[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

[jpowell31]

oh nice work last night…i'm only 30 questions in to a 500MCQ power weekend no matter WHAT. let's do thisssss

[jonm857]

@jpowell

Game on. 9 days left. It's go time.

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

[jpowell31]

Which of the following is not a required element of a “fraudulent transfer” under the Bankruptcy Code?
A.The transaction must have occurred within two years of the date of bankruptcy.
B.The purchaser must have been aware of the insolvency of the transferor.
C.The asset must have been transferred for less than fair value.
D. The transferor must have been insolvent at the time of the transfer.

[jonm857]

I'm leaning toward B?

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

[jpowell31]

yep. i knew that was likely right but D threw me off because you don't have to be insolvent to claim bankruptcy so marked it. if i can do 300 questions today i'd be happy with that because i'm coming up on 400 marked questions i'd like to redo somewhere in between doing all Ninja SIMs and re-reading my notes.

[jonm857]

Is that a becker question

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

[A1lessio]

Damn I picked D

AUD (08/02/2016)

[A1lessio]

For the R8 Lectures I watch them while on the exercise bike at the gym and I have to say it was pretty good! If going into public make sure you guys pass before starting because finding time to study is rough.

AUD (08/02/2016)

[sonja90]

Assume that the Brady Corporation had the following tax situation in Year 4:

Sum of AMT preference items $ 40,000
Total positive AMT adjustments 85,000
Total negative AMT adjustments 15,000
Regular taxable income 100,000

Determine the amount of AMT exemption that will apply to the Brady Corporation.

A.
$40,000

B.
$25,000

C.
$15,000

D.
$0

Can someone explain?

[Reg_Slayer]

For corporations, the AMT exemption amount is $40,000, less 25% of AMTI over $150,000.

Regular taxable income 100,000
+ Total positive AMT adjustments 85,000
-Total negative AMT adjustments 15,000
-Sum of AMT preference items $ 40,000

= 130,000 AMTI < 150,000

= A, 40,000?

[sonja90]

Per ninja text bank answer it C. 15,000

[jpowell31]

ninja. GATDAMN INTERNET MESSING UP AGAIN. this is so FRUSTRATING. i can't go to my office today. it's like every stupid thing is trying to keep me from doing questions.

[sonja90]

Start with: Regular Taxable Income $100,000
Plus: AMT Preference Items 40,000
Plus/Minus: AMT Adjustments 70,000
Equals: AMTI $210,000

AMTI $210,000
Phaseout threshold amount (150,000)
Excess $ 60,000
x .25
Reduction in exemption $ 15,000
=========

Allowable exemption: $40,000 − $15,000 = $25,000

The amount of the reduction of the maximum $40,000 exemption is $15,000. The $40,000 exemption must be reduced by 25% of the excess of AMTI over $150,000.

[jonm857]

The first person to tell me the 3 elements of a patent gets a donut…

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

[Reg_Slayer]

ok preferences are always added. I SUBTRACTED THEM LIKE A NOOB and got the wrong AMTI!!!

[Author]

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