REG Study Group Q4 2014 - Page 163

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  • November 15, 2014 at 6:17 pm #631606
    Mamabear
    Member

    @Sullivan–The pertinent part of the medical expense deduction for that question is that for taxable income medical expenses are only deductible over 7.5% of AGI for anyone OVER 65. Because he is 70, he deducted $3,750 from income ($15K – ($150K * .075)), but for AMT he can only deduct anything over the 10% floor of $15,000, which is $150K * 10%.. You have to add back the $3,750 deduction he took to arrive at taxable income to get his AMT amount. So the $35K I calculated earlier for the other items + $3,750 for a total of $38,750 is added back to taxable income to get to AMT.

    If he had been under the age of 65, the 10% floor would have applied to both taxable income and AMT so you would have disregarded the item as an AMT adjustment.

    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 6:19 pm #631607
    Mamabear
    Member

    @2014CPA–Yes. Each of the review materials have little differences of things they put in their MCQ. It may get you a point on the exam, but I wouldn't stress about it. The main material that is covered on the exam will be covered by all the review courses. I see stuff from Becker that I don't see in Wiley/Ninja, but it is few and far between.

    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 6:33 pm #631608
    Anonymous
    Inactive

    Thanks mama! This test has me so super stressed because of AUD rolling off…….

    November 15, 2014 at 6:57 pm #631609
    CPAfit
    Participant

    @mama when are we going to start the quiz?

    November 15, 2014 at 8:07 pm #631610
    Mamabear
    Member

    10 p.m. EST, which I think is 6 a.m. your time.

    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 8:08 pm #631611
    Mamabear
    Member

    You can do it 2014CPA! 10 days is a lot of time to nail down your weak areas.

    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 8:16 pm #631612
    CPAfit
    Participant

    @mama ok see you then

    November 15, 2014 at 8:28 pm #631613
    pnielsen1982
    Member

    What have you guys been doing on areas where the threshold isn't necessarily set for 2014? I'm looking at Section 179 elections and it says the maximum amount that can be expensed is $500,000 for 2013 and $25,000 2014 but that it could be changed. I would think that they wouldn't test thresholds in these areas, as this would be a common problem, but just wanted to see what everyone else is doing for these cases. I don't want to memorize bad information.

    CA licensed CPA

    AUD - 08/31/13 - 84
    BEC - 11/26/13 - 84
    FAR - 08/10/14 - 85
    REG - 11/30/14 - 72, 02/20/15 - 87

    What have I gotten myself into?

    November 15, 2014 at 8:39 pm #631614
    Anonymous
    Inactive

    @ CPA by 2015. Is the answer C?

    15,000 + 18,000 + 3,750 + 2,000

    November 15, 2014 at 8:43 pm #631615
    Mamabear
    Member

    I'm going with what it is right now, $25K. I doubt there will be a lot of questions with those in them and if there are hopefully, they'll give us the threshold since it's up in the air.

    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 10:10 pm #631616
    pnielsen1982
    Member

    @Mamabear – Thanks for your response. That's what I'm doing as well. I agree, though, that they are unlikely to test on those areas without giving us a number to work with. ….hopefully, at least.

    CA licensed CPA

    AUD - 08/31/13 - 84
    BEC - 11/26/13 - 84
    FAR - 08/10/14 - 85
    REG - 11/30/14 - 72, 02/20/15 - 87

    What have I gotten myself into?

    November 15, 2014 at 10:47 pm #631617
    Anonymous
    Inactive

    Hey guys, does anyone know what type of entity(ies) don't need to file with a state upon formation??'

    edit: nevermind – found the information 🙂

    November 15, 2014 at 11:12 pm #631618
    Kemy
    Participant

    @ CPAOneDay.. have you taken you retake? IF so…. how do you feel about it???

    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 11:51 pm #631619
    Mamabear
    Member

    @Kemy–you coming back on tonight for more quizzing?

    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 16, 2014 at 12:03 am #631620
    WANNABE_CPA
    Member

    @mamabear..I will come, i just want to be done with nInja Individual taxation Gross income 86 Mcqs before that…i have AMT as my trouble topic for C corp, what about you? Do you wanna play the Sims game…as in decide which sims to do and get done with them at the same time and discuss it later..i dnt think i would ever get myself to do them otherwise lol. we have Ninja, atleast one review Sims will be done with that..What you guys say?

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

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