[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/

AUD - 79
BEC - 80
FAR - 76
REG - 92

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

[REGTaker]

[REGTaker]

I didn't get through any forms aside from practicing SIMS in Ninja. You may not need to look at them as long as you know generally where things go like “other income” versus wages, etc. And you can use the AL. I had to ignore my brother and his family pretty much the whole time they were here. Luckily they were staying with our parents and not with us. I can't imagine how stressful that has been for you, especially in the final week.

[wmcpa]

Hi guys! I just finished taking REG (for the 2nd time today). SIMs killed me (again =( ) I just went blank on several of them. Hopefully, it won't cost me.

I just wanted to say that I wish I was more active on this forum. Last night before sleeping, I went through several pages of this forum and really enjoyed the quizzes. I would try each one of them out to check how badly I was prepared for the exam today! Thanks so much for sharing!! It looked like you all had fun. I hope all those, who took the exam this week (end), did well. The quizzing def. helps – which is why I wish I was more active before!

FAR: 83
REG: 69, 69, retake Q1 2015
AUD: Q2 2015
BEC: Q2 2015

[pia ach]

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

Medical expenses (before percentage limitations) 12000

State income taxes 4000

Real estate taxes 3500

Qualified housing and residence mortgage interest 10000

Home equity mortgage interest (used to consolidate personal debts) 4500

Charitable contributions (cash) 5000

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

a. $19,500

b. $25,500

C. $21,500

d. $17,000

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

[pia ach]

Farr, an unmarried taxpayer, had $70,000 of adjusted gross income and the following deductions for regular income tax purposes:

Home mortgage interest on a loan to acquire a principal residence $ 11,000

Miscellaneous itemized deductions above the threshold limitation 2,000

What are Farr's total allowable itemized deductions for computing altemative minimum taxable income?

a. $13,000

b. $11,000 C. $2 ,000 d. $0

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

[pia ach]

Can someone please explain the diff treatments of the misc deductions in the above 2 questions i posted.

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

[taxgeek83]

First of all, answers are D and A respectively, correct? My understanding is that for AMT purposes, you are not allowed any taxes, medical expenses under the threshold, miscellaneous expenses under the threshold or home mortgage interest paid on a home mortgage loan used for anything other than the acquisition or improvement of a qualified personal residence (someone correct me if I'm wrong or missing anything!). So for your first question, you are allowed the following:

$2,000 medical expenses (the amount paid that is above the 10% threshold)

$10,000 qualified home mortgage interest (the interest paid on a loan used to pay off personal debt is not an allowable deduction)

$5,000 charitable contributions

Your second question, you are allowed both deductions. The home mortgage interest was used to acquire a principal residence, and is thus allowable.

Does that make sense? I'm not 100% sure on the miscellaneous deductions, so if I'm wrong there I apologize.

[pia ach]

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

[pia ach]

I just realized i completely missed reading two topics after the exempt organizations from Reg 3..transfer pricing and other tax issues… should i skip it ? I do not remember seeing anything from it in my last attempt, but it was over an year ago so i may have forgotten…

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

[Anonymous]

@pia – I would study those things. It might just be one or two questions, but it could be an easy point or two for you….

[Anonymous]

Does anyone know how the Sims are scored?

Specifically, if there are 7 SIMS in all on a Reg exam, and 2 of the 7 SIMS are one answer ‘Research' SIMS and the other 5 Sims each have 7 questions each for a total of 37 questions to the entire SIMS section: Are each of the 37 questions weighted the same? Or rather is each ‘Research' Sim worth as much as the other SIMs (each having 7 questions)? Or something else? Any educated knowledge in regards to this would be appreciated!

[pia ach]

Anyone taking their test tomorrow? I test tomorrow early 7 am. going through my notes and feel like i have forgotten everything, i get this feeling every time ..nervous as hell..got all the basis jumbled up in my head and forgot the priority rules for PMSI..after a month of reg this is all i can do, so will just go through my notes and call it an early night!

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

[REGTaker]

Good luck tomorrow pia ach!! I know you've got this. You are going to be done and have a lovely Christmas with this exam behind you!

[pia ach]

Thanks @regtaker..i so badly want to be done, well back to my notes now.

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

[WANNABE_CPA]

@pia , Good Luck , You will do great 🙂

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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