[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for REG.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[Anonymous]

@ monikernc
I just did that question 179 expense is only taken for the fixture because its mention in the question
” Jean elects Section 179 on the furniture and equipment and MACRS depreciation on the other assets.”

only 12000 is taken because the cost of furniture is $12000.
deduction lower of 25000 or cost of Assets.

Thanks for link it helped.

[wcn825]

there's also another confusing problem on ninja that has to do with section 179 and macrs. i forgot to check which problem it is but it has to do with 2nd year calculations. and not being able to deduct the first year but as a carryover from the previous year. im lost lol

[monikernc]

Ano, thanks I will read through the sim again. The AMT website is really good. It has helped me a lot.
I did the AICPA sample exam yesterday. Was your question about the basis in the truck exchange? If so, i printed out IRS form 4797 and entered the info and got to the correct answer. The loss is not recognized and the boot reduced the AB of the truck traded in for $20,000 – 3,000 = $17,000 which becomes the basis for the new truck. I also did the JE knowing the loss could not be recognized.
DR New Truck $17000 (plug)
DR Cash $3000
CR Old Truck $20,000

Wcn…i recall a problem with 2nd year depreciation that was baffling but do not recall which one it was. I will post it if it comes up again. 5/23 is coming up fast now.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Claudia408]

Anyone know the number of the SIM in Ninja specifically for Corporate distributions (not formation)?

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Anonymous]

@ monikernc
I was talking about the document review question which I think is no 6 tbs and this is about year 5 model delivery van of $23,300. Anyway, I redid it and this time I got it.

monikernc what tax credit do you think we should know about?

[wcn825]

good luck monikernc. im taking it on monday the 16th. seriously cramming now

[mckan514w]

Ha Claudia JUST googled this– here's the link for all the sim topics
https://www.another71.com/cpa-exam-forum/topic/ninja-mcq-simulations-complete-topic-list-by-sim

(ps: good to see you in here 🙂 )

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[wcn825]

has anyone done the 2016 aicpa released questions? if so, how do you calculate the estimated taxes on the last sim?

[Anonymous]

@mckan514w
I remember once you ask about , mximum deduction of loss from 1244 stock in one year.
As per AICPA released question it should be $10,3000(100,000+3,000).

My Answer was based on this .

A §1244 corporation allows shareholders to take losses on their own return of up to $100,000 in the first year, or $50,000 for married persons filing separately, and $3,000 on subsequent years against ordinary income. Losses above $3,000 can be deducted from capital gains but not ordinary income. Any unused portion can be carried forward.

it clearly saying that 3000 on subsequent year.

[Anonymous]

@wcn825
From where do you get AICPA release2016 sim ,

[mckan514w]

wcn825 Are you talking about the one with the S-Corp? If so the only thing I could figure was it was rounded down… This is how I worked it–
year 3 Estimated income of 1,600 which was over paid by 500 meaning year 3 income was (1600-500)= 1,100*(101%)= 1,210 payment estimate / 4 payments = $302.5

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mckan514w]

@ano- thanks for that as I laugh — every single question I am coming across today are seriously NOT conforming with the rules just like above- my head is about to explode!!!

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mckan514w]

why must they all be so poorly written…. grrrrr digress as I go off to beat my head against the wall some more…

Oh and Roger's release had the Sims included in it Ano…

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Claudia408]

mckan514w – thanks that list is awesome! how's is Reg treating you? I am trying to get this Corporate formation and distribution down, it's so confusing and counter intuitive!

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[wcn825]

@Ano it's on roger review

@mckan514w, yes! i got 302.5 as well. i seriously spent like 20 mins trying to figure out how to get 300 lol.

[Author]

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