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CPA Reg 2024 Questions with solutions $14.99   Add to cart

Exam (elaborations)

CPA Reg 2024 Questions with solutions

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  • Course
  • CPA
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  • CPA

Exam of 10 pages for the course CPA at CPA (CPA Reg 2024)

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  • August 9, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CPA
  • CPA
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jopewa
CPA Reg 2024

- answer

Refundable Tax Credits - answerChild Tax Credit
Earned Income Credit
Federal Income Tax Withheld
Excess Social Security Withheld
American Opportunity (40% refundable)

Penalty for underpayment of estimated taxes - answerNo penalty if owed amount is less
than $1,000

Child and Dependent Care Credit - answer- Nonrefundable
- Child must be under 13
- Expenses are limited to lowest earned income of either spouse
- Depending on AGI you get ~20% of expenses covered
- maximum is 3,000

Retirement Savings Contribution Credit - answer- Nonrefundable
- Covers up to $2,000 for contributions to Traditional or Roth

Excess Social Security Withheld - answerRefundable if withholdings were made by
more than one employer

Safe Harbor for penalty for underpayment of estimated taxes - answerThe lesser of:

90% of the tax on current year's return
OR
110% of the tax on last year's return (if AGI is >150k, otherwise 100%)

Donee's Basis of Property - answerException kicks in when FMV < NBV

Scenario 1 for Donee's Basis - answerSales Price > NBV
use NBV as basis

Scenario 2 for Donee's Basis - answerSales Price < FMV
use FMV as basis

Scenario 3 for Donee's Basis - answerSales Price is in between FMV and NBV
Sales Price is Basis - no G/L

, Basis for Depreciation of Transferred Property - answerLesser of FMV and original
Basis

Tax Basis for G/L for Transferred Property - answerIf there is a Gain: Basis is adjusted
basis at time of sale

If there is a Loss: Take lesser of Basis and FMV at Conversion, then deduct
depreciation

Inherited Property: LT or ST - answerAlways LT. No matter what

Nonresidential Property - answerDepreciated over 39 years, using mid month
depreciation

Residential Property - answerDepreciated over 27.5 Years, using mid month convention

Mid Month Convention MACRS - answerStraight-line, Half the month of sale and
purchase

MACRS 5 year property includes - answerAutomobiles, light trucks, computers, and
copiers

MACRS 7 year property includes - answerFurniture and fixtures, machinery, and
equipment

Midquarter convention is used when - answerMore than 40% of assets are placed into
service in Q4

Intangible assets are amortized over - answer15 years (180 Months)

Bonus Depreciation Limitation - answerAssets converted from personal - business
cannot use bonus depreciation

Assets received as gift are also not eligible

Inherited Property also not eligible

Casualty Loss for C Corps - answerPartially Destroyed: lesser of:
- NBV of property before loss
- Decline in value after loss

Fully Destroyed:
- NBV of property before loss

Deduct Insurance reimbursement for each

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