REG Study Group Q4 2014 - Page 151

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  • November 15, 2014 at 5:21 am #631426
    Kemy
    Participant

    YAY – whew, I'm getting something right…

    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

    November 15, 2014 at 5:21 am #631427
    Mamabear
    Member

    $150,000 for personal service corps.

    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!!

    November 15, 2014 at 5:22 am #631428
    WANNABE_CPA
    Member

    17.All of the following statements concerning a personal service corporation (PSC) are correct except:

    A.

    personal service corporations are taxed at a flat rate of 35%.

    B.

    occupations that would qualify as a PSC are lawyers, accountants, actuaries, podiatrists, and architects.

    C.

    a PSC is not subject to the limits on the deductibility of passive activity losses.

    D.

    a qualified PSC is a corporation that meets both a function test and an ownership test.

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

    November 15, 2014 at 5:22 am #631429
    Mamabear
    Member

    You all did great on that one! The flashcards are harder because you don't have options. You either know it or you don't. Great job!!

    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!!

    November 15, 2014 at 5:23 am #631430
    CPAfit
    Participant

    On August 1 Year, 1, Graham purchased and placed into service an office building costing $264,000 including $30,000 for the land. What was Graham's MACRS deduction for the office building in Year 1?

    a. $9600

    b. $6000

    c. $3600

    d. $2250

    November 15, 2014 at 5:23 am #631431
    Mamabear
    Member

    17–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!!

    November 15, 2014 at 5:24 am #631432
    CPAfit
    Participant

    @ wanna

    B. occupations that would qualify as a PSC are lawyers, accountants, actuaries, podiatrists, and architects

    November 15, 2014 at 5:24 am #631433
    Kemy
    Participant

    Q17 – A

    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

    November 15, 2014 at 5:25 am #631434
    WANNABE_CPA
    Member

    guys…question say except..careful

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

    November 15, 2014 at 5:25 am #631435
    CPAfit
    Participant

    well somebody forgot to RTMFQ!

    November 15, 2014 at 5:25 am #631436
    Mamabear
    Member

    Me too Zubairs!

    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!!

    November 15, 2014 at 5:25 am #631437
    WANNABE_CPA
    Member

    17. C

    A PSC is subject to the limits on the deductibility of passive activity losses. The function and ownership test refers to the percentage of activity performed by the employee-owners.

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

    November 15, 2014 at 5:26 am #631438
    Mamabear
    Member

    Dang–I put A, then C, then switched it back to 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!!

    November 15, 2014 at 5:26 am #631439
    Anonymous
    Inactive

    @zubairs – C?

    November 15, 2014 at 5:28 am #631440
    Mamabear
    Member

    Zubairs–D

    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!!

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