[Anonymous]

I know Jeff mentioned somewhere that this topic will not be included in REG until July 1, 2016.

Calling on those who already tested this month. Without violating the disclosure policy of the exam, can someone confirm if testers need not worry about this until Q3?

NEWS ALERT: SECTION 179 IS $500,000 FOR 2016

https://www.section179.org/

I keep seeing this note in my review materials everywhere:

The 2014 IRC Section 179 deduction was $500,000/$2,000,000 with a 50% bonus depreciation. On 1/1/15 the extension for 2014 lapsed and is now at $25,000/$200,000 with 0% bonus depreciation. These amounts are currently being debated in Congress.

[Anonymous]

great question! i am wondering the same thing.

Congress permanently(finally! small biz owners rejoice) extended the $500K Sec 179 /$2M limit. but assuming the CPA is a half year behind on testing stuff, and the bill JUST passed in December 2015 (it wouldnt be testable until july2016.) in which case its a mismatch where material tested doesnt match current reality and law.

fortunately there has been like 10 years of this sec 179 extender shenanigans. can anybody who has taken the test in the past 10 years enlighten us which Sec 179 limit was tested? the smaller $25K/200K or the larger $500/$2M that always gets increased by extenders.

although how would you really know though? its not like you kno if you got the question right on the exam.

[MOAC]

Section 179 is so confusing is it $25k/$200k limit or $500k/$2M limit?

Is it even getting tested?

FAR May 2012 81 (lost credit, didn't sit for other sections.)
FAR 86 Aug 2015
AUD 85 Nov 2015
BEC 84 Dec 2015
REG 78 Mar 2016

Passed ALL sections in first attempt!!

[ahugemistake]

You should know the gist of Section 179, like where the deduction applies, and what items qualify for it, and if its on the sims then just apply the most current deduction, unless it is specifically stated what year it is. I remember I had a question where it specifically stated that the Exclusion amount was $XXX and it was an amount from the prior period.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Claudia408]

@ahugemistake – how do you think you did on Reg? I didn't pass, I just wasn't ready. But now I'm on to FAR bc it's a beast and I need extra time. I'm so slow studying! Gotta circle back with Reg in May… I'm so ready for all of this to be over THIS SUMMER!!

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[ahugemistake]

Claudia I know how you feel! I have no clue how I did but I mostly leaning towards not passing because the Sims were just so random. I take my time when I study also because I want to really get the topic I'm reading but it seemed that the exam focused on the simplest things. It was frustrating because I had spent time on a lot of things that weren't even mentioned on the exam. I'm dreading the score release because if I fail I'll have to retake FAR.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[miro-mia]

@ahugemistake

I take Regulation on Saturday and it will be my last exam if I pass (if not, FAR will be expiring first for me as well.) Your post about the simplicity of the exam questions are making me nervous because I've been studying all of the little details this week (so overwhelming.) Any last minute tips for the best use of my remaining study time?

Hope you passed! I'll be waiting for my score on the 23rd too:)

FAR 68,73,79
AUD 77
BEC 76
REG 81

[ncjm304]

Bump.. is the 179 deduction on Q1 2016 exams the 25k rule? Also, is bonus depreciation still not going to be tested?

AUD- 71,79
BEC- 72,77
FAR- 83
REG- 63,71,83

DONE!

[Anonymous]

as with most phaseouts- they should tell you in the question prompt

[Tncincy]

the notes and updates will tell us what is tested, as far as we know $25,000 and $200,000 max total equipment purchases is what will be tested (if they get to it). It's so much information, but the notes cover mostly what to expect as far as 179 deduction.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[mdhek.1984]

HI,

Anyone giving FAR in April-2016. I am studying with becker and right now in F2.

[Gabriella]

Bump for answers.

[Andyred04]

Ninja notes says $25k/$200k until June 30, 2016. However, I've seen both 2014 and 2015 questions in Ninja MCQs. Just make sure you note the Tax Year the question is referring to and use the appropriate phaseouts.

FAR: 80 (Gleim, Ninja Notes, Ninja MCQs)
REG: 87 (Gleim, Ninja Notes, Ninja MCQs)
BEC: 87 (Gleim, Ninja Notes, Ninja MCQs)
AUD: 8/27/16

PA Candidate

[Anonymous]

I would know Sec. 179 . It happens in real life all the time.

1. You capitalize assets and expense them via 179.
2. 500,000 limit in a year.
3. If you place more than 2 million in assets in the year, anything over 2 million will reduce your 500,000 dollar for dollar.

You can't take 179 if you are a trust. You can't take 179 if you have a loss. A corp , partnership passes out the 179 deduction on Schedule K.

That is basically what you need to know. Not from the book but because I use it all the time.

[Author]

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