The following is a presentation of TFNN. The Tiger, Technician Hour with your host, Hazel Chapman. Call now. Call free at 1-877-927-6648. Hazel Chapman here on Thursday the 13th of January. Just about mid month we're looking at the Dow. Let me just get this right here. So the Dow futures up about 48 points. The Dow closed yesterday at 36,002 nights. You just make it real clear Dow needs to hold the 36,000 level all the way into probably Tuesday of next week and break under that and starts to say, oops, you're going to test that up channel support zone. And I'd say the 36,500 chart. Gosh, what a start to the day here. We've got it right there. And we've got the, yep, that's it. And we've got the weekly chart still holding really well, monthly chart, just a doji candle, nothing to see there. But what's really interesting is that we've seen a rotation even within sectors. And this is going to be the early edition of course, eight o'clock, eight o' seven right now to be replayed at my 10 o'clock hour. Most importantly, what we're looking at here is that if the Dow is able to climb into the 36,000, 680, 36,700 area, that MacD, the moving average convergence in the data will probably start to move higher. We've taken a little bit of insurance here. And what we're looking at is that the stochastics are very weak at 58% on balance volume. This is really not very good. But that nine period moving average is turning down but still above the 14. And you know that that's one of the things we use here in the chapter of methodology. One of the myriad tools we have, most importantly, what we're looking at in terms of January is how does the candle close and how does February, what's the reaction in February? Because what we're looking at here, you see this monthly chart? Let me just expand. And something that's worth doing that at this particular point is kind of a critical day. I suspect that this is kind of a, yeah, kind of session that we have today. Look, you've got this jet-weight inside track repellent. Look how many times, since it started, how many times has been hit and repelled the price? The price has not been able to break, to go to the green line, which is your breakout line and give you the number that would, in January, that number is in the 37,800 or 900 area. And a breakdown going underneath the nine period moving average is 34,770. So you can see we've got about, I'd say, maybe 700 points to 1,000 points up or down. And that makes a big difference. And it's kind of like, you've seen that. That's happened in days, we've had moves like that. But so far, what we're looking at is, I'm using the Dow's epoxy because I think the Dow right now, well, I shouldn't say right now. I should say the Dow for about two and a half to three years, I have felt very strongly that maybe there's one too many financials within it, but it has, it is the Dow 30, it has nothing to do with the Dow industrials. In fact, it is so far from industrial, the XLI is probably a much better example. XLI, XLI. Yeah, the XLI is the S&P select industrial spider fund. Overall, I would say that that's probably a better proxy one. I never updated that. Mostly it's at an E. And it's got the, it's still got the Chapman Stalkleg formation. And that usually suggests that you bounce a tan above it for the neck of the, there's the leg, there's the body, this is the neck. And then there's a subtle slide. And if that slide goes underneath the trough, which takes you to, it's at 106.26, takes you under 98.70. I guess it's called a 97. That would be very negative. But in the meantime, back to the range, just look, there's a sideways rectangle formation. You can see it in the weekly. So that's industrials. At peak C, it should be all-time high. Peak C at an all-time high. There should be a D. We'll see what happens here. In the meantime, back in the range, let's go back and we're looking at the S&P, because that's the S&P 500. A really great mix. Look at that doji candle. And this could be a halfway mark. If there's a close above 47.53, that's an obstacle now going to the body of the candle that we saw the day after the top of 48.18.62 on the 4th. The 5th had a higher 47.97. So if we start trading the 47, oh, I'd say 63 area, that means you can go quite a bit higher. And the monthly chart is saying, hey, we're making higher highs and higher lows. Monthly chart is still, I can't believe I'm saying this. It's still in leg B. Since the low of 2020, March at 21.91, we've had one little minor peak right there, peak A. I should remember by now what it is with September. Yeah, September was the high. Next month, a slightly lower high that made a peak. And now we've got, this is called a floating letter B. It hasn't made a peak B yet. All right, so now let's go through this carefully. Because the close below 46.92 would say, uh-oh, possible dreaded H pattern here and we could start to move tumble all the way down again. Just got to be real careful. So the S&P's kind of on the cusp. QQQ123, there we go. QQQ, whoops, what happened there? The QQQ is the NX100. This is a trading vehicle and was very important about this particular, let me just get this. I'm just trying to get the YouTube so I can get the questions, Tiger YouTube. There it is. Not too many people around because it is so early in the morning. I didn't make a big deal about doing a today show at eight o'clock yesterday. So some people don't know. All right, we've got the head was the 408.71. We've got the left side shoulder. We've got the right side. Not really not one of those head and shoulder patterns that I really like. Just lower lows and lower highs. A to B equals a C to do in the, in the Tiger Financial news networks. Lightning bolt pattern. So many people use it. BG in the monthly, in the weekly poverty and maybe it's a GSSC in the monthly chart. All I can say is it is in the middle of the range at 387. It's up 23 cents right now. Let's see at eighth good end of another 17 minutes we'll have some kind of economic news. We'll see what the move takes us to whether it starts move up or move down. What's really important now is that the Qs are probably the weakest of the indices and even more important is they've snuck underneath the upside channel and the upside inside track propeller zone in the weekly chart on the 14 just below the 9p moving average but the 9 is still above the 14 unlike the 80 which is in a cell mode. So this is a really important time. The Qs are still lagging. I started by a Nasdaq stock. I owe it folks for the subscribers.  I sent out something just to make sure that you don't rebuy something we've already bought that didn't work out and that's a sad commentary on the stocks that were fantastic in 2021 and are now just being obliterated they can't even get rallies together. So I'll be back in a moment because I want to get to the IWM I'll do that right now the IWM in the rest of 2000 acting very weak but look at gold. The oldies hold quite nice. It's now full. What's separating you from the most successful men and women on Wall Street? That's right. Information. Having all the information tells us the perspective we need to place the right trades at the right time. The TAS Profile Scanner is the premier market profile based scanner powered by its acclaimed TAS proprietary algorithms this feature rich scanner instantly filters over 2,500 plus global financial markets such as stocks, ETFs, commodities, futures and forex. 