[nofunbecker]

I’m getting confused with what I read has changed for 2013, as well as differences between Becker and Ninja Notes…what Section 179 maximum deduction and maximum total equipment purchase number should I know for my exam tomorrow? Please Help, hopefully Jeff too 🙂

[GreenMonkey]

It is very rare that you will need to know the amount (from other posts I've read on this forum).

That said, I would recommend spending time making sure you understand Section 179 and all of the details of it (e.g. is it separately or non-separately stated?).

But again, don't stress about the amount to use. It probably won't come up.

REG- 91
AUD- 97
BEC- 91
FAR- May

[GreenMonkey]

Good luck by the way!

REG- 91
AUD- 97
BEC- 91
FAR- May

[Starlight]

Don't worry about 2013 numbers. If I remember correctly, 2013 information will not have propagated to the exam this quickly. believe that they have a 6 month grace period before testing and threshold or law changes.

REG: 86
AUD: 92
FAR: 84
BEC: 87
Ethics: Passed!
Licensed 11/20/12

Supporting my husband on his CPA journey: 75% of the way there!

[Anonymous]

If you go to Section179.org it will explain all about it. I just copied from that site, see below. They just changed it although I doubt they will ask you specifics but you never know. Good Luck!

Here are the new Section 179 Deduction Limits for 2013 (and 2012 retroactive)

Section 179 has been enhanced for *both* 2012 and 2013 tax years (2012 is retroactive, obviously). This is due to the passage of H.R.8: American Taxpayer Relief Act of 2012 (The “fiscal cliff / fiscal crisis” bill).

2013 Deduction Limit = $500,000

2013 Limit on Capital Purchases = $2,000,000

2013 Bonus Depreciation = 50%

Please note the above limits are as of 1/1/2013, and are for tax year 2013. In addition, 2012's old limit ($125,000 deduction) has now been raised to $500,000 as well. This means qualifying purchases you made in 2012 can now take advantage of the new, higher deduction limits.

[mrwills12]

@ Starlight…… I disagree……

it is unlikely that you will see one with numbers involved so dont fret too much. But i would know the numbers they are not too hard

FAR - 88 (Jul 2012)
AUD - 85 (Oct 2012)
BEC - 82 (Nov 2012)
REG - 92 (Jan 2013) DONE!

Using Becker Self Study 2012

[nofunbecker]

okay…so as a follow up…Becker uses $125000 and Ninjas use $139,000….which would you go with?

[mrwills12]

Neither it is $500,000 for 2013.

FAR - 88 (Jul 2012)
AUD - 85 (Oct 2012)
BEC - 82 (Nov 2012)
REG - 92 (Jan 2013) DONE!

Using Becker Self Study 2012

[no.cruncher]

On another note: Also Remember Conceptually “Depreciation Recapture” = When you sell a depreciated item at a Gain you must recognize as “ordinary income” any amount up to the “accumulated depreciation” previously taken. Gains above and beyond Acc.Dep. are taxed at ss1231 Gains

FAR - 7/16/2012 *76 : 2.5mo [Exp. 1/2014]
AUD - 8/31/2012 *82 : 1mo
REG - 11/27/2012 *83 : 2.5mo
BEC - 2/27/2013 *80 : 2.5mo LET'S DO THIS!!!
Ethics - 3/13

[ 2011 Kaplan Self Study - Textbook, MP3s, FlashCards ]

CMA... Hmmm...???

[jeff]

We are talking about the 2012 tax year here … I've seen some “2013” numbers in the thread, but I think people meant 2013 tax season.

Prior to the Fiscal Cliff dealio…the # was $139,000.

The Fiscal Cliff changed the # for 2012 … but according to CPA Exam rules – those changes won't be testable until 6 mo. after passage.

I feel confident on the $139,000 for exam purposes.

[CPA_Runner]

Thanks for clarifying Jeff. Yikes to all the changes, but Jeff is probably right about using $139,000 for 2012.

AUD - 80 (05/23/2012)
FAR - 75 (08/09/2012)
BEC - 81 (12/05/2012)
REG - 71 (10/16/2012); 70 (02/12/2013); 78 (04/08/2013)
Ethics - 98

[FinnishWeirdo]

Jeff, is Sec. 179 the only number you'd recommend us memorizing, or are there other key ones? I know that one's the biggie.

Why was there bacon in the soap?!

BEC 4/19/2013: 79 - the "easiest" one doesn't mess around lol
AUD 11/13/12: 90...NOT SURE IF SRS
REG 2/11/13: 87!!!!! LOLWUT!!>???!?
FAR 8/18/12: 81 MOFOS!!!!!!!!!!!!!!!!! (srsly thought I failed lolol)

Passed all 4 on the first try using Roger, NINJA Notes for FAR, and NINJA Audio for REG & BEC.

[mdrobbin]

I'm getting the feeling it will be good to memorize the 7.5% AGI floor for medical… that seems to pop up a lot. I'd also be interested if Jeff has any other pointers for specific numbers to memorize.

FAR - 2012 - PASSED (YAEGER)
AUD - 2012 - PASSED (YAEGER + NINJA NOTES)
BEC - 2012 - PASSED (YAEGER + NINJA NOTES)
REG - 2013 - PASSED (YAEGER + NINJA NOTES + NINJA AUDIO)

ETHICS - 2013 - PASSED

DONE!!! Thank you A71 for all the support! Hiya!!!

[jeff]

Well – you can go crazy memorizing deductions/phaseouts etc. REG is surprisingly conceptual.

Sec 179 is a good one. Also some of the tricky ones … like MACRS 150 for Farms … the little things – the exceptions – that they could toss in there to trip up those that don't know it.

The 7.5% med threshold is a given for sure. You also have to remember that AMT uses 10% and you have to add back the difference for AMT.

[FinnishWeirdo]

Ah yes! The Schedule A ones. Medi d's are important. I almost forgot about 2% misc deductions, too. Those ones are poop.

And AMT, oh man, totally forgot about that 🙁 I hate that stuff, partially because I was never taught it in undergrad (or even my grad program now really), so it's unfamiliar.

Thanks so much though, Jeff! I really appreciate it and LOVE your Ninja stuff/this forum. Here's to passing!!!!!!

Why was there bacon in the soap?!

BEC 4/19/2013: 79 - the "easiest" one doesn't mess around lol
AUD 11/13/12: 90...NOT SURE IF SRS
REG 2/11/13: 87!!!!! LOLWUT!!>???!?
FAR 8/18/12: 81 MOFOS!!!!!!!!!!!!!!!!! (srsly thought I failed lolol)

Passed all 4 on the first try using Roger, NINJA Notes for FAR, and NINJA Audio for REG & BEC.

[Author]

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