REG CPA Exam - All Mnemonics Question and answer 100% solved 2023

REG CPA Exam - All Mnemonics Question and answer 100% solved 2023W Widower/Whole Year R1-8 H Head of Household/Half Year R1-8 CARES R1-11 Qualifying child requirements Close relative Age limit Residency and filing requirements Eliminate gross income test Support test changes SUPORT R1-11 Qualifying relative requirements Support (over 50 percent) test Under specific amount of taxable gross income Precludes dependent filing a joint tax return Only citizens of US/Canada/Mexico Relative test Or Taxpayer lives with individual for whole year Realized Real world Recognize Record on the books HIM DEAD R1-27 Exception to penalty tax on IRA early withdr. Home buyer (first time) Insurance (medical) Medical expenses in excess of 10% AGI Disability (permanent or indefinite) Education And Death Hindsight is 20:20 NOL carryback/carryforward rules: 2 years back 20 years forward The A's R2-3 Adjustments (deductions to arrive at AGI) Anyone is Automatically Allowed Any Amount Always (if you qualify) HIDE IT R2-15 & R3-12 Gains that aren't taxable Homeowner's exclusion Involuntary conversion Divorce property settlement Exchange of like-kind assets Installment sale Treasury capital and stock GIMC - gimick R2-20 Itemized deductions not subject to limitation Gambling losses Investment Interest expense Medical expenses Casualty & theft losses (non-business) FIB R2-23 Nondeductible taxes Federal taxes (including social security) Inheritance taxes for states Business and rental property taxes