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TFNN Educating Investors Call now toll free at 1-877-927-6648 internationally at<PHONE_NUMBER> Hello folks, yep let's just get back to this this is Thursday the 13th at 8 to 18 in the morning the show will be replayed at 10 special day today so I'm taking the day off I'm also looking at the IWM trading at 215.91 down 8 cents look at this arch formation in the rectangle we've just seen this rectangle formations how incredible they conform to a pattern that I've been discussing for years and that is there are two rectangle formations there's the large rectangle which we use when we got to that low March the 23rd of 2020 and then I started to draw it as we went along that day and then we started adding long positions and most importantly what I said is that you can get the pattern that I said is like a lopsided cup it's more like a gravy cup and what happens you come down sharp and then it's this off balance off kilter pattern that starts to go to higher highs and higher lows and eventually it goes right back to the top of the left side high that was made before that huge tumble waterfall cascade to the downside and it looks like a gravy cup for those of you who like potato and gravy aha raise your hands now what's really important is when you've got a narrow sideways rectangle formation I couldn't show you how many times in the future you get these patterns where on a one minute try you can go for an hour and a half just going sideways between a pretty narrow training range if it's at the top of the range the chances are you're going to go one quick pop to the upside the magnet of the line says you're going to come back to the bottom of the rectangle and then you've got to be careful that you don't take out that bottom when it looks like the IWM is getting closer and closer and closer to taking out the 207 key support as a 215 for 91 right now when it does that it'll look like this anybody recognize what this is this is the dawn look at this huge bowl formation meaning that looking out the dollar could have a lot higher to go but on a short term basis there's this long rectangle this is a shorter term because it's the daily chart that went sideways between the 9690 area and that incredible double top of 9694 on the 24th of November pulls back to 9552 bounces back to where within 3 cents 9691 on the 15th of December and then what does it do it takes it out what does that mean you can take the distance from the top of the bottom of the rectangle and you can measure that and that takes you down to around about the 9450 area where are we right now we're at 9481 what does that do to the remember in Bach Jan Sebastian Bach you've got the most incredible counterpoint you've got melodies that go one way as another melody goes the exact opposite direction is contrapuntal and what we do in the market we look for the contrapuntal indices remember I come from a musical background I was a professional musician for a long time and most importantly I like to look at those relationships that's why in the Chapman Way of Methodology I'm always fascinated it took me years to realize that my ABCDEFG is exactly like the piano notation where you do not get an H there is never an H so it's the same thing in the Chapman Way of Methodology however let's get back to this and what we're looking at is the inflection point for the gold although gold is down six points right now six dollars it's coming right up against look in a sense there's a rectangle formation here but it's more like a cup if you look at the weekly chart I draw in this rectangle in a narrow range between 1848 ish and 1755 although it went above and below this is your fulcrum this is your narrow trading band that gives you the most price points hit in a weekly chart going back since June of last year so we've gone above and below and below it's like a propeller shaft up and down up and down it's like something on a spit when you're on the barbecue and now what we're looking at at 1821 Big C1 C2 in the daily chart this Chapman Way inside track repellent sign could very well become a propellant zone if there is a moving gold into the 1836 1842 I've already said two closes in the 1820s out of three days or three consecutive days you have two closes in the 1820s should be good enough to try to get you to the 1828 level 1832 we'll see if that happens but if you look at the weekly chart even if gold spirals higher there's a good chance it's going to come back and retest the middle part of the range in the 1820s so that says the gold has to rock it into the 1848 1858 area to say I've broken out I'm done I'm going right to the candle of the 22nd of November with a high of 1853 and a low of 1805 I want to tackle that I've already gone halfway into it I can get rid of all that energy at the bottom and use this as the 200 period moving average of 1806 as a propellant to the upside alright, enough with all that I wanted to show you silver is acting okay it's not as good as gold it has gone above it's Chapman Wave inside track repellant zone it's now a propellant zone at 2312 down to just 8 cents but then weekly chart says wow, it needs a lot a lot of work to move higher I'm just using the relationship of the dollar and I'm using the relationship of of gold, the inverse because I always say that over a period of a year maybe three, four times you'll get for about three to four weeks you get gold and dollar moving in the same trajectory not of the same percentage gains or losses but in the same direction most of the time they're trading in opposite direction you can actually put them in quartered mirror image exactly in the mirror image but it's close sorry, that's that this is a high grade copper high grade copper is pulling back a penny it's at 45, 4.56 very strong right here but there it is basically a second cup formation all within a rectangle in the weekly chart but certainly fabulous action so far and some of those gold stocks have done very well I wanted to do the EURUSD as soon as quickly this is your dollar currency pair went to a leg E it's broken out from the bottom it's exact reverse at the bottom it goes to the rectangle takes that out once goes to the upside makes a PPD and then starts another move that goes this is E slash B in the daily chart very weak technicals in the weekly chart so in the overall spectrum longer term dollar still looks very strong shorter term dollar's having a big problem and we should see that reflected in at least a rally attempts and certain selective stocks in the gold area moving quite nicely and that's what I'm expecting let's see I haven't covered TLT very important bonds are only up 21 cents 143.22 and that just says to us the TNX remember I spent some time last week with Earl looking at the yields and the yields right now is 1.743 in the 10 year it made a PPD it's pulling back with the MACD stochastic everything's still very strong and it's suggesting that even here this big kind of cup formation in the weekly chart that PPD was made at 1 at 1765, 1.765 yield on the 10 year TNX back in the week of the 2nd of April it looks to me like if that's taken out decisively going into the 1.81 area that monthly chart PPD in Leg C is going to get even stronger we've got to watch this very closely oh my goodness that's quick alright we'll get some 830 in user reports I hope somebody just give me a yell and tell me what's going on and then I've got questions yes I will look at applied materials AMAC and then I'll also Warren's question what average is going to be in January 2018 about 2022 are you looking for a way to consistently add winning trades to your portfolio? Tom O'Brien is here to help Tom O'Brien has been successfully trading markets for over 30 years a frequent contributor to TD Ameritrade Network and CNBC Tom O'Brien founded TFNN over 20 years ago to help educated investors just like you Tom's Daily Market newsletter Market Insights is published every morning when the markets open to give you the competitive informational edge you need to succeed these newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio get Tom O'Brien's newsletter Market Insights today and try all of our products and newsletters 30 days risk free with our money back guarantee at TFNN.com TFNN educating investors you could be making money off the stock market and if you're already making money off the stock market you could be making a lot more check out TFNN and Tiger TV and get expert investing advice to give you the power to control your financial future go to TFNN.com and find the newsletter for you whether you're into trading gold, metals, futures, currencies or options you'll get advice and analysis to help you seriously get ahead TFNN also features trading services with a 30 day money back guarantee for new subscribers as well as TFNN's Tiger Den trading room trading software and educational webinars for all trading levels and make sure you check out Tiger TV for free on TFNN.com or TFNN's YouTube channel for live financial content from 8.30 a.m. to 4.00 p.m. Eastern on market days stop watching on the sidelines while other people get rich and become the investor you were born to be TFNN educating investors TFNN is excited about our new software charting program The Art of Timing the Trade Chart in collaboration with Tom O'Brien and using his best selling book The Art of Timing the Trade Your Ultimate Trading Mastery System David White has programmed an outstanding piece of software that will complement any trader's methodology Using this first of its kind program The Art of Timing the Trade Charts allows you to scan thousands of stocks for Fibonacci formation setups including guardleys, ABCs, butterflies and much more. The Art of Timing the Trade Charts is designed to help you powering the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks or even months searching to find and right now we're offering licenses available at only $79 a month We are so confident that you're going to love this new charting software that will even give