[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]

Per the answer you posted: “If a return is filed before its due date, it is treated as filed on its due date.”

Ben's tax return was filed on April 1st, which is BEFORE the due date. Due to the above rule, it's considered filed on the 15th. Thus, Ben has until April 15, 2018 (3 years after the due date) to claim a refund on his 2014 tax return.

[imgonnabacpa]

Have my 3rd attempt for the final part of the CPA exam on Monday but aam unable to study. SOmetimes the mind goes into planning and living life after this CPA thing is done or sometimes it gets stressed thinking about the if …

Or when I sit to study, sometimes the list of tasks and things to be revised before the exam day overwhelms me.

Hs anybody gone through similar situation. Wht did you do? How did you control your mind. I am able to control my body and sit to study but not able to control the mind and study.

Any suggestions???

BEC - 78
AUD - 69,72,78
FAR - 73, 77
REG - 74, 74, April 20(Monday). Not anymore (Fingers Crossed xxxxx)

[Sandia]

@ Imgo.. the panic and stress is part of the game… go to run or some kind of exercises to clear you mind..

Run is helping a lot to control and calm me down..

BEST LUCK ON MONDAY… YOU CAN DO THIS.

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

[imgonnabacpa]

I have come across a question on “Alimony recapture” Did anybody get the concept ? There was a full calculation problem in NINJA which just went over my head.

BEC - 78
AUD - 69,72,78
FAR - 73, 77
REG - 74, 74, April 20(Monday). Not anymore (Fingers Crossed xxxxx)

[jstay]

@imgonnabacpa, post the question to see if we can try and help

[Anonymous]

imgonnabacpa: Too deep into the weeds.

This is what I'd know:

Alimony paid is deductible from AGI and Alimony received is included in AGI. Concept is that the person who paid it might have earned it originally but the person receiving it is in the better position to pay taxes on it. Plus they are the ones to enjoy the benefit. Doubt you'll need to know that but it stuck with me from tax class.

Two things with Alimony. Made in cash (paying off a credit card is still considered a cash payment) and must stop at the time of ex-spouse's death.

Child support paid is not deducted from AGI and child support received is not included in AGI. Additionally in times where the person paying both alimony and child support but does not make the full payment, child support is assumed to be paid out first. Finally, paying off an ex-spouses credit card or making payments directly to a school for things such as tuition can be considered child support or alimony.

Finally, Property settlements are NOT taxable. This is simply considered to be dividing up property as a result of the divorce. Non-taxable event.

[Gabe]

Agree with @angel

Also agree with @sandia, I run at least 4 times a week, it helps me stay calm and focused. It doesn't have to be running, but some kind of exercise to keep you focused and thinking of something else. Best of luck Monday!

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

[jm962011]

Anyone have any good notes they'd like to share about the rental property vs personal property rules and where to report (Sch E vs Sch C)? Roger is confusing the heck out of me and I googled it, got a text book publishers power point and still confused.

also looking for some clarification on retirement contributions.

Roger says “The contribution limit per individual applies to the total contributed to both varieties of IRA. (I understand this.) The contribution limit for Roth IRAs does not apply to taxpayers with income below 114,000 and cannot be used by taxpayers with more than $129,000 of AGI.”

So, I understand that you get no deduction for contributions to an IRA if your AGI is above $129,000 but “the contribution limit for Roth IRAs does not apply to taxpayers with income below $114,000” reads to me as though individuals who have an AGI less than $114,000 can contribute more than the limit?

[imgonnabacpa]

@Sandia & Gabe :

Thanks for the words of encouragement and advice.

@ Angel :

Thank you Angel for all this long explainatuioin and summarising the Alimony. But in NINJA, there is lso a concept of Alimony recapture which kicks in if the alimony payments decrease drastically over the years…. then how to treat it … Becker has no such thing and I do not have any NINJA notes/Books to red it. There was a little reference provided with the question but was difficult to understand.

@jm962011 : I think I have but don't know which notebook… I have hundreds of pages of writing… Can pass them to you if you could wait until after Monday.., Too stressed for the exam to look for the notes.. but should come across it during my revision.

BEC - 78
AUD - 69,72,78
FAR - 73, 77
REG - 74, 74, April 20(Monday). Not anymore (Fingers Crossed xxxxx)

[Anonymous]

I think I have like-kind exchanges down, at least they are easier in REG than in FAR. But still, not sure for how long I can remember them

[hunter32]

I agree with you Anna. Every time I think I have it down I get it wrong the next time through. Definitely going to be one of my last second review items.

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[Anonymous]

I can't make myself wait for the final review, I keep doing random mcq's on everything which is probably waste of time

[Anonymous]

imgonnabacpa: Let me put this another way. I wouldn't worry about it for exam day. Is it possible you'll get a question regarding alimony recapture on exam day? Sure. Is it likely? No. If you do get it on your exam, I apologize profusely but, personally, I wouldn't get too caught up in it.

[magatha12]

I had a question on a problem I was working on:

A $10,000,000 offering of corporate stock intended to be made pursuant to the provisions of Rule 506 of Regulation D of the Securities Act of 1933 would not be exempt under Rule 506 if:

(A) The offering was made through a general solicitation or advertising.

(B) Some of the investors are nonaccredited.

(C) There are more than 35 accredited investors.

(D) The SEC was notified 14 days after the first sale of the securities.

The answer is A, but I thought that according the Rule 506 they CAN solicit? Maybe this review question is outdated?

FAR: 79
AUD: 81
REG:5/29/15
BEC:85

Using CPA Excel, NINJA notes and audio, NINJA MCQs

[Anonymous]

Answer is A. According to my Becker book solicitation isn't allowed under reg D

[Author]

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