[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

[SomedayCPA2015]

Yes @sullivan. I don't know why I can never remember which type of property is 27.5 vs 39!

REG - Passed
BEC - Passed
AUD - Passed
FAR - Passed!!!! I have my life back.

[MommyBear]

I can't ever remember which one is which either.

[WANNABE_CPA]

The Uniform capitalization Rules of Code sec 263A apply to retailers whose average gross receipts for the preceeding three years exceed what amount?

A.$10,000,000

B.$ 1,000,000

C.$5,000,000

D.$2,500,000

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

[SullivanNJD]

think its 10M

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[WANNABE_CPA]

A is correct

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

[MommyBear]

Hey wannabe were you able to determine what your weak areas were from your exam?

[Anonymous]

Can you guys see me?

[Mamabear]

You guys probably can't see this, but I have been locked out of the REG thread with my third User Name, mommybear. I am not creating a new user name so I'll start a new thread for tonight's quizzing. If it gets deleted by an admin then you guys just carry on without me. Sorry for the inconvenience! i don't know what the deal is.

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!!

[jeff]

My forum doesn't like you for some reason, mama.

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

[pia ach]

i can see all 3 of your posts from your 3 diff accounts 🙂

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[WANNABE_CPA]

Mommybear..i think you will have to jump from one account to other to keep going until your exam. I have made list of issues from the test, and so much of it is Individual taxation. I somehow thought i am ok with it but looks like i am not. So i am devoting entire time until i sleep on individual taxation tonight.I am doing all 100 some print outs of Individual tax Mcqs i have, writing down things i forget repeatedly and going through things i dont understand. 2nd area mixture of Blaw topics, Got few CPA liability wrong.

I can utilize quiz on Individual tax if you guys decide to, otherwise i will keep checking in. AMT is my worse area right now of Ind Tax, i always tend to skip it, need to get that done.

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

[WANNABE_CPA]

I need clarification on this:

Smith has an adjusted gross income of $120000 without consideration $40000 of losses from rental real estate activities. Smith actively participates in the rental real estate activities. what amount of the rental losses may Smith deduct in determining taxable income?

A.$40000

B.$20000

C.$0

D.$15000

So i assumed that it is not a passive activity since it is not mentioned. Is that wrong? is it always a passive activity if rental real estate is mentioned? As in this question they have applied the Mom and Pop exception rule of $25000.

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

[Anonymous]

@ Wannabe

-Rental real estates is always a passive activity.

-25K deduction is phased out between 100K and 150K

-So at 120K AGI, you could deduct 15K under Mom and Pop.

If my assumptions are correct the answer is D?

[Anonymous]

Did anybody memorize the depreciation methods and depreciable life of different types of properties for MACRS?

[Anonymous]

CPAby2015, not yet but will have to sometime next week. How about you?

[Author]

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