you a 30 day unconditional money back guarantee Don't miss out on this incredible new piece of software yet your copy of The Art of Timing the Trade Charts today by visiting TFNN.com First chapter Yeah, very funny, I got a note of the dent about something that I had on my list today I actually had it yesterday and I took it off I had it again last night, I thought I'd do it and then I thought, you know what, I just I'm taking it off, I'll talk about it in a moment So in the dent mentioned that the SQQQ which is the three times this is the short ETF for the QQQs that what kind of a split did it have it had a split, a split, a split a five to one split a five reverse a five to one reverse split I know they always do that we once had someone who worked for Goldman Sachs a very interesting story he got, he basically resigned, I don't know if he got fired he resigned, he and his friend worked there the traders on the side they were supposed to run funds when the the head office found out that they were actually shorting the very stocks that Goldman Sachs were telling the clients to buy there was a big problem what this person did but the other person that he worked with in much greater force was they shorted both the long and the shorts of the ETFs three times long and short ETFs because they shrink even if you're right if you hold them longer you really have to have a perfect entry point because they keep getting reconfigured at the end of the day at lower prices that is if you can just look at the SQQ this thing once was I'm not even going to go back far enough 45,000 45,000 this is some let's keep going it was once 220,000 that was let's go to August of 2011 and it's trading right now this is a post split an inverse split or reverse split at 31.57 so it was in the $5, $6 area so that's what happens to these things anyway just because that was interesting that's number one the other thing is look the TLT that is a problem you know I'm speaking to people talking about inflation we're seeing inflation I mean bacon it doesn't matter what you say people talk about inflation and the different things I'm wondering how do these restaurants what do they do they can't keep raising prices not incrementally they can do that but not exponentially you just can't do that what you're going to go in for something that costs $9.95 or say $11.95 but at the end of the day the restaurant owner has to charge at least $13 or $15 for that same thing we're seeing inflation all over anyway let's get back to our story here I'm looking at the TLT this is not a great scene because it says this arch formation probably will take out the $140 support that's going to be an issue we'll see what happens okay so here we go SMH is the semiconductor index trading right now 4.77 to 3.63 that's a nice action getting closer and closer to the 3.18 remember we spoke about these double tops how amazing it is that the price of the tradeable that you're looking at manages to remember to go back to within pennies of the previous high 22nd of November the SMH to 3.18.82 pqf plummets down to where it goes to 288 that's a 30 it's a 10% correction rallies to 3.18.69 on the January the 3rd was it? January the 4th 69 that is 13 cents away from testing that all time high goes to a low and now it's running again so that's important let's go apply materials AMAT we're just watching this and Kevin knew I had the right idea every time the semis drop it's really a good grade just buy them well if you did that Kevin at 145 you're looking at 159 close yesterday now it's at 165 it's up 5145 it's about to break oh 165 165 oh all time high we're talking about the semiconductor index at an all time high and that is quite amazing it's extended like GCSE in the monthly chart for applied materials and what are we looking at we're looking at AMD oh I didn't mention AMAT applied materials this is chapter 40 exclamation if it breaks and closes sharply above this it should test the left side high pre-market has already done that that's 163.02 now I don't know what the news is everybody there we go thank you Ruby US initial jobless claims 230k versus 200k this is a jobless claims 230k versus 200k estimate US initial jobless claims and continued claims for the current week well I mean this is all really good news and it's amazing because all I can say is that that's encouraging TSM TSM is a Taiwan semiconductor 138.74 pre-market up 6.51 that's taking it to a new leg that'll be new leg C in the daily chart an extension of C in the weekly chart in the rectangle formation that held beautifully at the lower part now it's going to the upper part in this kind of oval cup ball formation testing the highs and that takes it to legs C in the monthly chart 142.20 was the high of 32.1921 I would say that should be 3 I'm going to make that 3 I don't believe they're 32 months in the year so let's just get rid of the 2 over there so it was March of the 19th of March 2021 142.20 and here we are almost a year later and it's about to be test the highs so those semis are not giving up and that actually is a positive thing for the market what we're looking at here is coin index so there's a few people have asked the same question let me see if I can just phrase it from across here hi Basil if you look at the monthly charts all coin indices including the Nasaic really haven't dropped much that's what I was mentioning earlier on the past month still agree in further testing of lower levels or maybe make new lows in monthly charts to make new peaks in charts question mark rates to low nowhere else to go mentality yep and another one same thing Basil YouTube Basil if the averages go to new highs this month does that show another up here for 2022 so we have to be careful because within the context of the Chapman wave methodology it doesn't give you heights based on just the notation of the Chapman wave in other words it says if you break above this level you extend a leg if you break below you extend a leg down but I do use Chapman wave look at this beautiful up channel I've had two changes of it this is the line and then it flattened out a little bit so now the angle is I used to have let me see if I can just step over here and get my protractor I wish trade station had what many presidential shows he's always got the angle I'm going to use this now the angle of this is not the one I want to use but it's good enough so we make it flat like that and the angle we're looking at is a 28% angle is that right I'd say in a 25 to 28% angle that we've got in the weekly chart and it's hope that the support level and it's going to get up I'll talk about this later in a moment because the month chart is still making me it'll take us until last June before we can actually make a peak V I'll be back fun trading the markets but having trouble finding like-minded individuals to discuss your trading and investment ideas with become an apex creditor in the trading markets and join the Tiger's Den trading room only at tfnn.com the Tiger's Den is an exclusive trading room where successful traders from around the world come to exchange trades and ideas join the den and surround 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across all price levels from the price you should be paying per square foot in certain up-and-coming areas to the type of cash flow investment properties are capable of creating Tiger Real Estate can help you make the best decision when it comes to all areas of the market before you make one of the biggest decisions of your financial future call Tiger Real Estate LLC today at<PHONE_NUMBER> or email us at Tiger at TFNN.com that's<PHONE_NUMBER> call us today are China shares hot or not if you trade China A shares now may be time to take a closer look trade CHAU or CHAD Directions daily CSI 300 China A share bull and bear ETFs China A shares in either direction visit DirectionInvestments.com today an investor should consider the investment objectives, risks, charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares. To obtain a prospectus or summary prospectus please contact Direction Shares at<PHONE_NUMBER> the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders or investors distributor 4-side fund services LLC don't forget you can listen to TFNN live on your mobile device 24 hours per day go to TFNN.com then hit watch Tiger TV that's TFNN.com then hit watch Tiger TV I put it to 8 am here's the time we're playing so we take it to 8 am it's just right now up in the down we've seen the doubt which is actually stronger than the S&P which is only up 8 points so listen so the question came in so here's this beautiful up channel of the channel with inside track propellant and repellant zones what we're looking at it's just very in the 9 