[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

[Tax lady]

@coocoo. Also, I just realized no one answered your 179 question. Do you still need an explanation?

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

[Mamabear]

I need explanation on that Tax Lady. Please.

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!!

[Tncincy]

@Mammabear,

Good to see you plowing away at reg. I have been off the site. I have allowed so many obstacles delay me from sitting in 2014, I wanted to salvage 2014 by at least taking reg by 11/29, NO SEATS!!!. My fault though. I want to pass, but I am struggling with motivation to start again. Yet another funeral, this year has been really distracting. My point is after attending funerals and other occasions, I have really found it hard to get started again. Am I leaning on this forum for help once again? yes. I feel I have wasted 2014 and do not want to start wasting 2015. Help,,,anyone.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tax lady]

🙂 So say you are a business and you buy some equipment (new or used) to use in your business. You may deduct (instead of depreciate) up to $25,000 of the costs of the equipment. Once you reach a $200,000 threshold you start losing your credit. If you purchase $200,000, then you can deduct $25,000 against income. If you spend $210,000, then you may only deduct $15,000 against income. (25,000 minus the amount over 200,000 of 10,000 = 15,000) This benefits taxpayers that need more expense to offset income. Also, the amount you expense reduces the basis of the asset and you can depreciate the remainder.

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

[WANNABE_CPA]

@coocoo.. You are a saviour..i was thinking of posting about section 179 for a shortcut to understand but then thought its just me thinking its confusing and maybe i should get back to it later…Thanks for posting…

@taxlady…thanks for explaining…i need to get it down on my quick notes and even the depreciation part as of how much, half year, quarter, mid year convention..just confusing..

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

[Tncincy]

@taxlady,

The formula is correct for sec 179, The maximum cost that can be annually expensed is $25,000 but is reduced dollar for dollar by the cost of qualifying property that is placed in service DURING the taxable year that exceeds $200,000.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Anonymous]

@taxlady: thanks for explaining it. I am using Becker only, I have about 1 month or so to study for the material so I didnt get additional supporting material. I am spending last two days to go through material and find my weak area, I had to give up chapter 8 due to time, hopfully it's just gonna be couple questions here and there for that chapter. In genelra, I wouldn't say the material is hard, but a lot of small details that's likly to get us in the exam. Hope all the hard work will pay diviidend on the exam day as Becker said, lol.

[Mamabear]

@tcincy–You can do this. It can't be easy when you have a loss, but I know you will find the strength to get back into it. We had a pretty good quiz session the other night so try to join in those if you can. We stuck to one topic until we all (4 participants) were comfortable enough to move on to another topic. I know it really helped me. Is this your last one?

@tax lady–Thanks!

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!!

[Anonymous]

This question was posted on page 19 of this forum. I'm having a hard time understanding, could someone explain.

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

The poster said it was answer C with no explanation. Any help is appreciated.

[Tncincy]

@mamabear,

Thank you for the kind words…..the challenge questions have renewed my desire to study and pass. I actually understood the question and was able to answer correctly. I guess all is not lost. I can do this, now I feel like a cry baby. I'm going to accept the challenge and jump in even though I have to wait til January.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Ninja Juice]

quick question for advice guys im super stuck on what should be priority:

-never took reg (international student) been studying for couple of months test on 11/24

-scored 73 BEC in july- not really studied much test on 11/29

I recently finished business law section of becker (finished R1-R7) and was reading over tax notes as a refresher but should I be doing mcq all the time? or reading notes isnt bad?

[Ninja Juice]

@do over

Both distributable shares of income and guaranteed payments are reported by partners for the year in which the end of the partnership fiscal year occurs. Thus, Bond would calculate his income as follows:

Guaranteed payments (10/1/12 to 9/30/13):

$1,000 x 3 months

$ 3,000

$1,500 x 9 months

13,500

Share of ordinary income

$80,000 x 40%

32,000

$48,500

[Ninja Juice]

@do over

Both distributable shares of income and guaranteed payments are reported by partners for the year in which the end of the partnership fiscal year occurs. Thus, Bond would calculate his income as follows:

Guaranteed payments (10/1/12 to 9/30/13):

$1,000 x 3 months

$ 3,000

$1,500 x 9 months

13,500

Share of ordinary income

$80,000 x 40%

32,000

$48,500

[Tax lady]

Oh my goodness….I missed the fiscal year info! I could not figure it out either but now it makes sense. Thanks Ninja.

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]

@ ninja Juice. Thank you, I had no idea it worked like that. If you use Becker can you tell me if it's in the text/lectures somewhere? If you use something else no worries.

[Author]

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