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aimtobeacpa
Major Contributor

Joined: 10 Dec 2009
Online Status: Offline
Posts: 657

Posted: 08 May 2011 at 23:49 \| IP Logged

Q r too big too type...it's from Wiley
Corporate taxation
Pg606
In prob 35, whole Amt is reduced ratably instead
Of Amt over 5000
In prob 37, they have reduced ratably above
5000...is prob 35 wrong?

__________________
BEC-74,82(lost credit),78
FAR-67,80
AUD-75
REG-68,72,79

Jef2006
Contributor

Joined: 16 Mar 2011
Location: United States
Online Status: Offline
Posts: 59

Posted: 10 May 2011 at 09:05 \| IP Logged

Could you please email this question to me? Thanks

jefj2006@gmail.com

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BEC 78
FAR 88
AUD 94
REG 75 completed within 6mos
Thanks to Becker

puckhead23
Contributor

Joined: 21 Nov 2010
Online Status: Offline
Posts: 73

Posted: 10 May 2011 at 22:00 \| IP Logged

Keep in mind that the $5,000 deduction gets reduced by the amount org costs exceed $50K (ex $51K of org expense = $4,000 deduction), but doesn't get reduced below zero. In question 35, there was $59,400 in org expenses (omit underwriters commission). It exceeds $50K by $9,400, which eliminates the $5K deduction. Hope that helps.

__________________
FAR 11/24/10 - 82
AUD 02/16/11 - 81
REG 05/27/11 - 85
BEC 08/20/11 - 84
NY CPA as of 10/13/11

aimtobeacpa
Major Contributor

Joined: 10 Dec 2009
Online Status: Offline
Posts: 657

Posted: 10 May 2011 at 22:18 \| IP Logged

thanks..
@Jef2006....its not a very complicated question....so the concept explained by puckhead23 would help u..

__________________
BEC-74,82(lost credit),78
FAR-67,80
AUD-75
REG-68,72,79

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