period really average is nicely above the 14 period really average I would say the dating chart that is showing some kind of weakness and I spoke about this yesterday it went from green to pink sell signal for a day and a half and then yesterday went L that's back to long on the S&P but the MACD still reached the castings terrible at 49% on balance did make a V shape turnaround but that's all it's done so I suspect this is a bounce and then within a couple of days we're going to start seeing it filter down and then we'll see if you've got a peak A or a B dreaded H pattern rolling over we don't know yet but so far I've just to say this is pretty darn good action alright now we'll be looking at this up channel of the weekly chart still very strong no signal whatsoever in the weekly chart based on the notation of the chapter 1 and based on the 9 being so sharply above the 14 period moving average which says that the S&P would probably have to go to 45 probably 40 well for the weekly chart to go negative that the pink with the 9 period moving going under the 14 the black 14 period moving average I don't see how it could do it without dropping below 45 82 so about 60 points from here before it goes pink but what's really important is that in the chapter 1 methodology this is real quickly because we always have new people coming in and maybe they don't know what I'm talking about so let me tell you what I'm talking about that within the chapter 1 methodology there's a pattern that we look for if we can identify the lowest low bar and watch the 23rd 2020 was the low bar you count each successively higher peak alphabetize 8 sequentially A, B, C, D, E, F, G you cannot get an H that 7th highest peak is where other things that you have to maybe change the notation it could become a G C because it could be an instant restart a whole bunch of things but it's at that 4th highest peak that other things can happen so when you get an upgrade of a buy signal to a buy mode through technical reasons it means that the implication in the chapter 1 methodology is that you should get better whether it's a 1 minute chart a weekly chart or a monthly chart or a multi decade chart you should get at least 4 higher peaks to a D that's your obligation in the chapter from there other things can happen it could recycle it could do a bunch of things but it's to get you to that 4th highest peak they use other chapter 1 techniques we haven't made peak B we can't do that until February the last day of February to confirm a peak B with a new high bar throughout the whole of February higher than January then it makes a peak B so that means if that's peak B then you get a leg C and that would take you the next month that's for me March then peak C April then leg D may then a peak D June then I said that correctly leg D then a peak D so it takes you half way into the year so when someone says 2022 close higher that's two separate things because if it's every other month now we make a new high we'll wrap it up by mid-year and they could say that we make an all-time high I'm not telling you what the price is because that's a different technique but it makes an all-time high and then it could plunge we could get the big one it could be a 50% decline in five months I don't know I'm just saying so I can't tell you about the year close on 2022 but what I do say is that there should be higher highs to come number one and number two is whatever the high is for peak B you might only make nominal highs for leg C to peak D to peak C and then peak D peak D could recycle and have a whole brand new bunch of roofs to the upside what I'm saying is the obligation is to get you to at least a D then use other techniques we've done that for so many stocks stocks we've had for over a year we're still long the dollar from DXY from 90.07 really not just like that from 90.07 back in well here it is at 94 but in the interim it's gone up to 102.99 then back down to 89.21 we've already taken one little bit off at 96 I don't want to spend time now maybe tomorrow I'll tell you one of the reasons why I want to keep holding the dollar it's really an icon it's like the Harley Davidson around the world that represents American America that's the icon is the dollar enough for that let's go back to the question so yes I do expect higher highs in 2022 I'm not saying we close the year at the high yet but I am going to say higher highs and I'm not even going to say what numbers just yet we'll talk about that as January progresses I'm getting a good sense of what I'm looking for but I base it also on things like the IAI the broker dealer index trading in 2012 I don't think this is going to just wrap up this is a peak C so that's only got a leg D to go the Dow is a leg leg E but there's a chance that this could become an instant restart because within two bars actually within two bars not three I usually say three but within two bars we have a new high off the peak D so I put the circle in can you believe that if we only go back to 30 we don't take out the low of I think it would be the low of this low right here 33,000 613 before we make higher highs that could be an instant restart that means this is E-A and we still have to get B, C and D I mean I don't want to get carried away I'm just saying to you these are the parameters to watch I close under 33,500 negates the chapter we've instant restart keep that in mind that's all you need to know okay now let's get back to our stories here I don't want to wrap up the day without going through a couple of things the question in the den you want to know is yep we did that Martin wants to know about applied materials so applied materials just for the old question if because wow yeah this is still A, B F slash C a new high I would call leg D in the daily chart in the weekly chart I'll call it an F slash C in applied material I'll do more work in it tomorrow let's see where it goes today let's see how it impacts the market the semi is moving higher today should help the doubt I thought the doubt would be a little bit weak going to the 1.30 to 2 o'clock area and therefore we'd have some kind of a sluggish close but that's not the thing TSM says they will be spending 40 billion in cap acts thank you polar jay whites great great views so this is the Taiwan Semi Conductor is looking very much like applied material this is a great Semi Conductor company this is amazing the reality is that navigating financial markets can be risky markets can be chaotic and difficult to understand having the latest market advice can help you turn this chaos into a key for creating winning trades at TFNN we understand that it can be hard to find reliable market news that's why each of our market experts offers their very own market newsletter a must have tool for every trader out there striving to find an edge in today's markets TFNN newsletters cover every aspect of the markets so you can analyze the market before you trade try any of our great newsletters risk free with our 30 day money back 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That's TFNN.com and hit Watch Tiger TV. Alright, so in the Tiger YouTube is the question about the DWAC starting to speculate could be a screamer, thoughts like maybe the 12th could be big momentum through that day beginning, you know. I've only followed it as a stock that goes by on the Tiger. I'm not sure about the whole other stuff. Is this related to Trump's show that he's about to use a new company, a news company? I'm not sure. But yeah, I had it yesterday. I had it yesterday as a potential because I saw it was up about a point at two pre-market and I know when it moves, it is just as you say a screamer. DWAC, what is it called? Digital World something? A digital world something. And then this morning I had it on my list. In fact, for my subscribers I had it on the list that says right here all the stocks that I said that are acting so well. I spoke about ZIM, ZIM I had mentioned it previously, a shipping company G-O-G-L also, much low priced shipping. TGB, Copper, Bose, that's the Mosaic company. X, U.S. Steel, M-P, this is in the metals. BHP, P-T-R-A, V-I-A-C, AR I mentioned all of these in the headline, my first paragraph of my opening call newsletter and I had W-A-C, D-W-A-C and then I said, you know what it's already moving, it's a little too late but yeah, I think this is a flyer but I do see it in leg D so I'm holding off for now, if I do it I'll do it only as a quick trade and I'll say take the money if you're right.  Wow, that's the end of the show. I'm going for a leak. Alright folks, I'm going to say have a wonderful day you guys. Oh, Tommy O'Brien is coming out, this is going to be the the real market people. Mine is just the show kind of closed.


