[jeff]

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

[CPAfit]

@ bucky 13. A $15000

[CPAfit]

ok this is how we're all looking

@kemy 11/22

@wanna 11/26

@mama & @bucky 11/29

@zubairs 11/30

[Anonymous]

14 – A $45K

[Mamabear]

14-A

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Anonymous]

The answer to 13 is B –

Taxable income before dividends and contributions is $125,000 ($200,000 – $75,000). The 10% of taxable income limitation for C corporations uses taxable income BEFORE the dividends received deduction, which is $145,000. Thus, the charitable contribution limitation is $14,500 ($145,000 x 10%).

Taxable income before dividends $125,000

Dividends 20,000

Taxable income before special deductions $145,000

Charitable contributions (14,500)

Taxable income after charitable deduction $130.500

Dividends-received deduction (14,000)

Taxable income $116,500

[WANNABE_CPA]

14. Ans is A but how?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Kemy]

Q13 – B 14,500

Q14 – A $45,000?

FAR - 02/24/14 - 86
AUD - 04/03/14 - 88
REG - 05/29/14 - 68 Retook 11/22/14 - 81 I PASSED!!!!!!!!! IM DONE! Thank You Jesus!
BEC - 07/19/14 - 85

[Mamabear]

@bucky–I forgot about the 10% limitation. 🙁

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Anonymous]

@wannabe – I got A from taking the $50K loss and adding back the $2K charitable contributions and the $3K DRD, because I thought you could roll both of those forward, but they couldn't contribute to the loss.

[CPAfit]

@mama cot damn these deductions!

[Kemy]

Why is Q14 answer a – $45K?

@ Bucky – GOT IT – makes sense… The question made it seem like the DRD was not part of the loss already …

FAR - 02/24/14 - 86
AUD - 04/03/14 - 88
REG - 05/29/14 - 68 Retook 11/22/14 - 81 I PASSED!!!!!!!!! IM DONE! Thank You Jesus!
BEC - 07/19/14 - 85

[WANNABE_CPA]

I get 14 now.. forgot addition /subtraction rules lol

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

Wannabe's question

14.In 2014, Wein Corporation had a net loss from operations of $50,000, which included a deduction for charitable contributions of $2,000. In addition, Wein received dividend income of $10,000 from a 15%-owned domestic corporation. What is the amount of Wein's net operating loss for 2014?

A.$45,000

B.$49,000

C.$55,000

D.$59,000

I did it as (50K) +$2K = (48K) + 10K = (38K) – (7K) = (45K) You have to add back the charitable contributions, then add the dividend income and subtract the 70% DRD.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[WANNABE_CPA]

Bucky…the charitabke deduction to add back will be $7k right what is 3k?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

He just did 10K for the dividend received – $7 K for the DRD.

He netted them and I listed them separately.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Author]

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