[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Mamabear]

Sounds great Kemy. Yeah–we're focusing on C corps right now. I think I'm going to let you guys post the questions. By the time I type questions, there is usually another one posted by someone else. 🙂

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!!

[Kemy]

Q22 – C

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]

23. What is the holding period of stock required for DRD to be applicable?

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

[Mamabear]

C is correct $275K

500-250+25=income BEFORE special deductions (i.e. 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!!

[Kemy]

Q1 A C corporation's net capital losses are:

a.

Carried forward indefinitely until fully utilized.

b.

Deductible from the corporation's ordinary income only to the extent of $3,000.

c.

Carried back 3 years and forward 5 years.

d.

Deductible in full from the corporation's ordinary income.

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]

I didn't know there was a holding period for DRD to be applicable. A year?

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]

23.The general rule is the dividends-received deduction is allowed if the underlying stock was held for at least 46 days during the 91-day period beginning on the date 45 days prior to the ex-dividend date

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

[Mamabear]

Q1–C. 3/5

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!!

[Kemy]

Q23 – one year? btw, are the question numbers supposed to be chronological? If so, that should say Q24, not Q1

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]

Oh!! I remember reading that now that you mention it. Evil little fact nuggets

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!!

[Kemy]

That's right – Q1 is C

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]

yes mamabear thats why we are quizing

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

[Mamabear]

We've been doing chronological so we know what we're answering in case questions overlap. We can probably drop that now since it's just 3 of us if you want to.

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!!

[Kemy]

If i ever become a lawmaker – I'm nixing that 46 / 91 45 day rule.

Q2

Baker Corp., a calendar year C corporation, realized taxable income of $36,000 from its regular business operations for the calendar year. In addition, Baker had the following capital gains and losses during the year.

Short-term capital gain

$ 8,500

Short-term capital loss

(4,000)

Long-term capital gain

1,500

Long-term capital loss

(3,500)

Baker did not realize any other capital gains or losses since it began operations. What is Baker's total taxable income for the year?

a.

$42,000

b.

$38,500

c.

$46,000

d.

$40,500

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]

25.Quail, Inc., manufactures consumer products and sells them to distributors. Quail advertises its products to increase sales and enhance the value of its trade name. What is the appropriate tax treatment for the advertising costs?

A.

Amortize the costs over 15 years

B.

Amortize the costs over 36 months

C.

Amortize the costs over 60 months

D.

Deduct the costs currently as ordinary and necessary business expenses

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

[Author]

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