Joined: 05 Aug 2009
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Posted: 22 Dec 2009 at 18:56 | IP Logged
I'm using Becker and it very briefly skims over AMT (individual and corp) as well as depreciation recapture. I would think these two items would be more heavily tested on the exam then Becker suggests. Does anyone know where I can find free practice questions for these topics online?
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Joined: 13 Jan 2009 Location: United States
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Posted: 14 Jan 2010 at 14:01 | IP Logged
How did your test go? Was there a lot of AMT stuff on it?
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Joined: 08 Jan 2010 Location: United States
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Posted: 14 Jan 2010 at 14:31 | IP Logged
I would say that it is important to know the general assets that belong to 5, 7, 27.5, and 39 year life classes.
5 year -- autos, computers
7 year -- furniture, fixtures, certain farm equipment
27.5 year -- residential real property
39 year -- non-residential real property
The simulation released by NASBA for the REG exam on the cpa-exam.org website goes through a partnership and you are required to
calculate first year MACRS depreciation for a few assets in the 5 and 7 year categories. They do give you a MACRS table in the
resources tab.
Also, it's important to know the 5 and 7 year assets because the mid-quarter convention must be used when 40% of more of a taxpayer's
personal property property is placed in service within the last quarter of the year.
Also, 5 and 7 year properties are depreciated, be default, under the 200% double-declining balance method whereas 27.5 and 39 year
properties are depreciated using straight-line.
Joined: 13 Jan 2009 Location: United States
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Posted: 14 Jan 2010 at 14:43 | IP Logged
Thanks for the info. My test is in 6 weeks and the only tax stuff i have done is individual tax. I feel like i will never learn everything in 6 more weeks. My pre-CPA exam depression is slowing creepin in....
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BEC- July 22, 2009 PASS
REG- February 26,2010 PASS
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Topic: More practice questions for AMT & Dep
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