Day 767
DIET
Ate pretty lightly today. The majority of it consisted of random carb items. It looks like I finally broke past the 160 pound plateau. Hopefully this isn't a sodium bloat from last night's cheat and I can maintain this weight and keep gaining.
EXERCISES
Interesting... The injury I've sustained 6-8 months ago can be lessened by changing my feet position in a deadlift. The wider my stance, the more glute pain I have. The narrower my stance, the less pain. Either way, I still need to get this checked out.
- Deadlift - 320 went up "relatively" pain free after shifting my stance
- BB Row
- One Arm DB Rows
- Rack Squats
- Pull Ups
- Hyperextensions fused with BB Rows
- Calf Raises
- Stretches
EXTRA ACTIVITIES
None.
COMMENTS
Getting some random work done. Not too much CPA thinking until now.
INTERESTING CPA TIDBITS OF THE DAY
There are a few deductions for corporate tax that trip me up because each have a special definition of taxable income that is unique to calculating the deduction. This makes sense since you have to take one deduction before you can calculate another.
Tonight, I will explore the calculation of taxable income for the corporate charitable contribution deduction, dividend received deduction and the qualified production income deduction.
Starting with charitable contribution, you calculate taxable income by ignoring the dividend received deduction (DRD), the charitable contribution deduction (CCD), and the domestic production activities deduction (DPRAD). Looking at this logically, we calculate the CCD before all other deductions. We can also ignore NOL carrybacks. This means we don't need to recalculate the CCD when we have a NOL in future years. This is also the same with capital loss carry backs. We can ignore future capital losses that will change our taxable income.
Next, the DRD follows similar rules except this is AFTER the CCD. This means we actually include the CCD in our calculation of taxable income. We can ignore all the things mentioned above with one addition. We can also ignore NOL carry forwards. That is, NOL carried from the past. I'm not sure why there is a difference but it is one distinction that I must remember.
The last DPAD is calculated using the lesser of qualified production income or taxable income without the DPAD times 6%. (the rate is 3% in 2005 and 2006 and 9% from 2010 onwards).
Logical? As long as you keep the order of these deductions clear, you should have no problems answering questions.