Question for those who study with Becker. Did anyone notice errors/inconsistencies on Chapter 4 SIMs, specifically SIM #2, Tabs 1 and 2?
Tab #1 Ordinary Business Income is $158,000. Tab #2 Ordinary Income line is supposedly based on the answer from Tab #1. You are required to take 50% to determine amounts for Schedule K-1 for one of the partners and the instructions indicate that the ordinary income should be derived from Tab #1, however, the number in the solution is incorrect, it shows $84 as partner's ordinary income.
Another issue, Insurance payments are combined with guaranteed payments for partner's K-1 and then also listed in a separate line. I don't know I might be going crazy but it looks like $10K is missing in the information and maybe Tab #1 got updated but Tab #2 didn't.
It's frustrating! Reconciling Becker SIMs is the last thing I want to do after 1 AM with one day left before my exam. 🙁
AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD