[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/

[REGTaker]

I want questions like this:

Assume that the Brady Corporation had the following tax situation in 2014:

Sum of AMT preference items $ 40,000

Total positive AMT adjustments 85,000

Total negative AMT adjustments 15,000

Regular taxable income 100,000

Determine the amount of AMT exemption that will apply to the Brady Corporation.

A.

$40,000

B.

$25,000

C.

$15,000

D.

$0

[Anonymous]

A?

[REGTaker]

It's B

Preferences are always added back to taxable income to arrive at AMT so you have

100,000 + 40.000 + 85,000 – 15,000 = 210,000

210,000-150,000=60,000 used to calculate the exemption phase out

60,000 * 25% = 15,000

40,000-15,000=25,000 for the exemption

[Anonymous]

Oh wow. I suck.

[Anonymous]

thank you for the explanation.

[REGTaker]

No you don't. I really think you know this stuff. I think we're both rushing to cram last minute data in our head that is probably already there and will come out during the test. We've worked so hard and I always start forgetting stuff the night before but it does come back when I am under the gun and it will come back for you too.

[REGTaker]

How much longer are you going to study tonight?

[Anonymous]

Maybe 15-20 minutes. I need a good night's sleep. It helps. How about you?

[REGTaker]

Just remember that you can use the AL for all of the SIMS so some of the lists we're trying to memorize will be there for us in the AL. I didn't use the AL for any practice exam that I took. Scores will go up on the real thing because we will fully utilize our resources.

[REGTaker]

I think I'm done. It's almost 11 here and I need to get to sleep. I like to get to the testing center an hour early and go ahead and start my test.

[Anonymous]

I agree – I don't think I will be online tomorrow morning, but GOOD LUCK! You got this!

[REGTaker]

So do you! And thank you so much for all the quizzing. It has made a world of difference!

[Tax lady]

Good luck today Mamabear/regtaker! I know you are going to do great! Don't stress…..you totally know this stuff. 🙂

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Tax lady]

Good luck today Bucky! I know you will do great too!

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Tax woman]

I don't think anyone saw my post under tax lady but good luck Mamabear and Bucky! You guys will do super. Relax and have confidence because you guys are very prepared and will kick butt!

[Author]

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