[Anonymous]

Hello,

Does anyone have a good idea of memorizing those negative adjustments, positive adjustments and positive or negative adjustment items on Becker text book R3-44? I have hard time to remember them.

Any help would be appreciated

[NYC_CPA]

Current Earnings and Profits is basically Net Income per books. It's just a matter of

reconciling Taxable Income to Book Income. Start with Taxable Income and add tax-exempt

income(since they are income for Book) and subtract ALL expenses(excess of charitable

contributions<since ALL charitable contributions are an expense for Book>). Hope this

helps.

"I hate every minute of training, but I said, DON'T QUIT. Suffer now and live the rest of your life as a champion" - Muhammed Ali
FAR: 65(11/10), 80(02/11->Yaeger Audio!)
AUD: 73(05/15/11 Yaeger Homestudy), retake 76(08/31/11)
BEC: 73(08/05/11) Yaeger Homestudy, 71(11/30/11), retake 80(04/20/12)
REG: 80 (11/15/11) Yaeger Homestudy

[Anonymous]

Thanks NChoney!

[See Pee A]

Honestly, I had trouble with calculating E&P. I did the best I could, but still found myself getting tripped up. I learned the basic idea, and left it at that. Instead, I focused much more heavily on what is taxable/return of capital/capital gain and how it fits into a corp that elects that status. Those concepts were much more heavily practiced even in the homework, so I assumed calculation was a minor concept.

Basic cost-benefit analysis: would several hours memorizing the +/- adj. for E&P be more worthwhile than just learning the taxation of payments and then moving on? Probably not. This topic got the axe for me, as did several others in my FAR days. Just something to think about..

BEC 86 (08/30/11)
FAR 84 (10/13/11)
REG 88 (11/08/11)
AUD 86 (11/29/11)

Exam prep - Becker self-study

[NYC_CPA]

No prob Believe….good luck!

"I hate every minute of training, but I said, DON'T QUIT. Suffer now and live the rest of your life as a champion" - Muhammed Ali
FAR: 65(11/10), 80(02/11->Yaeger Audio!)
AUD: 73(05/15/11 Yaeger Homestudy), retake 76(08/31/11)
BEC: 73(08/05/11) Yaeger Homestudy, 71(11/30/11), retake 80(04/20/12)
REG: 80 (11/15/11) Yaeger Homestudy

[Anonymous]

@See Pee A – got it. I won't spend too much time on it. Thanks for the tip!

@NChoney – Good luck on your BEC exam too!

[Author]

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