All right, let's start with Klok, who's put up 50 bucks. Why is it not a single commentator ever claimed Ukraine or Russia are committing genocide? It is only when Jews don't allow themselves to be genocide dead that they are guilty of genocide. Is this not textbook Orwellian doublespeak? I don't know if it's doublespeak. I think it's definitely a double standard or inconsistent application of what genocide means. I looked at some of the other cases that on the docket of the International Court of Justice when that case came up in December, it doesn't come up that often, but it has come up. I mean, the most, and they talk about this in the debate, that one of the most significant genocide cases was in the Balkans in the 1990s. And I, so I think there is something to the question as point, which is how is it that Israel is being seen as genocidal? And this isn't coming up in another context. Why isn't Russia being accused of the same thing, right? Which is the way you would actually apply it. And I think it's just, I don't think people have, to connect it to the point you just made, I think a lot of what animates this is just an animosity to valuable countries, the Western oriented free societies, which Russia isn't. And as many of the sort of new rights would like to pretend it is, it's not. It's a, it's a retrogression to a kind of imperial power and it's about tribal Russian identity. So I think there is something to that for sure. Yeah. And I think that if the United States or Western Europe were involved in a war and a lot of civilians died, they would be easily accused of genocide. I, the double standard, you know, certainly everything's heightened when you talk about Jews because there is anti-Semitism out there and anti-Semitism drives a lot of this. But I think much more than anti-Semitism, it's anti again, anti-West. So the bad guys can do anything. They can kill anybody, they can do it in any way they want. And yeah, well, it's the bad guys and people don't, but if the good guys do something, then it's immediately labeled as genocide or it's immediately elevated to some kind of condemnation of everything that's good about the so-called good guys. So yeah, Israel's rich, advanced, strong. It's going to be associated with genocide. No matter, almost no matter what the Palestinians do, they'll never be accused of genocide. And this was another point that came out in the debate that Benny Mars and Destiny try to argue, but again, weekly that Hamas committed genocide or its intention was genocidal on October 7th. And Fikustin and Rini were having none of it. And again, I think did a fairly good job at kind of not bouncing those ideas away is deflecting them is the better word. Yeah, deflecting. I want to voice an unpopular opinion. Maybe we don't think any of my opinions are popular, but I haven't done enough reading on this, but I'm dubious about this idea of genocide. I mean, there is such a thing and we know in World War II the Nazis were about eliminating groups of people. So there's something out there to identify and conceptualize. But if you can point to a country defending itself and emasculate them and tie their hands by the threat or the reality of a threat or a court case that you're genocidal, how are you ever going to win any war? Yep. So it seems like it's a very dubious way of thinking. And first of all, it brings in the idea that, well, so suppose let's take an example of World War II. So why is it that retaliating against the Nazis was not genocidal? Yep. Well, some people claim it is now, right? So there is an argument. There is an argument out there. It says that what the US did to the Germans and what they did to the Japanese was genocidal. But it makes the concept mean nothing, right? Because clearly the Americans weren't trying to wipe out the German people. They weren't trying to wipe out the Japanese people. Germans were trying to wipe out the Jewish people. No question about that. And in Rwanda, I can't remember who it was. The Houdis, the Tutsis, the Houdis, but one of them was trying to wipe out the other one. No question about that. And that was, I think, a genocide. And you could argue that in the Balkans, the Serbs were trying to wipe out the Muslim population or at least certain parts of it. So maybe that's genocide. But you can't, you're not committing genocide by fighting self-defense and civilians dying, particularly when those civilians are held as human shields, purposefully.  Again, it's how Urbini could say that and not, and the other side, you know, I wish it was a yelling match at that point. I wish they would have yelled him down and said that that's absurd.  It's evil. That is the epitome of evil. To accuse the victim, to blame the victim for what is going on, to blame the victim for genocide.


Over the last nine days, about 100 paratroopers from across all the brigades in the 82nd participated in two exercises. One was Falcon Leap with the 11th Airborne Brigade out of Arnhem as well as commemoration of the 77th anniversary of Market Garden. The importance of airborne interoperability is shown here in Falcon Leap and Market Garden by the training with over 11 different countries. This allows us to continue to fight win and survive in combat. From Nijmegen to Arnhem, the 82nd participated in over 10 commemorations and memorial ceremonies. Over the past nine days, paratroopers from the 82nd Airborne Division have participated in the commemoration of the 77th anniversary of Market Garden. This is all about maintaining the relationship and strengthening the friendship that already exists here with the 82nd Airborne Division. Market Garden, whether it's in Groesbake or Graaf or here in Nijmegen, the paratroopers of the 82nd need to understand their legacy. They need to understand the relationship that we have with the Dutch people. We need to make sure that it continues on and that we continue to participate in events like this, one, to honor the legacy that we're a part of, but two, to understand our history. Paratroopers can do anything. Right? When we talk about fighting win and combat, it's not about just jumping out of airplanes. Here at the Wall River, I mean, they got on boats and they crossed the Wall River in the daytime under enemy contact and they seized the northern side of this bridge. My name is Major Igor Defletes. I am the project officer of the exercise Falcon Leap. The history of the exercise Falcon Leap is dated back to the Second World War, actually to the operation Market Garden. Within the years after the Second World War, Market Garden was commemorated every year at the municipality of de Gemeente Ede. We always supported that with the military part of the basis surrounding the municipality of de Gemeente Ede. But in the last 10 years, we developed not only the support of the commemoration, but we also tried to make more out of the day itself by supporting also with airborne troopers jumping at the memorial itself. That evolved in a week of exercise before the commemoration and in the end, starting 3 or 4 years ago, in a two-week exercise before the commemoration of Market Garden itself. My role in the exercise Falcon Leap as a project lead is coming forth out of the position that I have within the brigade. I am the G3 airhead and within the G3 air cell we have an air desk or an airborne desk. Those NCOs and officers are involved in the whole planning process starting a year before the exercise Falcon Leap. Even the other desks like the rotary wing desk or the counter-UFV desk are involved in this process. Together with all the logistics that is needed to get 10 countries at the same location jumping out of the different planes, getting the different aircraft at the same location. It takes a long time to plan and eventually execute. Since the exercise Falcon Leap evolved in a two-week full exercise, focusing on the technical part of airborne operations and interoperability of course with our international partners we are trying to evolve the technical part of training together more and more. That means every year we are inviting new countries to participate in the exercise. We try new platforms to jump off and we are trying to figure out how to make the technical exercise going more into depth. The most important part still is the interoperability that we are trying to create not only in working together during the exercise but getting that into doctrine, into procedures, into mutual understanding between the different airborne units. Second part of the exercise is focusing on the broader route of airborne soldiers. The third part of course and it will always be a part of Falcon Leap is the commemoration and the history behind the whole exercise. As you know yourself, the interoperability is focusing on all parts of the exercise and the execution of the exercise. Well if you look at the nowadays operations it's pretty common that we will operate in an international setting using each other aircraft, using each other troops, supporting each other's troops. So if you look at the way that we perform this exercise and learning each other procedures even if they are not like or common with each other, knowing that also already improves the interoperability between the different units. Besides that the cultural differences between the different countries, spending two weeks in the field or jumping together out of aircraft, that improves the interoperability also. Well the biggest takeaway from this exercise Falcon Leap is the long way that we have to go, getting to the end goal, the interoperability as high as possible. There are many rules and regulations which each nationality has within the aircraft, outside the aircraft, because of the parachute, rules of regulations of transport etc etc. So taking