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REG CPA Exam Study Guide Solutions

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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...

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  • November 11, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
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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




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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

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