Prospective Financial StatementsCan you help?
    Dana_W - 11/25/2018, 6:17 pm
    Gleim says "a review or a compilation is not permitted" for prospective financial statements (forecasts, projections). Does this questions present a scenario that would/should never occur?
    Why Guaranteed payments has not been reduced out of ordinary inome?
    Sumit-Arora-22325 - 11/22/2018, 7:33 pm
    MY query is the Guaranteed payments are salaries to the partner and deducted from the partnership ordinary income and therefore Partnership Ordinary Income should by 200000-60000=140000 Further, Charitable contributions are shown as a separate stated items on the Schedule k-1 and therefore should not be include in the ordinary income. Therefore partners share of income should be (140000*40%)+(60000)=56000+60000= 116,000
    Legal fees for equity investments of less than 20% sharesCan you help?
    nicole-13036 - 11/19/2018, 4:54 am
    Should legal fees incurred in investments in equity holding less than 20% shares be expensed or capitalized? What about legal/consultant fees incurred in trading securities, AFS and HTM?
    S-Corp Distributions
    Chris-15937 - 11/15/2018, 5:20 am
    So we're just going to ignore the $24,000 that Serena gets in cash distribution from the S-Corp? Is it because of the wording of the 4 choices?
    Social Security Benefits
    Karen-64020 - 11/15/2018, 4:13 am
    How much would the income need to increase to trigger social security to be taxed at 50%?
    Is this correct?
    Jamie-33742 - 11/14/2018, 8:21 pm
    If the initial basis is 13000 and the company distributes 4000 cash that brings the basis down to 9000. Then there is a distribution of land with a FMV of 17000, however, the investors basis cannot be negative so shouldnt the basis in the land be 9000? Is this part of the new testing material starting January 1 2019?
    Client Consent
    Chris-15937 - 11/14/2018, 8:04 pm
    The explanation points out two correct answers for this question - is this simply a case of one choice being "more correct" than the other? "No, unless the client provides consent" is also a correct answer here.
    Jamie-33742 - 11/14/2018, 5:27 pm
    I thought if income the income is increasing year after year the estimated tax payments can be 110% of the previous years tax liability.
    Statue of Limitations
    Karen-64020 - 11/13/2018, 4:30 am
    Is the statute of limitations and tax due dates still being tested on the CPA exam? I thought it was no longer being tested as of 2nd quarter of 2017
    Exemption Status
    Karen-64020 - 11/13/2018, 4:15 am
    Does the father not qualify because the amount he earned is greater than the personal exemption amount allowed?
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