this exercise and getting to the end goal it will take more than just one session of an exercise Falcon Leap. It will require more training, more talking, getting more on paper in doctrine just to get to the point that it's normal to get in somebody else's plane, jumping with somebody else's parachute and knowing the SOP, the standard operating procedures of each other. Well the favorite part is this, looking around, the weather is good, we're jumping, people are happy, people are talking to each other and even outside the hours that we're not working, getting together, talking about experiences, talking about future operations or past operations, sharing the knowledge that they have, it makes just a fun exercise. Well it's not that obvious that we will use other nationality parachutes if we're performing a national operation. But using the other nationality parachutes or aircraft you will learn about their procedures, you can fix your own procedures and vice versa. They can do that also learning of the experiences of our country or my country and put them as a lesson learned towards your own procedures. So if every country and we have ten walking around do that, not only the jumping together part is done but also learning from each other is done. The advantage of using each other's parachutes or aircraft, it improves the interoperability and not only in the use of the parachutes itself or the way how you jump but it takes you and it gives you lessons learned on the way how you perform the different procedures going into the aircraft or getting into the chute or arranging a DPRT airfield. It is not that obvious that you will jump with another nationality parachute if you have an operation real time but it still gives you lessons learned all the way up to performing with your own parachute in a real operation. The foreign wings is of course a benefit that you have attending an exercise like this. You're jumping with other nationality parachutes. We already talked about the lessons learned that you get from it but beneficial is that you get the foreign wings also. It gives a kind of a bond between the different nationalities and that is something that you will see also in the hours when we're not working. People are still wearing the foreign wings that they earned that day showing it off to their friends or their new friends and their new colleagues that they met during this exercise and that is a good thing to see. While we're standing here in Schaasberg in Holland and it's a beautiful weather day today so we jumped all day. Yesterday the weather was a little bit less. You don't see the disappointment, you see the professionalism of all the soldiers that walk around, all the airborne soldiers that walk around and on the moment that we start off with a good day or say and it's a go now, you see people with all the can-do mentality that you see in every nationality and every airborne soldier running to the bus, getting into the plane and getting into the jump. So that's a common thing that not only in our own nationality but we'll see in all the nationalities even a new nationality that participated for the first time. Interoperability is really important for future operations and you already saw it in the last operations. Getting into each other's procedures and rules, getting into each other's standard operating procedures, it's crucial to have an operation nowadays always international succeed. Well, it's not the first time that we work with the 82nd of course. We've been here in the earlier versions of Falcon Leap but also in other exercises. The common name between the 2nd Brigade and the 11th Brigade and the exercise Falcon Leap, well that's a pretty more bonding thing that we see during this exercise. My name is Captain Matthew Dakota. I am the Delta Company Commander for 2325 Air and I am also the airborne commander for Market Garden 77. We're here in the Netherlands to support interoperability between seven different allies, those being the French, the Belgians, the Germans, the Greeks, the Italians, the Czechs and the Polish and the Portuguese are all here in support of that interoperability. The coalition that we built back during the Second World War and the mission, the Market Garden mission, created an ally and a partnership and we're here to celebrate that anniversary for Market Garden 77. Market Garden is so important to the 82nd because we built a coalition during the Second World War and that coalition still remains today. The NATO allies that we have here stand with us and we've been partnering with them since Market Garden back in World War II. So this increases the U.S. capabilities. We've had a great time out here meeting all different partners and allies. Each night we manifest and that day we learn the shoots and the aircraft of each of our foreign partners. We train on it. We teach them on our T-11 parachute. We run them through our sustained airborne training the day prior and then we go out and we hope to have a good exit and land with a great PLF every time that we jump out of here. So for Market Garden 77, the U.S. and ally partners have created a plan, five jumps in five days, spanning five different airfields, one of them being in Belgium. The final jump will be on Saturday. That jump will be the Market Garden commemoration jump. All ally partners will jump and commemorate Market Garden 77. The best part has definitely been working with the other ally countries, seeing them each day, learning their shoots, discussing similar bonds of family and friends and getting to know one another has been a great experience for every paratrooper here and we hope to get to do it again in the future. So as the airborne commander, it's a unique opportunity to work with all of our ally partners each day, conducting manifests, running them through all the training and then each day we all meet up here at Einhoeven at the departure airfield. We go through all of our checks, make our weather decision and from there we load our planes and have a safe and fun exit each day. So I think the biggest takeaway from this is living the legacy each day. It's a great opportunity and a very gracious opportunity to come here and work with all of our ally partners, not only to work with them, but share with them the bond that we have. So living the legacy for us is something that we're going to bring back to everybody at Fort Bragg and make sure that they understand how much it's a great importance to keep all of our allies and continue to work with them in the future. The only thing I'd add is that each day we love hanging out and joining our friends and meeting new people. Working together has been an excellent opportunity for any paratrooper that's in the 82nd. It was definitely a dream of mine to always come over here and work with other partners and we'll bring that back to Fort Bragg and we'll share all of our experiences from here back there. Sergeant Taylor, I'm a driver at Second Brigade Combat Teams Brigade for Command Sergeant Major Del Valle. Previous, I was in 2508 Infantry Battalion as a line team leader for an infantry team, but I'm here to help transport and get the command team where they need to be. So we're in Netherlands and from my understanding we're here to kind of celebrate the past achievements and the working together with the different countries and kind of just appreciating what happened in the past and recognizing the sacrifices and the struggles that were there and just kind of getting to experience the whole thing. It's really cool because you kind of get to see how the other countries view the whole event itself with Market Garden and working alongside them you get to see that relationship and it's really interesting to see how they operate and how they view each other and us as well and it's a really cool opportunity that doesn't come very often. So my favorite part so far is being able to see the country itself. I'm a big fan of traveling and so getting to come to Europe and seeing the way of life and just imagining how different it could have been under the circumstances and seeing the way that people are. Obviously taking advantage of the opportunities to jump with foreign jump masters and getting to integrate with them and then at the same time as I spoke of previously I'm one of the drivers for the command team so I help transport Sergeant Major Del Valle, Colonel Kennery, getting them to where they need to be so that everything can run smoothly as possible. Well I mean it's kind of like drawing from a well of information and skills and whatnot you know you have all these different countries that jump just like we do but they may do it slightly different or maybe they have a different approach and so I think being from the 82nd we're getting the opportunity to see how the countries operate under the same conditions that we do back home and I think it just better helps us understand like the different environments because you know like the Polish you know the you know Norwegian all these guys they jump under different conditions where maybe one day we might be in those same conditions and we get to draw from their experience and I think it would benefit us in the long run. I think a lot of people don't understand how I think friendly would be the word to use how friendly we are with other countries because it's not really seen it's not really put on the front pages you know so being here being able to like face to face interact with other soldiers and not just officers but they're enlisted as well and the ties and relationships that we're building here and it really just opens your eyes to kind of take away and see what life is like and as well as the military life as well and it's really cool so I'm Sergeant George Taylor I'm an