[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

[Spartans92]

Bear, is that suppose to be a question?

BEC- PASS

[Just3Letters]

Bear-Bear, thanks for the 4 rules there. I hadn't even considered 3!

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

[Bear-Bear]

Oops, no I'm sorry. I was just typing it out because I had forgotten the rules.

[Just3Letters]

No Spartans he was just giving us a study tool. Those are all rules.

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

[Spartans92]

WOW that was embarrassing..

BEC- PASS

[Bear-Bear]

I'm going to delve into AMT next, it is my other-other weak area. I so don't want to though.

[Spartans92]

I feel like Im not learning anything right now.. 🙁 this is sad. I dont wanna see REG for the second time. back to the books.

BEC- PASS

[Just3Letters]

@Bear-Bear,

my biggest issue with both AGI and AMT was understanding that adjustments do not = deductions. Whenever I would get a question about “if something is deductible for AMT or AGI or from AGI” or whatever, I would always say “Yes” if it was in the little mnumonics I had memorized.

That rambling probably didn't make any sense but essentially it took me forever to figure out the difference between adjustments and deductions.

@Spartans, I really struggled with REG when I was going through the lectures. It just takes SO much practice and thousands of questions. I still don't even know if I'm ready. I won't know if I was ready until August 4 actually haha

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

[Bear-Bear]

No, you're absolutely right! That's exactly my problem with it too.

[csvirk]

@Spartan I am on break right now. Cant retain any more information.

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[Just3Letters]

Glad somebody else is in the same boat with me on that! I only had one tax class in college and it was NOT a strong point for me. I honestly feel like I have learned way more tax in the last six weeks than I learned all term in college

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

[csvirk]

is it just me or does it happen to you guys also? My brain starts to shut down after doing 100 question on working days.

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[csvirk]

@just3 I didnt learn anything from TAX class. Honestly this group taught me a lot more about taxes than my professor.

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[Just3Letters]

I start work next Wednesday so I'll let you know in a couple weeks csvirk!

Unfortunately I have to study for my last two tests during work. Thankfully it's not busy season.

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

[Bear-Bear]

*sigh* Ok, here it goes.

So you start with your taxable income. Then you add preferences, which are really just those weird, rare things like private activity bonds and the mineral depletion thing. Then you add or deduct the adjustments, which are:

excess depreciation
% of completion income in excess of completed contract income
Taxes (add them back)
2% miscellaneous
Home mortgage interest if NOT used to improve the home
Personal deduction
standard deduction
other %&#$

Then, you subtract 150,000 from that, multiply it by 25%, and subtract that number from the 40,000 exemption thing and that gives you your exempt amount.

Sound right?

[Author]

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