan. Her husband, John, age 45, works for a company that does not have a retirement plan. The Spanos' joint adjusted gross income for 2014 is $185,000. John contributes $4,000 to an IRA for himself. How much of this $4,000 contribution for John can the Spanos deduct on their 2014 joint return?

A.

$4,000

B.

$3,200

C.

$2,000

D.

$0

Anyone know how they are calculating this?!

Here is the answer:

Beginning in 1998, individuals are not considered participants in a company retirement plan simply because their spouses are. However, the maximum deductible IRA contribution for a nonparticipant spouse is phased out for couples with joint return adjusted gross incomes between $181,000 and $191,000. In this case, the Spanos' AGI is $4,000 over the beginning of the $10,000 phaseout range so their maximum $4,000 deduction is reduced by $800 ($4,000 × 2 ÷ 10) to arrive at $3,200.

CPA, CFE
CISA- Experience will be completed by August 2016

[Holly]

NINJA MCQ #1247

When comparing liquidating distributions of different entities, which of the following statements is incorrect?

A If a partner receives cash in excess of the partner's adjusted basis, then gain is recognized on the excess.

B A C corporation will recognize a gain or loss when the corporation is liquidated

C An S corporation will not recognize a gain or loss when the corporation is liquidated

D In a partnership, if no cash equivalents are distributed, no gain is recognized.

BEC - 79
REG - 85
AUD - 5/27/16

[Gabe]

C- an S corp will recognize gain/loss upon distribution

CPA, CFE
CISA- Experience will be completed by August 2016

[NJPRU]

Gaaaabbeeeee – Good luck during your studies the next couple of days! You'll get it this time buddy! 🙂

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Holly]

@Gabe right! Explain that to me. When I was answering it, I thought – well, the S corp itself wouldn't recognize gain because it would flow through.

BEC - 79
REG - 85
AUD - 5/27/16

[Gabe]

Ok I have tried posting this 4 times…last time..haha

@HR sorry, the site keeps kicking me off and not loading. Grr.

Basically, I chalk it up to a badly worded question/process of elimination. I know all the other ones are correct, so C it is. Which one did you choose?

CPA, CFE
CISA- Experience will be completed by August 2016

[Sandia]

Gabe – You will be a CPA this Saturday night!!! you do not need luck because you know evertythings!!! Bravo!!! excelent job…. We will miss u here!!

Question x you? Any ideas where can I get a good review of S corporation? I got problem with S corporation liquidation and distribution .

Gracias – Thank u

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[Anonymous]

Took the last 3-4 days off about to hit R3 and R4 and be finished with beckers 8 chapters ( I started with blaw).

[OnlyBelieve]

HR- S corps use the same principle as C corps in a liquidating distribution. Even though they are pass thru entities, when it comes to liquidating distributions, they would recognize a gain or loss.

AUD - DONE
BEC - DONE
REG - 04/04
FAR - 05/30

[Author]

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