infantryman and I work at the second brigade combat team headquarters been in the division itself and a paratrooper for going on five years now I'm Sergeant George Taylor I'm an infantryman and I work at the second brigade combat team headquarters been in division and a paratrooper for going on five years so market garden itself it's it's a really good event and it's a good reminder to our soldiers back home and paratroopers of where we came from and the struggles that we endured with other countries alike and it's a great experience to be able to see just what we've accomplished in the years and the progress we've made just happy to be a part of the event it's a great opportunity and it's great honor to be here I'm a specialist Kayla Burke 68 whiskey combat medic 82nd Airborne I just got my German wings I loved it is a pretty rough jump their parachutes are a little over the Nars but you know I landed I'm here and I got some wings to prove it so that's always awesome and the Germans were very nice very professional great guys we are in we're in the Netherlands for Falcon Leap it's you know just combination of all the different nations around here joining together and get to know each other familiarized with their equipment and just bond it's a really great time so now that I have experience with different parachutes and different gear and equipment and you know a little bit of the language I know more of how they operate so if the time were to ever come where I rig up with some Germans I know what I'm doing now it's it's a good time good time biggest takeaway would be just diversity you know with everybody working together coming from different places speaking different languages with different equipment and different ways of doing things you know that's what the US military is all about so it's just one culminating event of that which is what the army is all about is diversity so it was just a very very good experience with that you know as different as everything is jumping out of airplane is the same thing really I did jump with the Czechs and they had a helicopter that they did that I've never jumped out of before I've done a Black Hawk and so it took a second to learn their their way of doing things but you know at the end of the day it's the hook stand up hookup shuffle to the door you know at the smallest level of every military it's it's the same thing like you know Joe's or Joe's it doesn't matter what language they speak so we've some of like the French and the German I've talked with them a lot and even though there's a quite a big language barrier we share experiences and they you know I'll talk about a field experience or getting dropped or you know something like that and they know exactly what I'm talking about I think the same way you bond with people when you get to a new unit just through shared experiences even though French person I might not speak the same language we have enough to tell a joke or a story and they have similar experiences you know at the basic level when it all comes down to it paratroopers or paratroopers and they understand that I am Sergeant Adam Levkovki from 6th Airborne Brigade from Poland my primary job is to organize combat training and exercise events and that's it so I take part in the exercise Falcon Leap as a single paratrooper and my primary job is to get experience and to share the knowledge we have among other airborne forces yeah that's it and it what is more tomorrow I will take part in the ceremonial part of the exercise of the anniversary of the Operation Market Garden I stay with the 6th Airborne Brigade color guard so this is my third time in here I mean taking part in the exercise Falcon Leap the very first time I was two years ago than they are before and this is my third time and believe me or not the I'm as impressed as at the very first time the all event is extremely well organized coordinated with so many nations so many aircraft so many people on board and it's a great experience to be here to see how other airborne forces perform how they do their job how they organize the airport training how they perform in the in the air in the aircraft before exit yeah and this is the great experience for us what is more we would like to share the Polish experience as well that's why we brought the Polish plane here our shoots to give you a chance to jump the Polish to to earn the Polish wings it's it's a great to be part of the airborne community and being in here the that is correct our parachute they have small knife on the reserve shoot the knife should be used when you have some kind of malfunction but as I believe other nations know the Czech people they use the knife as we do but the rest not yeah but this is our procedure and this is how we teach our troops yeah and this is part of our system that's it two days ago I jumped with the French and yesterday unfortunately the weather was not good enough to jump for me and today I will jump as I say old-school style and my 17th helicopter with the Czech shoot so it's gonna be the great experience again honestly being here in Netherlands and seeing how other airborne troops train and what kind of equipment they use the shoots are quite similar there are just small differences and it's a great to see yeah those small differences but nevertheless it's easy if you are an airborne in US in Netherlands or in Poland it's easy to learn and jump with other nations and yeah that's that's a huge that's a great thing here this is the another very positive side of the exercise Falcon Falcon leaping in Netherlands the social part of the event we can see another airborne people from many different countries we use the same kind of the bread the same color of the bread and we can recognize each other very easily and they can be fought some kind of the relation between the people when we stop when we speak about what we do what what is to be an airborne guy because we are kind of the light forces within our armies we yeah and it's a great and this is another positive side of this event the socialized part we can make some relations with another people and speak for example we speak right now about the exercise what we would like to organize next year together with Netherlands and yeah this is the best place to speak about such things so after the exercises like this one like Falcon leaping in Netherlands we prepare a kind of the document it is called conclusions when we say what good behaviors we have seen what kind of the organization we could spot here and try to do and share this good good behaviors back in Poland as well as the among people as well as among the organization and this is I think the one side and my personal positive aspect of this exercise is that today is a very special day for me I am going to make my jump number 100 and I am extremely proud that I will have a chance to give a jump into the Dutch soil where 77 years ago our grandfathers from first Polish independent partial brigade jumped during operation market garden


Hello and welcome to the session. I am the picker here. Let's discuss a question by using properties of determinants show that Determinant a minus b minus c 2 a 2 a 2 b b minus c minus a 2 b 2 c 2 c c minus a minus b is equal to a plus b plus c whole q Let's start the solution we have on left-hand side equal to a minus b minus c 2 b 2 c 2 a b minus c minus a 2 c 2 a 2 b c minus a minus b by applying R1 goes to R1 plus R2 plus R3 We get our left-hand side is equal to now R1 goes to R1 plus R2 plus R3 that is a minus b minus c plus 2 b plus 2 c is Equal to a plus b plus c again 2 a plus b minus c minus a plus 2 c is Same as a plus b plus c again here. We get 2 a plus 2 b plus c minus a Minus b is equal to a plus b plus c R2 and R3 are same Again method is same take a plus b plus c is common in R1. So by taking out by taking out factor a plus b plus c common from R1 we get our left-hand side is equal to a plus b plus c into 1 1 1 2 b b minus c minus a 2 b again R3 same 2 c 2 c c minus a minus b Again by applying c1 goes to c1 minus c3 We get our left-hand side is equal to a plus b plus c Now c1 goes to c1 minus c3. So 1 minus 1 is 0 2 b minus 2 b is 0 2 c minus c minus a Minus b that is it is a plus b plus c So c2 and c3 are same 1 b minus c minus a 2 c 1 2 b c minus c minus b by taking out factor a plus b plus c Common from C1 we get Because on right-hand side in the question we want a plus b plus c2. So we are trying to bring a plus b plus c q our left-hand side is equal to a plus b plus c Into a plus b plus c So in column 1 we get 0 0 1 Column 2 and column 3 are same e minus c minus a 2 c 1 2 b C minus a minus b Now it is clear that we have to expand this determinant along c1 So on expanding along c1 we get our left-hand side is equal to a plus b plus c whole scale Into 1 into 1 b minus c minus a 1 2 b Which is equal to a plus b plus c whole square Into 1 into 2 b Minus 1 into b minus c minus a that is minus of b minus c minus a which is equal to a Plus b plus c whole square into 2 b minus b plus c plus a Which is again equal to a Plus b plus c whole square into a plus b plus c So we get this is equal to a Plus b plus c whole q which is equal to our right-hand side Hence we have proved that left-hand side is equal to right-hand side I hope the question is clear to you Bye and have a nice day


