Took Income Tax test today...


H

hi

Test #2 wasn't so bad. I may have pulled an A but probably a B because of
all the tricks. I had a bit of trouble with the three depreciation problems,
but found my groove when faced with calculating moving expenses,
transportation, travel, medical and other expenses and misc itemized
deductions subject to the 2% floor. Passive Income was not a problem, as
long as you remember passive losses are only deductible vs. passive losses,
except when you get rid of the items, and if you're a closely held C
corporation, then you can deduct them against active and portfolio income.
The at risk rules were easy enough, too. The tax credits questions were
easily enough to figure out - the welfare to work credit, work opportunity,
and earned income credit were covered. Withholding using the percentage and
table method were the last few questions.

One question I know I got wrong -- after calculating moving expenses (no
meals), there was a question that asked if the person could still use the
moving expenses deduction if they chose to use the standard deduction. I had
a brain lapse and couldn't visualize the front of the 1040 to realize moving
expenses are deductible for agi and not an itemized deduction on Schedule
A/B. Damn! I hate when I freeze up and get questions I really know
incorrect. He also he threw in some trick questions about "used" property
and I couldn't think if I could use the add'l first year or S179 election on
"used" items. To think of it, I don't know if I remember to decrease the
S179 election dollar for dollar if the amount was over $200,000. It's just
so much to remember without having the book to refer to.

As soon as I get the test back, i'll post all the questions. Infact, I'll
post all of the questions to test #1 to get some opinions. I got an 84% on
that one. This Monday is my 2nd Cost Accounting test, too. That one covers
budgets, (Sales Budget to the Cash Budget), support department cost
allocation, and joint product by product costing.

I also have a take home exam (#2) in Intermediate Accounting to work on. :)
I'll post questions from there, too.
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top