[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

[Mamabear]

OK So just to put into words I understand…Here is the problem that was posted…The Simone Trust reported distributable net income of $120,000 for the current year. The trustee is required to distribute $60,000 to Kent and $90,000 to Lind each year. If the trustee distributes these amounts, what amount is includible in Lind’s gross income?

$0

$60,000

$72,000

$90,000

My understanding breakdown (please tell me if I'm wrong–I left my notes at home) The amounts to be included in gross income for both people added together CANNOT exceed the $120K of DNI. You calculate their proportionate shares of the total required distributions and multiply it by DNI to get what each will include in their own gross income. SO–My question is: What do you do with the remaining $30K that was distributed, but goes over the DNI amount if it is not included in gross income?

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!!

[WANNABE_CPA]

It is perfect…Proportionate is the word 🙂

Answer to your question, Remember it has to be Lesser of Actual amount distributed or DNI. So when it is DNI that is lesser of the two as in this case,that will be the answer and rest of the amount will not be distributed. I do not know what they do with the rest amount, but if it was less than DNI, then the actual amount given to each person would be the answer.

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

[Mamabear]

Thank you! Maybe I'm going too far with this. I really don't remember reading the DNI section at all. I just remember not liking it and thinking it was confusing. This does not seem confusing so now I feel like I'm missing something. The mind tricks we play on ourselves during these exams. Ugg.

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!!

[WANNABE_CPA]

I know mamabear, i did the same when i read it first time, but then got back at it, made hubby read it for me and it helped, i do understand the Estate and Gift taxes now. We can do quizing later at it, get you comfortable with it.

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

[Mamabear]

Sounds great! Tax Lady–have you decided what you want to quiz on tonight to get you ready for Thursday? I should be on by 6ish EST and ready to go. 🙂 Maybe we'll have a few more participants this time to get more questions and more explanations.

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!!

[Tax lady]

So I decided to take 10 question quizzes in each area of Ninja and Wiley to see where I stand. These are all questions never before seen. Here are my results:

Ethics/Prof-Legal Respons.: Ninja = 90, Wiley = 100

Business Law: Ninja = 40, Wiley = 70

Fed. Tax Process/Proc.: Ninja = 80, Wiley = 60

Fed. Tax on Property Ninja = 50, WIley = 50

Fed. Tax on Indiv. Ninja = 80, Wiley = 70

Fed. Tax on Entities Ninja = 40, Wiley = 70

I'm feeling pretty discouraged right now. I should be doing much much better this late in the game. So, obviously I need help in Bus Law, Property Trans, and Taxation on Entities. That's a lot to cover in 2 days.

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]

That's why I don't like taking sets of only 10 questions. Each question missed weighs so much more than what any question on the exam will weigh. Can you drill into the subsections and see which subsections are making up the majority of the missed questions? Which part of property transactions? 2 days is more time than you think. It could just be that the light bulb hasn't clicked on some of these, but a few hours of studying can be the difference between the light bulb staying off or coming on. I have a meeting now, but see if you can figure out the subsections that are giving you the trouble and we'll try to work them out tonight. Don't get discouraged!

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!!

[Tax lady]

Thanks mama. I will look into the 4 topics I am doing the worst on to see what the specific problems are. Good point about the 10 question quizzes. I look forward to tonight! Hopefully I can gain some confidence. 🙂

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

[CPAfit]

@mamabear nice to see you back in action. As for the quizzing i really want to join you guys but i'm not sure of the timing. It's 10:14 pm here date: 11/11/2014. Let me know what time you guys will start and what topic i'll try my best to jump in. I'm somewhat done with Individual taxation and a part of C corp other than that I've gone through the lectures so I can post some questions for @taxlady 😉

[Anonymous]

@Tax lady – I couldn't get higher than a 68% on my final tests before I took FAR and I ended up with an 84. You can do this! I'm in CST (WI), so I might not be able to quiz at 6 EST, but I will be on later tonight.

[Tax lady]

@Bucky. That makes me feel much better! Hope to see you later tonight.

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

[Kemy]

Hi People! Who's all taking REG before thanksgiving? I am soooooo sick and tired of studying – I literally don't know what else to do. I almost want to move it up and take it ASAP just to be done with it. Anyone feel this way?

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

[WANNABE_CPA]

@kemy, i take it on the 26th, I never feel like moving up my date but always feel like i need to postpone. I dont feel that confident ever and i feel i can only do better if i have more time.

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

[WANNABE_CPA]

@taxlady, i would suggest dont test yourself that close to your test, i normally take one final test 4 days before my exam and then just revise notes, concepts, thoroughly go through details that i think i might have forgotten and i print out questions which i repeatedly do wrong while studying and i just go through them in the last days…

You know more than you think, its just that new mcqs always get that %… dont worry, You can do it..

Just narrow down the topics you have trouble with, we can post some questions and work them together…

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

[Kemy]

@ WANNABE_CPA – Well, it's not out of confidence – more out of anxiousness … What is your strategy for review in these last few weeks? I just started rewriting my Ninja/Becker lecture notes. I was thinking of just reviewing questions I last missed (using Ninja MCQ), listening to Ninja audio over and over again, and reviewing the SIMS both in Ninja MCQ and Gleim….

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

[Author]

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