[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]

anyone run into any alimony recapture problems? I've only seen the one example in ninja and it's annoying AF so i've tried to remember it and it could be good points but WHY.

[jonm857]

Alimony recapture? Can you post the problem? I dont think theres one of those in Becker

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

[jpowell31]

i think you'll want to ignore it too lol.. it's complicated and is basically in place to ensure that if alimony paid drops by more than $15k in the second or third year an amount is recaptured as income in year three with a detailed 3 step example that i'm not really willing to type out. i think theory behind is probably more useful.

[suzieemac]

That pic of prometric is way too accurate.

I'm just glad I wore clothes without pockets and got to skip most of the frisking process.

The headphones may have been the contributor to the massive migraine I had for the entire weekend following my AUD exam, and they didn't help me much either. I think they put a hacking/coughing person in every test room just for kicks, because I had one too… right next to me.

AUD - 8/12/16
REG - 10/7/16
BEC - 11/18/16
FAR - TBD

#300before30 - Pass the CPA exam before my 30th Birthday.

[jonm857]

With Our luck there will be an alimony recapture simulation

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

[Reg_Slayer]

1) correct
2) correct

I just read in my book and you seem right, but the whole concept is still a little fuzzy for me.

[jonm857]

At the prometric center in new orleans theres an eastern european woman who works there and she talks loud enough you can hear her through the wall… with headphones on…

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

[sonja90]

Scenario
1. What is the due date for filing of a federal income tax return for a C corporation with a fiscal year of 6/30/year 2 that has not filed a request for extension?
2. What is the due date for filing of a federal income tax return for a calendar-year C corporation for year 1 that has filed a timely request for extension?
3. A calendar-year C corporation discovers an error resulting in overpayment of tax on the return for year 1 filed on 2/17/year 2. When does the statute of limitations for filing an amended return expire?
4. An individual hand delivers his original tax returns for the calendar years 1, 2, and 3 on 4/15/year 5. When does the statute of limitations for assessment of tax on the earliest year expire?
5. A partnership with a fiscal year-end of 9/30/year 1 files a timely federal income tax return (without extension). What is the due date of this return?
6. An individual files a tax return for calendar year 1 on 4/15/year 2 showing taxes due of $57,000. The individual made no payment with the return. When would the statute of limitations for collection after assessment of this tax expire?
7. An individual files for an automatic extension before April 15, year 2. The individual files the income tax return on July 31, year 2, and pays the tax due. When does the statute of limitations expire on this return?

[jonm857]

@sonya90

I remember this sim… the rules have changed for C-Corps and partnerships so I got most of them wrong. But hopefully I get them right this time……

1) Oct 15, year 2??
2) April 15, year 2???
3) April 15, year 5??
4) April 15, year 8?
5) December 15, year 1?
6) Unlimited?
7) October 15, year 2?

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

[Reg_Slayer]

i recall seeing alimony recapture mcq in a wiley book some time ago, but nowhere else.

[jonm857]

The 4 characterizations of income for individuals:

1) ordinary
2) portfolio
3) passive
4) capital

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

[sonja90]

1) Oct 15, year 2??
2) April 15, year 2??? Oct 15, 2
3) April 15, year 5??
4) April 15, year 8?
5) December 15, year 1? January 15th,2
6) Unlimited? No 10 years
7) October 15, year 2? I would agree with you on this one. Since is 2 years since taxes are paid or 3 years since return was due including extension.

[sonja90]

Due date 6 months extention 5 months extention Final Due
April 15th 1040 yes Form 4868 October 15th
1041 Form 7004 yes September 30th
1120 yes Form 7004 October 15th
March 15th
1120S yes Form 7004 September 15th
1065 Form 7004 yes September 15th
May 15th 990 Form 8868 15-Nov

[sonja90]

That with due dates did not work right 🙁 is there a way to post pic from my comp?

[Reg_Slayer]

@sonja90

upload to IMGUR, then paste the link?

[Author]

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