Summary: CPA Reviewed #73: Monday January 23, 2017<br> <br> <br> <br> Like the Podcast? Please Subscribe and Review!<br> [<a href="https://itunes.apple.com/us/podcast/cpa-reviewed-1-cpa-exam-podcast/id619999478?mt=2" target="_blank">Listen on iTunes</a>]<br> [<a href="http://www.stitcher.com/podcast/cpa-reviewed-cpa-exam-podcast/cpa-reviewed" target="_blank">Listen on Stitcher</a>]<br> [<a href="http://tunein.com/radio/CPA-Reviewed-CPA-Exam-Podcast-p831758/" target="_blank">Listen on Tunein</a>]<br> <br> Want to be on the Podcast? <br> <a href="https://www.another71.com/ask-jeff/">Ask Jeff</a><br> <a href="https://www.facebook.com/another71" target="_link">Facebook Live</a><br> <br> 1. Tracy - Congrats on the new baby!! Your wife is a trooper! <br> <br> I am taking REG again for the 5th time in February...got a 69 in July and 70 in December. <br> <br> On the <a href="https://www.another71.com/shop/ninja-notes-far/">Ninja Notes</a>, in the partnership section it says the below: <br> <br> Items not deductible on Schedule K<br> Instead these flow through the Partners' K-1: <br> Investment interest<br> Foreign taxes paid<br> Charitable contributions<br> 179 expense<br> <br> But on an actual Schedule K those items are deducted. What am I missing?<br> <br> <br> Gross Sales<br> <br> (Except for partners)<br> <br> (Accrual basis only)<br> (payments to partners are OK)<br> (except 179)<br> = Ordinary Business Income<br> <br> <br> ITEMS NOT DEDUCTIBLE ON SCHEDULE K<br> Instead, these flow to Partners' K-1<br> o Investment Interest Expense<br> o Foreign Tax Paid<br> o Charitable Contributions<br> o 179 Expense<br> Mnemonic: IFC179<br> <br> <br> <br> Instructions for Form 1065<br> <br> Do not include any section 179 expense deduction on this line. This amount isn't deducted by the partnership. Instead, it is passed through to the partners in box 12 of Schedule K-1. <br> <br> Items the partnership must state separately that require separate computations by the partners. Examples include expenses incurred for the production of income instead of in a trade or business, charitable contributions, foreign taxes paid or accrued, intangible drilling and development costs, soil and water conservation expenditures, amortizable basis of reforestation expenditures, and exploration expenditures. The distributive shares of these expenses are reported separately to each partner on Schedule K-1. <br> <br> 2.Jared - I purchased <a href="https://www.another71.com/shop/ninja-mcq-far/">Ninja MCQ</a> for BEC and I have been doing the adaptive learning session. After 400+ questions, I have been seeing repeated questions, even repeated questions that I have answered right before.<br> <br> Should I just go to Custom MCQ and just select Questions that I have not yet seen?<br> <br> I don't want to stray away from what is recommended.<br> <br> 3. Rachel - Hi Jeff, I purchased the <a href="https://www.another71.com/shop/ten-point-combo-far/">NINJA FAR book</a> in Oct/Nov of 2016. ( i missed it by 4 points). Can I use this for the new CPA style or will you be updating you materials? Thanks <br> <br> 4. Shalini - I have only recently decided to pass the CPA exams. A friend lent me books from 2013. How redundant or useful are they? Some subjects more than others? <br> <br> 5. Juan - I will be taking the Regulation exam in 2 weeks and I am considering purchasing the ninja MCQ. However, I was wondering if I can still access the 2016 REG questions since my exam will consist of that material, or are only the 2017 questions provided? <br> <br> See Also: <a href="https://www.another71.com/how-to-pass-the-cpa-exam-in-20-days/">How to Pass a Section of the CPA Exam in 20 Days</a><br> <br> 6.
