[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

[Mary 2496]

Anyone else studying REG planning on doing like, 100 simulations tomorrow? lol – I am going to have to call tomorrow “Simulation Sunday.” Yep, it'll be sims alll day in order to get ready for test day the week after. Ahh, gotta love Sundays. <not>

[Anonymous]

No, my cousin has one that is about 200 pounds. I love Mastiff's, but they get super hyper at night. Does your just sleep all day?

[Anonymous]

Yes, pretty much. He seems bored when not looking out the windows to wait for family members to get back home or watch people jogging/walking around our culdesac.

Your cousin's mastiff is huge. I am sure he/she drools big time too. Ours drools and shakes it around the house a little, LOL

[Amay]

@Amor I have not scheduled it yet, which is a new thing for me, but definitely before 10/20 as well! That means I would find out during my vacation…I don't really know how I feel about that. LOL.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Evwy_Mom]

Does anyone have a good AMT Simulation they can throw at me? Something I can copy and paste and work out?

There is an AMT simulation in my Wiley software, but I'm pretty certain it's completely wrong. There is an extra line in the answer section (question shows 35 lines, answer section has 36) and it will show a side-by-side comparison, but show my answer as wrong (struck through) yet when I go to the rationale at the bottom, my answer is correct!

I'd just like to be able to work through one completely and not have to second guess myself at the end.

AUD = 85
FAR = 79
BEC = 79
REG = 65, 72, 75!

I AM DONE!!

[rzrbkfaith]

@Evwy_Mom – do you want an individual AMT or corporate AMT SIM? Let me know and I will see what I can find. I will also try to have a summary of basis for C Corps, S Corps, Partnerships and property transactions later today for us to use for studying and discussion! But first, I have to finish my stinking R8 miscellaneous topics homework. I underestimated how much time and effort my daughter's birthday party would take yesterday!

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Mary 2496]

Sounds like me — I planned on studying all day yesterday, until of course, our baby lizard got sick and needed immediate care, which ended up taking a good four hours or so. Ah well — back to reg sims today.

[Anonymous]

Well, I do not know what to say about that exam really. I just don't. The first testlet was the only testlet I felt very comfortable about. The sims were like in another language (except for the research question), and I didn't even understand what they were asking for the most part. Just playing the waiting game now.

Oh, and last night I woke up suddenly and realized that I got everything mixed up possibly on the only sim I actually understood. How weird is that? It's like it came to me in a dream.

Sigh!

I feel like I will be throwing some random crying tantrums for the next month or so…i just want this to be over!

[Mary 2496]

My reg sims were also really, really difficult. You just never know, though. I thought that I had screwed everything up on all the reg sims and ended up with a 73, so it left me with the notion that we really may know more than we think we do, when it comes to the test.

At least it's over for you! Studying for round two on reg, next Monday.

[pipper0916]

Ok so I thought i had charitable contributions down but one question just messed me up

when donating property you use the FMV unless they held the property for less than a year, if so you use their basis correct?

Reg-79
Far-
Aud-81
Bec-

[rzrbkfaith]

@piper, yes that is correct, but you still have the contribution limitations. (50% of taxable income except for capital gain property which is 30%)

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Evwy_Mom]

@rzbkfaith – I would love an AMT question for individual and corporate if you had one to send my way! I just feel like that's going to come up.

AUD = 85
FAR = 79
BEC = 79
REG = 65, 72, 75!

I AM DONE!!

[rzrbkfaith]

@Evwy_Mom – I just had some good ones. They are multiple choice…

On their joint tax return, Sam and Joann, who are both over age 65, had adjusted gross income (AGI) of $150,000 and claimed the following itemized deductions:

Interest of $15,000 on a $100,000 home equity loan to purchase a motor home

Real estate tax and state income taxes of $18,000

Unreimbursed medical expenses of $15,000 (prior to AGI limitation)

Miscellaneous itemized deductions of $5,000 (prior to AGI limitation)

Based on these deductions, what would be the amount of AMT add-back adjustment in computing alternative minimum taxable income?

a. $35,000

b. $38,750

c. $23,750

d. $21,750

Robert had current-year adjusted gross income of $100,000 and potential itemized deductions as follows:

Medical expenses (before percentage limitations) $ 12,000

State income taxes 4,000

Real estate taxes 3,500

Qualified housing and residence mortgage interest 10,000

Home equity mortgage interest (used to consolidate personal debts) 4,500

Charitable contributions (cash) 5,000

What are Robert's itemized deductions for alternative minimum tax?

a. $17,000

b. $21,500

c. $19,500

d. $25,500

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Anonymous]

” A computer is purchased on March 30 for $100,000. Other furniture in the amount of $80,000 was purchased in November.”

Answer: Computers are 5 year property and use the half year convention, which is built into the table. However, more than 40% of the assets were purchased in the fourth quarter. Therefore, we must use the mid quarter convention. 35% is the amount in the table for first quarter purchases. 100,000 X 35% = 35,000.

“A computer was purchased on March 30 for $100,000. A building in the amount of $500,000 was purchased in November.”

Answer: Computers are 5 year property and use the half year convention, which is built into the table. The purchase of additional real estate is not relevant and we still use the half year convention for the computer. 20% is the amount in the table. 100,000 X 20% = 20,000.

Why is the purchase of assets relevant in the first question, and NOT relevant in the second? How do we know??

[Evwy_Mom]

@rzrbkfaith – here's what I'm coming up with:

1) $38,750, adding back: $15,000 interest, $18,000 Real Estate Taxes, $3,750 (because $15,000 – (150,000*.075), and $2000 (because $5,000 – (150,000 * .02). Correct?

2) $17,000, deducting: $2,000 (above 10% AGI limit), $10,000 qualified mortgage interest, and $5,000 charitable contribution. Correct?

AUD = 85
FAR = 79
BEC = 79
REG = 65, 72, 75!

I AM DONE!!

[Author]

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