[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

[pracap]

Guys,
Where do i get 2016 updates for becker materials like 2015 as below –

[mckan514w]

Domestic Production Activities Deduction ?????? I must have completely zoned on any sort of lecture material about this… can anyone help out? testable? I mean I know anything is testable but do I take the time to cram it on in the brain… ugh… so much info

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

[Anonymous]

@mckan514w
Yaeger completely leaves it , But I just looked it and what I understand is this
sec199 DPAD deduction is lesser of
50% of wages
or
9% of lesser of taxable income and qualified production activities income.

[Anonymous]

I know I already have asked this before , but something new came in front of me .

Do we deduct trustee fee allocable to the corpus while computing the DNI?
I know we do not take anything related to the corpus for the computation of DNI
But these two things came in front of me so I wanted anyone to confirm it.
1) while computing the DNI deduct all the expenses even if related to the corpus.
2) we add the capital gain allocable to the income .

[CPA2BEE]

I haven't exactly been drilling on DNI, but my take is leave out distributions and anything related to corpus in computing it. That methodology seems to be working in my review materials.

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[Anonymous]

Each state board sends its most serious ethical infractions before the Joint Trial Board.

Graded T True.
Correct F False.
Your answer is correct.
The Joint Trial Board is an AICPA disciplinary mechanism. More serious infractions come before this board, which can acquit, admonish (censure), suspend, or expel a member. It may also take such other disciplinary, remedial, or corrective action as it deems to be appropriate.

anyone, please explain to me why the answer is false as per explanation it should be correct.

[Just3Letters]

Are the adjustments for corporate AMT significantly different than the adjustments for individual AMT?

For Roger users: I'm asking if PANICTIMME works for both individual and corporate AMT.

This is disregarding the ACE adjustment which I know is in addition to normal adjustments.

Thanks people 🙂

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Claudia408]

Just3 – totally different mnemonic and individual doesn't have ACE

Individual – SIMPLE PIE
Corp – PILE SLM

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

[Just3Letters]

Ooops, PanicTimme Is the mnemonic Becker uses. So much memorizing is driving me crazy haha.

Thanks Claudia!

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[mckan514w]

@ano- thanks…. I will give it a quick perusal seems simple enough….

If I had to guess on the Joint Trial Board one I would go with False because the State Boards don't send you there– but that is simply from working so many MCQs that I am begging to get a slight feel for the wording…

as for DNI
The DNI amount is basically the entities taxable income before the distribution deduction with the following adjustments:
ADDITIONS:
+Personal Exemptions
+net-tex exempt interest
+net capital loss deduction

Subtractions:
-Net Cap gains taxable to entity
-For simple trust dividends allocable to corpus

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]

Okay Ano just looked it up State Refers to AICPA Ethics Committee who then refers to Joint board

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

[Anonymous]

@: mckan514w
what I know is this AICPA deal with the less serious matter and joint trial board deal with the more harsh matter.
that is why answer sound opposite to me.

[mtaylo24]

@csvirk (pg19)

“Joe Dock placed into service Section 179 property that cost $225,000. What is the maximum amount Joe can expense for 2015?

A.
$500,000

B.
$50,000

C.
$2,500,000

D.
$0

Correct answer is D. Can someone explain! Thank you.

I thought we can expense maximum of 500,000 with threshold amount is 200,000. I am completely lost. “

Just got the 2016 ninja notes because I'm freaking out. They say Max deduction is 25K, that is why the answer is 0. My review course had 500K as well, so this one was not sitting well with me…I also have the Ninja notes from 2012 (I've been at this for a while), and those say 500K, but they are updated in 2016 for 25K, that is why the answer is 0.

EDIT: I'm not being clear. Phase-out begins at 200K. 225,000 = 25K Phase-out.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[atx15]

@mtaylo I believe the CPA is still testing on the old standards (before Congress re-signed the new bill re-establishing the Section 179 limits). You will see a lot of Ninja MCQs and even AICPA practice questions that will tell you what the 179 limit is for 2015. If they don't give you the specific limit, then assume it's the old limit of $25k/$200k

AUD - 72, 83
BEC - 71
REG - 74, 77
FAR - Aug 2016

[mtaylo24]

Thanks

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Author]

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