Exam (elaborations)
REG CPA Exam - All Mnemonics Detailed Questions and Expert Answers
- Course
- CPA
- Institution
- University Of Southern California
REG CPA Exam - All Mnemonics Detailed Questions and Expert Answers
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REG CPA Exam - All Mnemonics DetailedQuestions and Expert Answers
W - ANS Widower/Whole Year R1-8
H - ANS Head of Household/Half Year R1-8
CARES - ANS R1-11 Qualifying child requirements
Close relative
Age limit
Residency and filing requirements
Eliminate gross income test
Support test changes
SUPORT - ANS R1-11 Qualifying relative requirements
Support (over 50 percent) test
Under specific amount of taxable gross income
Precludes dependent filing a joint tax return
Only citizens of US/Canada/Mexico
Relative test
Or
Taxpayer lives with individual for whole year
, Realized - ANS Real world
Recognize - ANS Record on the books
HIM DEAD - ANS R1-27 Exception to penalty tax on IRA early withdr.
Home buyer (first time)
Insurance (medical)
Medical expenses in excess of 10% AGI
Disability (permanent or indefinite)
Education
And
Death
Hindsight is 20:20 - ANS NOL carryback/carryforward rules:
2 years back
20 years forward
The A's - ANS R2-3 Adjustments (deductions to arrive at AGI)
Anyone is Automatically Allowed Any Amount Always (if you qualify)
HIDE IT - ANS R2-15 & R3-12 Gains that aren't taxable
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