[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

[WANNABE_CPA]

Regular Taxable income

+/-

L:Long term contracts

I:Installment Sale dealer

D: Depreciation adjustments

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

[WANNABE_CPA]

Adjustments results from Timing diffrerence btw Regular taxable income and AMT

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

[Mamabear]

LID looks good to me.

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]

Adjustments can either be added or subtracted – Becker teaches the PANIC TIMME acronym –

Passive Activity Loss

Accelerated Depr

Net Operating Loss

Installment Income of dealer

Contract (%Compl)

Taxes (foreign, state, local)

Interest deduction equity loan (not related to actual home mortgage)

Medical deductions

Misc deductions

Exemptions (personal /standard ded)

PANIC – can be an add back or substraction; TIMME is always add back

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

[Kemy]

Wait – are we doing corp AMT?

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]

Kemy–those are for individual AMT. LID is for corp AMT adjustments.

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!!

[Mamabear]

Yes. Corp, but I like that list for individual. Thanks!

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]

@kemy…sorry, yes we are doing Corp AMT , becasue the sim we tried had Corp AMT in it

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

[Kemy]

no problem 🙂 – yess LID works for Corp AMT

Can you guys explain why it would sometime be added and subtracted at other times?

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

[Anonymous]

Hello everyone! I have a question on capital loss. I found a post here about carry forward and back it says “Capital Loss – Individual Only – (after $3K against ordinary income and $50K against capital gains –forward indefinitely (ST or LT)”. However I don't see on my note the $50K cap. Is that limit correct?

[WANNABE_CPA]

So what does each mean? L I D,

Please explain me teh adjustment that we are suppose to do in it?

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

[Mamabear]

Preferences are:

Percentage depletion

Private activity bonds

Pre-1987 ACRS Depreciation

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]

@cpa..50k for capital loss cant be correct? Do you have the question for which the explanation was it?

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

[Mamabear]

@CPA–I don't know anything about a $50K cap for individual capital losses. I know you can deduct up to $3K against ordinary income and any amount against capital gains and then carry the remainder forward.

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]

L: Long term contracts: % completion method must be used for AMT.

@kemy…adjustments to be +/-, depends on what has been used for calculation regular taxable income and what AMT permits, sothe difference is worked out and you have to see if you add it back or subtract

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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