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REG CPA Exam Review Questions and Answers 100% Solved Guaranteed Success
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REG CPA Exam Review Questions and Answers 100% Solved Guaranteed Success 7 Tests for Material Participation - Taxpayer must meet at least one of the following tests on an annual basis (Note: the first 3 are the most important to know): -Taxpayer participates in the activity more than 500 hou...

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  • September 26, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • CPA - Certified Public Accountant
  • CPA - Certified Public Accountant

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REG CPA Exam Review Questions and

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7 Tests for Material Participation - ✔✔Taxpayer must meet at least one of

the

following tests on an annual basis (Note: the first 3 are the most important

to know):

-Taxpayer participates in the activity more than 500 hours.

-Taxpayer's participation is substantially all of participation by all

owners/nonowners

-Taxpayer participates more than 100 hours and not less than any other

owner/nonowner.

-Activity is a "significant participation activity" (ie, more than 100 hours

participation) and taxpayer participated in all significant participation

activities for more than 500 hours.

-Materially participated in activity for 5 of last 10 years.

-Materially participated in activity for any 3 prior years for personal service

, activities.

-Depending on facts and circumstances, participation occurs on a regular,

continuous, and substantial basis.

Schedule E - ✔✔Supplemental Income and Loss (RRF-COP)

Rental Income, Royalties (Copyrights, Oil/Gas leases, Patents) and

Flowthrough entities

Individual Retirement Account (IRA) - ✔✔A qualified retirement plan for any

individual with earned income.

Itemized Deductions (Schedule A) (COmMITT) - ✔✔Charitable

Contributions (overall contributiond limited to 50% of AGI - give me 5 years

forward), Other Misc. Expenses (gambling losses to the extent of

winnings), Medical Expenses (10% AGI), Interest Paid, Taxes Paid

($10,000), and Theft/Casualty (10% AGI and less $100 per event)

An individual is only subject to an underpayment penalty if the balance of

tax due is greater than - ✔✔$1,000. The penalty may also be avoided by

paying the lesser of 90% of the current year tax liability or 100% of the prior

year tax liability (110% if the current year taxable income is over $150,000).

Dividend Received Deduction (DRD) - ✔✔0 - 20% ownership = 50% DRD

20-80% ownership = 65% DRD

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