[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

[eyesontheprize45]

Just finishing R3 today; it was much more difficult than I imagined. Only giving myself 4 weeks to study REG, I really hope these business law chapters come easier to me. These AMT calculations for individuals and corps are ridiculous.

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

[Mary 2496]

The AMT are definitely ridiculous – worse than a pain in my side.

[Anonymous]

Mary, I hope you got some good news today?

[Mary 2496]

Passed AUD with an 84 and failed my second REG retake with a 73 — AGAIN!!

[Anonymous]

I'm in the same boat, passed AUD but failed FAR. At least we got one of them out of the way.

[leglock]

@MICpaCandidate89:

Incorporation is not taxable so long as 80% control is met at time of incorporation. YOU DO NOT INCLUDE SOMEONE WHO PROVIDED SERVICES AS PART OF THE CALCULATION FOR THE 80% CONTROL TEST.

In this problem, if you do not include Quigley because he provided services, only 70% ownership is met by persons not contributing services.

Therefore, not only will Quigley have to recognize ordinary income (Note, even if the 80% control test had been met, Quigley would have had to recognize ord income bc he provided services), but also Robert will recognize gain on the property because the 80% control test had not been met.

[MICpaCandidate89]

thank you very much!! I was scratching my head on that section for a while, this definitely clears up the fog! I'll look at it more when I get home tonight.

[WANNABE_CPA]

I cant get this question, can someone explain it please:

During 2014, HAS Corp. had the following income and expenses:

Gross receipts $700,000

Salaries 300,000

Contributions to qualified charitable

organizations (paid 1/2/14) 60,000

Capital gains 7,000

Depreciation expense 28,000

Dividend income 60,000

Dividends-received deduction 42,000

What is the amount of HAS Corp.'s charitable contribution deduction for 2014?

A.

$33,400

B.

$43,900

C.

$46,900

D.

$60,000

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[MICpaCandidate89]

Hey just curious, has anyone out there taken reg or currently studying for it and looking at estate and trust income taxation? I have a small amount of notes on it and I am just wondering if it will even be on there or how much will if it is. The DNI is confusing me and I feel like I could get sucked into spending a great deal of time on an insignificant topic. Thanks guys!

[tswj_us]

I took REG on 10/10, got my score today passed w 75 (got lucky).

My actual REG exam had a large portion of trust and estate, two of my simulations were on trust. I felt I was a little bit unprepared for the trust simulation.

[Panda Love]

@WannaBE_CPA

The answer is B right??

You don't include

dividends receive deduction in the calculation or the amount paid for charitable contribution

and then you take 10% of that

[Kemy]

Hi People – I need encouragement. I've been doing all these Ninja MCQs and averaging 70% total. I decided to take a full practice exam today using Becker – and I got a 68% – Seriously?!?! Ugh, I'm so upset. Those questions were nothing like Ninja's questions. UGH

FAR - 02/24/14 - 86
AUD - 04/03/14 - 88
REG - 05/29/14 - 68 Retook 11/22/14 - 81 I PASSED!!!!!!!!! IM DONE! Thank You Jesus!
BEC - 07/19/14 - 85

[Mika]

Gross receipts 700,000

Salaries: (300,000)

Capital gains: 7,000

Depreciation expense: (28,000)

Dividend income: 60,000

___________

ATI: 439,000

Charitable deduction limit to 10% of ATI (don't mix up with individual, 50% for $ and 30% for LT property)

Then your answer will be 439,000 x 10% = 43,900

The rest $16,100 (60,000 – 43,900) will be carried forward for 5 years.

Taxable income

ATI: 439,000

Allowable Charitable dedction: ($43,900)

DRD: ($42,000)

=$353,100

REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

[WANNABE_CPA]

@hopefulfuture and Ah son.. thanks i get it now.B is right.i wasn't subtracting depreciation .

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mary 2496]

@ MIC – I'd watch underestimating if that's insignificant. The 1st time I took REG I'd agree. The second time … yeah, not so much. It blew me away. Failed REG again with a 73. Bottom line – I will be spending a LOT more time on that same topic area this time around. 🙁

[Author]

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