[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

[CPAfit]

@mommy btw at what time is your test tomorrow?

[REGTaker]

I'm testing at 12:30 EST tomorrow. I am only slightly freaking out right now. Just because of blaw and corps. I would stay away from those Becker questions for good now. Memorizing doesn't help at all. That's what happened to me for my first test. I think your plan is good with the audio and Ninja notes. What are your problem areas?

[Anonymous]

Have either of you tried cpaforfree.com? It's pretty much only test questions, but it's NEW questions, so I like that. I'm finding that I'm memorizing too, so I go there when I notice that I'm memorizing.

[REGTaker]

I've tried it before. I can't remember, does it let you pick sections you want to test from like just blaw?

[Anonymous]

@zubairs – I'm freaking out too. Trying not to memorize and to not freak out. And, be nice to my family, who has been awesome.

[Anonymous]

It breaks it down into sections and then breaks it down further. Or, you can take a random 20 question quiz. The only bad part is that at the end, you just get your score – not what sections you got wrong. But, it's free, so I can't complain too much.

[Anonymous]

Let me know if anyone wants to quiz with flashcards today – those seem to be helping me a ton!

[REGTaker]

I probably will in a little while. I want to get through all 6 sections…read my notes and take a quiz, then only dig deeper into the areas I'm having trouble with. I'm glad they are helping!!

[pia ach]

Good luck @regtaker @zubairs am sure you both will score really really well. I postponed mine to Dec 5th, so got few more days to go..

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

[CPAfit]

@pia ch thanks a lot, I just want to be done with this exam forever!

@regtaker/mommy I'm having problems with individual taxation, what goes into gross income, AGI & itemized deduction. When I read from the book, i feel “yea I know this” but when I get to the questions I start to get confused. Also AMT & DNI still seems to be bothering me and depreciation. The number of years for what kind of property (real vs. personal vs. capital). There are couple of other things too but these are the major ones.

@bucky I try my best not to lose it in front of my fam. I don't want them to be hopeless, they're all really excited that this is my last section and believe in me that I will pass. So gotta keep the positive energy flowing.

[REGTaker]

I know individual tax pretty well. If you have questions let me know and I'll try to help.

[REGTaker]

Just in case any of you use Wiley–there is a good comparison between C-Corps, S-Corps, and Partnerships, including nonliquidating and liquidating distributions on pages 735-736. I noted to go back later and review it, but haven't really gone through my notes in a while so I forgot that it was in the book.

[CPAfit]

@mommy Can you explain Kiddie tax and life insurance premium proceeds. For life insurance premium proceeds, what happens in the following cases:

1- Employer named beneficiary

2- Employee named beneficiary

3- insurance premium paid on behalf of Employees family by the employer

[Anonymous]

What are the IRA phaseouts for 2014?

[REGTaker]

For Kiddie tax:

Children are tax on any income they EARN, but if they have unearned income (interest on a bank account, dividends on stocks bought for them, etc) they are taxed at the parent's rates for any amount that exceeds $2K. This follows the same rules for age. Up to 18, then up to 23 if full time student.

If the child has earned income, they would file their own tax return. There are other little rules, but I think the above is what you need to know.

[Author]

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