| Author |
|
GVen
Contributor
Joined: 13 Apr 2011
Location: United States
Online Status: Offline
Posts: 71
|
| Posted: 11 Dec 2011 at 09:55 | IP Logged
|
|
|
I find that the study approach with Becker REG is essentially a "cram and memorize" approach. What I liked about FAR is that the account J/E's generally made sense to me, and I could use them to reason my way through most problems. However the discussions of accumulated E&P and Partnership basis makes me wonder if the concepts could be made easier with J/E illustrations. Does anyone know of anything like this that is in an easy to use format?
thanks and good luck to everyone!
__________________
FAR 8/2011: 86
AUD 11/2011: 93
Reg 2/2012: 71, 7/1/2012: 89
BEC 10/2012: TBD
|
| Back to Top |
|
| |
CPA1979
Regular
Joined: 02 Aug 2010
Location: United States
Online Status: Offline
Posts: 210
|
| Posted: 11 Dec 2011 at 10:27 | IP Logged
|
|
|
GVen,
I've never seen the concept of E&P being used with J/E. I personal use a visual of buckets. You have an Accum E&P, which can be full or empty
(considered empty if it has negative figure) and current E&P, which also can
be full or empty.
Most questions wants to know if distributions are considered dividends or
return of capital. Always start with the current E&P bucket if it has anything
then that amount is dividends if negative then move on to the accum E&P
and use the amount there up to the dividends amount. If there isn't enough
then it is simply return of capital. Hope that helps.
__________________
FAR 11/10 80!!
AUD 10/11 93!!
BEC 01/12 77!!
REG 11/11 79!!
Ethics 3/12 93!!
CPA in IL
|
| Back to Top |
|
| |
GVen
Contributor
Joined: 13 Apr 2011
Location: United States
Online Status: Offline
Posts: 71
|
| Posted: 11 Dec 2011 at 10:37 | IP Logged
|
|
|
thanks 1979 - my immediate focus was more about the partnership items than it was the e&p (computing basis on dividends seems to be easier if you can visualize the dr. of cash/inventory/pp&e and the cr. of investment in partnership). it seemed to me like this could be extended to other areas. at the minimum, after getting through all of the exams i'd like to come back and really learn some of the items i have crammed into my 34-y.o. brain lest i forget.
__________________
FAR 8/2011: 86
AUD 11/2011: 93
Reg 2/2012: 71, 7/1/2012: 89
BEC 10/2012: TBD
|
| Back to Top |
|
| |
Active Topics 
Memberlist 
Search 
Help
Register 
Login
Topic: Tax journal entries
Topic Closed)
