REG Study Group Q4 2014 - Page 81

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  • November 9, 2014 at 6:01 pm #630373
    Anonymous
    Inactive

    @timewasted Per my notes, interest received from state or local government bonds are excluded from gross income.

    November 9, 2014 at 6:47 pm #630374
    Tax lady
    Participant

    @time. It's excluded. Not in gross income at all.

    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

    November 9, 2014 at 7:11 pm #630375
    WANNABE_CPA
    Member

    I am doing some Questions on related party transactions, and in one explanation they say that- “Relative ” is not defined in the question. So, the question just has Relative written and not the actual relation…does that even matter? Do we have to consider the transaction related party only when it has a valid relation of spouse, brothers , sisters, ancestors and lineal descendant?

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

    November 9, 2014 at 7:14 pm #630376
    Tax lady
    Participant

    They may being trying to trick you since technically an in-law is a relative but not considered for related party. That's really weird that they would put that in but then not expect you to assume it's pertinent.

    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

    November 9, 2014 at 7:19 pm #630377
    WANNABE_CPA
    Member

    @taxlady… Yes i think they can trick us in exam with a question like that with just Relative written in it..So i would check what relative they are talking about otherwise take it as normal transaction without related party.

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

    November 9, 2014 at 7:19 pm #630378
    WANNABE_CPA
    Member

    @taxlady… Yes i think they can trick us in exam with a question like that with just Relative written in it..So i would check what relative they are talking about otherwise take it as normal transaction without related party.

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

    November 9, 2014 at 7:20 pm #630379
    Tax lady
    Participant

    Yes, I think so. I will be sure to watch for that too! Thank you for pointing that out.

    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

    November 9, 2014 at 7:53 pm #630380
    CPAfit
    Participant

    hey guys! I can see the study group quizzing and can't wait to join you guys. I'm doing the becker lectures at the moment and will be finishing R6 tonight. I did the MCQs for R-1 (individual Taxation) and R-2 ( Adjustments & Deductions), and I will be revisiting the book for R-2 again as I still need to get some concepts down. Also Peter Olinto is killing it in the Ethics and Blaw lectures, as I totally forgot how funny he is 😉

    November 10, 2014 at 3:31 am #630381
    Anonymous
    Inactive

    So what is the maximum for section 179 deduction and what is the phase out?

    November 10, 2014 at 3:31 am #630382
    Mamabear
    Member

    I thought about quizzing tonight, but I'm beat. Family day was awesome, but more exhausting than studying. 🙂 I hope you guys all had a great study day!

    CPA Exam - Finally DONE (November 2014)
    BEC (08/10/13) 80
    AUD (08/24/13) 65 (11/13/13) 85
    FAR (04/12/14) 81
    REG (07/19/14) 69 (11/29/14) 87!!

    November 10, 2014 at 3:32 am #630383
    Tax lady
    Participant

    25k, phased out after 200k

    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

    November 10, 2014 at 3:34 am #630384
    Tax lady
    Participant

    Glad you had a good day mama! I did lots of MCQ's. Funny though…now I'm scoring much much higher on the tax questions than all the BL stuff. The first go around I was killing BL. I hope that doesn't bring me down too much.

    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

    November 10, 2014 at 3:43 am #630385
    Mamabear
    Member

    Just attribute it to our quizzing. I'll be back on Tuesday around 6:00 p.m. 🙂 Since you're testing first figure out what your weak areas are and we'll hammer it out with quizzing until you're comfortable. (Just promise to come back after and quiz me before the 29th). 🙂 You've got this!!

    CPA Exam - Finally DONE (November 2014)
    BEC (08/10/13) 80
    AUD (08/24/13) 65 (11/13/13) 85
    FAR (04/12/14) 81
    REG (07/19/14) 69 (11/29/14) 87!!

    November 10, 2014 at 3:57 am #630386
    Anonymous
    Inactive

    Thanks Taxlady, I hate using the 2013 book for this section.

    November 10, 2014 at 4:04 am #630387
    Mamabear
    Member

    I googled 2014 REG Updates and found a site with a list that captured most of the changes from 2013. Try that. I don't have the list anymore because I bought a 2014 book for my retake, but it would be helpful for you if you find it.

    CPA Exam - Finally DONE (November 2014)
    BEC (08/10/13) 80
    AUD (08/24/13) 65 (11/13/13) 85
    FAR (04/12/14) 81
    REG (07/19/14) 69 (11/29/14) 87!!

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