[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

[jeff]

(updated – new question posted at https://www.another71.com/introducing-ninja-mcq-adaptive-learning-technology/)

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

[Anonymous]

B! Just saw that question today studying partnerships.

I got this from the Ninja notes, “If DRD brings a loss situation, you can take full DRD”

What does this actually mean and can someone show me an example?

[Anonymous]

How is 10% related to Charitable Contributions again (just as Jeff mentions on NINJA audio about 10%-tithing at the church)?

I know now how to use 50% (cash) & 30% (property-FMV) for CC. But I am lost with this 10% thing. My mind is all over the place with all these tons of percentages in my brain!

Thanks.

[Anonymous]

It is deductible up to 10% of taxable income before the charitable and DRD deductions. For example, company A has $150,000 in taxable income and $20,000 in charity contributions.

Of the $20,000, only $15,000 can be deducted this year while the remaining $5,000 is carried over for the maximum of five years. I hope this helps, if not someone else could probably explain it better Ha.

[Anonymous]

The partnership of Bond and Felton has a fiscal year ending September 30. John Bond files his tax return on a calendar-year basis. The partnership paid Bond a guaranteed salary of $1,000 per month during the calendar year 2012 and $1,500 a month during the calendar year 2013. After deducting this salary the partnership realized ordinary income of $80,000 for the year ended September 30, 2013, and $90,000 for the year ended September 30, 2014. Bond’s share of the profits is the salary paid him plus 40% of the ordinary income after deducting this salary. For 2013, Bond should report taxable income from the partnership of

A. $36,500

B. $44,000

C. $48,500

D. $50,000

This is a good question that always gets me.

[Anonymous]

Thanks CPAHopeful11.

This 10% applies to C Corporation and these 50% & 30% apply to individuals, correct?

[eyesontheprize45]

Hey everyone, I have about 5 weeks to cram for this REG section (if I passed BEC it would be my last one). For the candidates that have taken some of the other exams, how math-intensive is REG relative to BEC and FAR? Thanks!

FAR: 73, 77 (July 14)
AUD: 94 (August 14)
BEC: 83 (October 14)
REG: NOV

[Anonymous]

For limited partnerships, it says you can be both limited and general partner at the same time. How so?

[taxgeek83]

@CPAHOPEFUL – It has to do with bifurcated partnership interests. A partnership will have two classes of interests – one general and one limited. The same individual can own an interest in each class. They will escape SE tax on their limited interest, but not their general interest. There's a set of proposed Regs. out there dealing with this that I think have yet to be finalized. This might help:

https://www.crslaw.com/LLCs-and-Self-Employment-Tax-Update-2012

[Anonymous]

Thanks, it was confusing me big time.

Does anyone know how rzrbkfaith did on her test?

[Tax lady]

@CPA Glad I'm not the only one that thought rzrbkfaith was a “she.” It was quickly pointed out to me a couple pages ago that she is a he. But, no, haven't heard anything and I'm curious to know too! I'm sure s/he did great.

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

[Anonymous]

No, rzrbkfaith is definitely a she not a he LOL. She mentioned it in the FAR thread, but anyways I want to know how she did. If it was hard for her considering her prior scores, I will start to worry big time Ha.

[Tax lady]

That's good to know….I thought she was a she! lol She was VERY proficient in the material. If she found it difficult then I'd be surprised and be worried myself. Honestly, the test was pretty straight forward in my opinion. What killed me was the areas I was weak in were all in the exam. I was stupid and hoped that my weak areas wouldn't be tested. I'll never make that mistake again.

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

[Anonymous]

There is still some business law that is tricky for me, but I'm getting a better feel for the tax sections. Not even close to being ready, but my scores in tax are around 70% which is pretty decent with a little over a month left until the exam.

[Tax lady]

Sounds like you are doing great. I've been too slack and am behind schedule for where I wanted to be right now. Trying to catch up. I only have 3 weeks left until re-test. GAH!!

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

[Author]

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