Cpa Reviewed: The Cpa Exam Podcast

CPA Reviewed #73: Monday January 23, 2017 Like the Podcast? Please Subscribe and Review! [Listen on iTunes] [Listen on Stitcher] [Listen on Tunein] Want to be on the Podcast? Ask Jeff Facebook Live 1. Tracy - Congrats on the new baby!! Your wife is a trooper! I am taking REG again for the 5th time in February...got a 69 in July and 70 in December. On the Ninja Notes, in the partnership section it says the below:     Items not deductible on Schedule K         Instead these flow through the Partners' K-1:             Investment interest             Foreign taxes paid             Charitable contributions             179 expense But on an actual Schedule K those items are deducted. What am I missing? Gross Sales (Except for partners) (Accrual basis only) (payments to partners are OK) (except 179) = Ordinary Business Income ITEMS NOT DEDUCTIBLE ON SCHEDULE K Instead, these flow to Partners' K-1 o Investment Interest Expense o Foreign Tax Paid o Charitable Contributions o 179 Expense Mnemoni