2009 R-1 Class Notes - Becker CPA Review Regulation 1 Class...

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Becker CPA Review – Regulation 1 Class Notes 1 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. REGULATION 1 CLASS NOTES The Regulation section covers primarily taxation and various business law topics. Taxation comprises approximately 60% of the Regulation exam and covers individual, corporate, subchapter S corporations, partnership and various transactional tax concepts (classes R1-R4). Ethics and professional and legal responsibilities comprise approximately 18% (covered in R4) and business law the remaining approximately 22% (covered in R5-R7). This lecture covers the taxation of individuals with an emphasis on filing status, exemptions, gross income and capital gains and losses. According to the AICPA's Content Specification Outline these items and the items listed in lecture R2 should make up between 28% and 34% of your Regulation examination. OVERVIEW I. INDIVIDUAL TAXATION A Be very familiar with the categories and flow of this formula: Gross Income (Adjustments) Adjusted Gross Income (Standard or Itemized Deductions) - Greater (Exemptions) Taxable Income x Tax Rate equals Federal Income tax (Tax Credits) Other Taxes (Payments) Tax Due or Refund Adjustments can also be known as deductions to arrive at AGI. II. FORM 1040 AND OTHER FORMS A. Familiarize yourself with the form so that you can handle simulation questions that ask you to put the amount where it belongs on the tax form – remember to use your cues like the form itself. III. FILING STATUS A. General rule is status as of December 31 (except in case of spouse's death during the year)
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Becker CPA Review – Regulation 1 Class Notes 2 © 2009 DeVry/Becker Educational Development Corp. All rights reserved.
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This note was uploaded on 05/15/2010 for the course ACCOUNTING 342 taught by Professor Judelee during the Spring '10 term at Cal Poly Pomona.

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2009 R-1 Class Notes - Becker CPA Review Regulation 1 Class...

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