100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
REG CPA Exam Study Guide Solutions $12.49   Add to cart

Exam (elaborations)

REG CPA Exam Study Guide Solutions

 0 view  0 purchase
  • Course
  • Prep Tests
  • Institution
  • Prep Tests

REG CPA Exam Study Guide Solutions Disclosure of taxpayer information to other is permissible under 3 ways: - ANSWER-1. computer processing 2. peer review process 3. Through an administrative order. Itemized deductions not limited to limitation: GIMIC - ANSWER-Gambling losses (to the extent o...

[Show more]

Preview 2 out of 9  pages

  • November 11, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Prep Tests
  • Prep Tests
avatar-seller
OliviaWest
Copyright © OLIVIAWEST 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED




REG CPA Exam Study Guide
Solutions

Disclosure of taxpayer information to other is permissible under 3 ways: -

ANSWER✔✔-1. computer processing 2. peer review process 3. Through an

administrative order.


Itemized deductions not limited to limitation: GIMIC - ANSWER✔✔-Gambling losses

(to the extent of gambling winnings) 2. Investment Interest expense 3. Medical Expenses

4. Casualt Losses (non-business)


non-deductible taxes - ANSWER✔✔-Federal Income Taxes 2. Inheritance tax 3. Business

Taxes (deductible on Sch. E)


Altertrnative Minimum Tax: Adjustments (+/-) PANIC TIME - ANSWER✔✔-Passive

activity Losses, Acc. Dep., NOL's, Installment Income of a Dealer, Contracts (% complet

vs. completed) Tax deductions, Mtg. Interest not used 4 house, Medical(limited to 10%

of AGI) Misc. deductions are NOT allowed, Exemptions (personal) and standard

deduction




Copyright ©Stuvia International BV 2010-2024
Page 1/9

, Copyright © OLIVIAWEST 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


Tax Preferences - ANSWER✔✔-Always ADD BACK PPP Private activity bond interest

income Percentage depletion the excess over adj. basis of property, pre- 1987

acceleateraed depreciation


Organizational & Start-up expenses - ANSWER✔✔-Tax: 5000 expense maximum

remainder amortized over 180 months GAAP- expensed when incurred


Capital Losses for corportations - ANSWER✔✔-Corps can only use to offset Cap gains.

Carryback/over= 3/5 applied only to cap gains. carryback/forwards are always treated

as a S/T Cap. LOSS


NOL for Corps - ANSWER✔✔-carryback/forward= 2/20 No Charitable contribution

deduction or DRD allowed before calculatiting a NOL


Rule 504 under 1933: - ANSWER✔✔-1. Exempts issuance up to $1 million 2. General

solicittion is ok 3. must be sold w/in 12 mnths 4. sold to any # of investors (seed capital)

5. resell is ok


Rule 506 under 1933: - ANSWER✔✔-1. Private placement of unlimited dollar amount 2.

35 non-accredited sales to unlimited accredited


Rule 505 under 1933: - ANSWER✔✔-1. Exempts issuances of up t


Punitive Damages - ANSWER✔✔-intended to reform or deter the defendant and others

from engaging in conduct similar to that which formed the basis of the lawsuit.

Although the purpose of punitive damages is not to compensate the plaintiff, the

Copyright ©Stuvia International BV 2010-2024
Page 2/9

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79373 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart