[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for REG.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Reg_Slayer]

read ur NTS u r not allowed to wear any hats at Prometric.

[jpowell31]

my internet is supposedly fixed and draggggingggg. i've got 18 questions left then i'm going to read through some of the questions in the becker final review. i can't stare at a computer for so long. my contacts are starting to stick to my eyeballs and if i keep this up it'll be a repeat of my last exam: overtired and not focused enough. If i'm not back on afterward i'll check in in the AM. KEEP IT UP FOLKS.

[jonm857]

@Reg_slayer

Are you sure? I was really hoping I could where my extra large sombrero for this one.

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

i have a problem with NINJA sim 23

“Jean received a W-2 from Alpha Manufacturing indicating she had income of $2,231 and income taxes withheld of $325. In addition, she collected $8,324 in unemployment benefits during the year.”

Wages, salaries, tips, etc. = 2,231

I am almost certain unemployment benefits should be included in this figure, but the solution has them not. What gives?

[jonm857]

What is the question? The unemployment benefits are reported on a separate line on the 1040.

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

thanks, they are included further down as “Other income”.

[jonm857]

@reg_slayer

From memory, tell me the 5 elements of actual fraud.

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

Material
Actual Reliance
Intent?
Damages
Scienter

[jonm857]

intent to induce reliance.

throw one at me now.

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

name all the individual AMT adjustments and preferences.

[jonm857]

$hit… “panic timme”

passive activity losses?
forgot A
net operating losses
interest – tax exempt??
Casualty losses?
Taxes??
forgot I
Medical expenses in excess of threshold
Miscellaneous deductions subject to 2% threshold?
forgot E

help me out.

Private activity bond interest
Pre-1987 depreciation?
Forgot other P

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

+Passive loss
Accelerated depreciation
NOL
Installment sale income from dealer
Contracts – % vs. complete
+Tax deductions
+Interest deductions on home equity loans – (add back not for home portion)
+Med deductions (10% not 7.5%)
+Misc. deductions (add back 2%)
+Exemptions (personal) and standard deduction

Private bond
Pre-1987 accelerated depreciation
Percentage depletion deduction

now stop doing BLAW!!!

[jonm857]

I have to finish B-LAW!!! Stop trying to tempt me to the dark side.

Name 3 of the many debts that CANNOT be discharged in bankruptcy.

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

i never got that far in BLAW. I have done r6 only.

[jonm857]

“WAFTED”

debts from:

1) willful and malicious injury
2) alimony, maintenance, support
3) fraud
4) fine and penalties
5) taxes due within 3 years
6) embezzlement
7) education loans
8) debts undisclosed in the bankruptcy petition

B - 81
A - 87
R - 73
F - July 5th

[Author]

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