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 Topic: I am going to kill you, REG!!!!! ( Topic Closed)
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gjtseng
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Joined: 26 Jan 2012
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Posts: 51
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| Posted: 11 Feb 2012 at 23:59 | IP Logged
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The rule limiting the allowability of passive activity losses and credits applies to:
a. Partnerships.
b. S corporations.
c. Personal service corporations. ; ; ; ;
d. Widely-held C corporations.
Can anyone explain to me this question in regular english? I know Individual, estates, trust, personal service compnay, and closely held compnay(what is this??), are subject to PAL reule. BUt why the other entities don't need to follow thise limitaion?
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gjtseng
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| Posted: 12 Feb 2012 at 10:44 | IP Logged
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I hope i am right with the SUPPORT rule for exemption plus head of household!!!
John has a brother who doesn't live with John, but John support him more than 50%. In this case, john can claim his brother as dependent for exemption on his 1040. However, John's status is not considered as head of household because his brother did not live with him for more than half year. Without consider other factors, is my understanding on this one correct?
Thx
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CPA#1
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Joined: 01 Dec 2009
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| Posted: 27 Feb 2012 at 15:11 | IP Logged
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I took REG last weekend and posted my experience in another thread because I totally forgot about this thread. You'd think this would be the perfect place for me post it since this is my thread, lol. Anyways, I'll cut and paste what I said in the other thread....
Came back from my REG exam. Another nightmare!! Not as nightmarish as
the first time I took it, but it was worse than my 2nd attempt. On my
second attempt, I literally breezed through the multiple choice. I was
pretty sure I got at least 18-20 questions right per testlet out of the
24. Yet, I still failed because of the Sims. And mind you, I only ended
up Comparable on the MCQs despite getting 18-20 correct. Weird!! Just
shows what competition I'm facing. Now, today, the multiple choice
questions were a mix bag. Some I knew, some I didn't. Most of the ones I
wasn't sure of, I was able to narrow down to 2 choices. But knowing my
luck, I always pick the wrong one. Testlet 2 had a lot wordier
questions. In fact, one was so wordy that I actually had to scroll down
to see the choices. My question was THAT lengthy. Testlet 3 was also
tricky and tough in its own way, but had fewer lengthier questions.
Don't know what kind of sign that is. I'm not sure what to think about
this. I'm at a loss for words...
However, the Simulations were A
LOT better than last time. There was 1 Simulation I was unsure of
(hopefully that's pretest) and another 1, I knew about half of it. The
rest, I'm sure I got 90-100% correct because they were my strong topics.
Even the research, I found. It scared me at first, but after 5 mins of
research, I found it!
I really don't know what to think. There
could be the slightest possibility that I passed in the high 70s, but
I'm not counting on it. Last window, I was almost positive that I made it, yet
failed by 1 point. The curve on this exam is not as generous as the
other 3 sections. So, I'm not expecting good news.
__________________
FAR: 52,66,73,61,89
AUD: 47,87
BEC: 80
REG: 64,74,84
DONE!!!!!!!
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gjtseng
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| Posted: 27 Feb 2012 at 20:45 | IP Logged
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CPA #1
Thank for your sharing. Wish you pass the exam!!!! Just have a question for you. What is the ratios between tax and business law on the exam?
Thx
James
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CPA#1
Major Contributor
Joined: 01 Dec 2009
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Posts: 439
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| Posted: 28 Feb 2012 at 10:01 | IP Logged
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Took it 3 times and had 3 completely different experiences. Each exam is different. Study both....
__________________
FAR: 52,66,73,61,89
AUD: 47,87
BEC: 80
REG: 64,74,84
DONE!!!!!!!
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