转：8.21 REG 经验

mcjm26

SIM:

1. PHC
PHC company has 2000 shares in total. give 5 people and each connected with 2-3 relatives and nonrelative people. e.g. TOM 200 STEP FATHER 30 COUSIN 40. let you decide how much percentage of the stock is qualify for PHC and also have another 400 shares which were for non PHC shares. PHC: 50% owned by 5 or fewer individuals 这题我看别人的JJ的时候就不懂了，没想到真考了额。。没搞懂各种关系对individual定义的影响，知道的人能说说不？


2. tax planning and estimated tax.
Given Month 1-3, 1-5,1-8 accumulated AGI, itemized deduction and personal exemption， and last year AGI and tax liability.1)use annualized method to decide what is the estimated tax at April and June;2)use prior year tax liability to decide the same thing; 3)再问if in August, withholding tax $6,000, what should be the estimated tax for the first eight months

3. non-liquidating distribution
同一个property distribute to a shareholder/partner in partnership VS C corp, 给出basis and FMV和E&P,问entity gain/loss, taxpayer gain/loss, property basis


4. Schedule K-1
A taxpayer has 55% interest in a partnership. calculate partner’s share of business income, guaranteed payments, dividends, net capital gain/loss….


5. Life insurance
分各种情况计算income 1)premium paid by group-term insurance policy(注意50,000是non-taxable); 2) A die, B get life insurance proceeds, how much should be included in estate; 3)A give B a life insurance, how much should be included in gift taxable income 大概有8种情况，考试前我就没分清各种life insurance proceeds, premium, dividend的区别，所以这题瞎做T T


6. Research: communication between preparer and clients for tax service


MCQ


1. NASBA, AICPA和state board的分工考了两题。1） CPA license 应该谁管 2）CPA exam谁管


2.Roth IRA 和traditional IRA的区别


3. 很难的计算题 estate有各种property打算分配给不同的人，如land, personal residence, life insurance(50/50 with spouse), 还有commission and funeral expense, 计算estate gross income 注意各种property的deduction


4. complex trust的特点： accumulated earning


5. AMT只考了一个 exemption


6. Circular 230


7. negligence best defense


8. wash sales


9. 考了很多道CPA duty, 例如发现client prior year tax return error, should tell or not


10. （做错了的题T T）哪一项reduce unified gift tax credit？child, spouse, university,hospital


11. individual gift carryover basis


12. LLC tax like which entity?


13. 如果principal insanity了，agent还liable to client么？


14. capital asset include which real property. ps: capital asset is not used in trade or business.我！错！了！啊啊啊


总的来说，simulation的题lz都碰到了看过的JJ，除了research。MCQ的题感觉Corp,partner的最多也最难，个人税的也不少但不难。还有各种概念题，都是些听becker的时候犯困的内容= =建议这个test window还没考的同学多看看3,4章，也别忘了第8章的business entity

kevin

感谢分享