Hello and welcome to the session in which we will discuss Schedule M1 on Form 1120C Corporation. What is the overall idea? What's the big idea of Schedule M1 on Form 1120? Well, here's what's going to happen. The government, they want to reconcile your gap income, your generally accepted accounting principal income to your tax income. So here's what the IRS is looking for. If you're not aware of this, we use two different sets of rules, one for gap for financial reporting and one for IRS for tax purposes. So we use two separate rules. Now what's beneficial? What will be helpful for students here if they already took intermediate accounting and specifically they took the chapter accounting for income taxes? Why? Because in that chapter, we account for the third taxed asset, the third tax liabilities. Well, the concept is the same. There are temporary or permanent differences between gap income and IRS income and gap expenses and IRS expenses. That difference in timing will need to be accounted for. So Schedule M1, it's going to show us what your income looks like from a gap perspective, what your income should look like from an IRS perspective. And what is the IRS? What's the purpose of the IRS? Well, what the IRS is looking for, there's constantly a wide difference. For example, on gap, you're constantly showing net income, large net income. And on the IRS on taxes, you're constantly showing losses or break even. Well, what's going to happen? They want to know why, why for gap, you are showing profit and for IRS purposes, you are not showing large profit. What is the IRS concerned about? They're concerned for you not paying your taxes to them. That's their concern. Are you avoiding paying taxes? So Schedule M1 will clearly show them the difference between how you reported your numbers for gap and how you are reporting your numbers for the IRS. And you will show them the difference between the two. Before we proceed any further, I have a public announcement about my company, farhatlectures.com. Farhat Accounting Lectures is a supplemental educational tool that's going to help you with your CPA exam preparation as well as your accounting courses. My CPA material is aligned with your CPA review course such as Becker, Roger, Wiley, Gleam, Miles. My accounting courses are aligned with your accounting courses, broken down by chapter and topics. My resources consist of lectures, multiple choice questions, true-false questions as well as exercises. Go ahead, start your free trial today. So the corporation must reconcile financial accounting, financial accounting, which is gap accounting with taxable income on Schedule M1. Basically, it's a form of reconciliation between gap and taxable income, gap income and taxable income. So you always start with gap income. So we always assume that you already have your gap income. You reported your financial statements. Then you'll start to make certain adjustments. So the first thing I'm going to do, I'm going to go over few common or few common means in a sense that they are, that they are easy to understand. In common means they appear constantly on Schedule M1. Few common items to help you understand this concept. And the first item I'm going to illustrate is the concept of federal income tax per box. So when you prepare your financial statements using gap, let's assume you're looking at your income statement.  I'm going to put the taxes separately. So let's assume your revenues are $100, expenses are $60 and taxes are, for the sake of illustration, $4. So let's see. 100 minus 60 is 40 minus 6 is 36. So your net income is 36. Well, if I ask you, how about your taxable income? What will be your taxable income? If this is your gap net income, what is your taxable income? Well, here's what I'm going to say. I'm going to start with my gap income. And what I would do, I would say, hold on a second, I deducted $4 and federal taxes. This is not only any taxes, this is federal income taxes. That federal income taxes, this is an expense. Notice it's a minus, it's a deduction. For tax purposes, I cannot take this deduction. Therefore, I'm going to have to add $4 to my gap income. Therefore, my tax income is $40. So for $40, I made $40 of profit. For gap, the reason I made 36, I'm reporting 36, because I deducted $4 of federal income tax, which I cannot, obviously cannot deduct your taxes on your own taxes, your federal income taxes on your federal income tax return. So notice I deducted it for gap. To reconcile, I'm going to add it for tax. That's one example of it. Let's take a look at another example. Let's take a look at net capital losses. If you incur capital losses, what does that mean? Meaning you sold assets and you incur losses, capital losses. Well, when you report your losses for gap, let's go back to this example. Just kind of, let's go back to this example. And let's assume for gap purposes, you had $20 in capital losses, minus 20 in capital losses, minus 20. So let's take a look now at your reconciliation. $100 in revenues, minus $60, minus $4, minus 20. Now your profit for gap is 16. So this is your net income for gap. Well, that's fine. So you had $20 in capital losses and you can deduct the whole thing as far as gap concern. They don't care. They allow you to deduct all your capital losses. When it comes to the IRS, remember, you can only deduct your losses up to your capital gains. So if you have any access losses, which is here we have the 20 is access losses. The reason you are reporting capital losses because you have more losses than gains, more capital losses than gains. Well, for tax purposes, you cannot deduct these losses. Therefore, to reconcile, first we're going to add the $4 of taxes. Then we're going to add the $20 of capital losses. Now we're going to be, now we're back to $40 for tax purposes. So for tax purposes, your taxable income is $40. Okay, so this is another example of it. Also, we could have, let me just erase this now. We could have income reported for tax, but not book income. For example, prepaid income for $10,000.  And for tax purposes, you debit cash for $10,000. And since you receive the money, as far as the IRS is concerned, that is revenue or income. So this is the entry that you make for tax purposes. So for tax purposes, this year you have $10,000 of income. Now, let's assume you receive this money, but you did not do the work yet. Tax don't care. If you have the money, you pay the taxes. For gap, what's going to happen is this. You are going to debit cash for $10,000 and you are going to credit unearned, unearned revenues. In other words, you have not earned this revenue yet, $10,000. So notice, for tax, you have revenue, for gap, you don't have any revenue. That's for year one. Now in year two, what's going to happen in year two? Let's assume in year two, you perform the work in year two. This will reverse in year two, you are going to have revenue for gap. So for gap, you're going to debit unearned revenue and you are going to credit revenue in year two. In year two, for tax, nothing happens because you already recorded the $10,000 in revenue. Notice what happened is in year one, you reported the revenue for tax, nothing for gap, no revenue for gap. In year two, in year two, you have revenue for gap, no revenue for tax. So what happened is as a result, there are timing differences between the two. And this is what we'll reconcile on schedule M1. Schedule M1 will show all these differences. Another example will be expenses deducted for book, but not tax. So there are certain expenses you can deduct now for book purposes, but you will deduct for tax later. What could be an example? Access to charitable contribution. When you contribute to a charity for gap purposes, you can deduct everything, all of it. It's minus. For tax, remember when we took, when we learned about charitable contribution, you are limited to 10% of taxable income. Therefore, you may not be able to deduct all of it now. You deduct all of it this year. Next year, you may not have any charitable contribution, but you have some from the prior year that you will take in year two. So you will take it in year two, but nothing in year one. Again, a difference in deduction. So this is the basic idea, but the best way to illustrate this is to look at a little bit of a numbers. Look at a complete income statement, try to reconcile the two. And then we would look at an actual schedule, schedule M1 to see how it looks like actually on schedule M1. So let's go ahead to the Excel sheet and work a quick example. Looking at this Excel sheet, we have a gap income statement. We have revenues, tax exempt interest income, life insurance, total income, 555,000, operating expenses, 450,000, access capital loss, 20,000. Premium paid for life insurance, which is an expense, 2,600, interest on tax exempt bond, 5,000. Then we paid $10,000 in federal income tax. As a result, we have a net income of 66,900. There's a purpose why I put the expenses as parentheses just to illustrate that they are being deducted. That's why they are in parentheses. That's just to make a point. Now this is your gap net income. Now you will be asked to do what? Reconcile gap income to IRS income. So let's start. Well, I'm going to start with my net income for gap, and I deducted 10,500 for federal income tax. This was an expense on my income statement, on my gap income statement, I deduct my federal income tax. Well, guess what? If you are computing your taxable income and you're starting from net income per gap because you are reconciling you're going from net income to gap to net income to the IRS, you need to make certain adjustments. One of the adjustments is you made a deduction here. You made a deduction here of 10,500. You cannot take this deduction for tax. Therefore what you do, you add back this deduction, which is bad. Adding back means what? That means you lost the deduction.  It means now you report more profit. If that's the only thing, then your taxable income is 76,000. Well, let's see. If that's the only reconciliation, which is not, but let me just assume that. 66,900 plus 10,000. 66,900 plus 10,500. My calculator is not working. That's equal to 77,400. If we stop here, we would say your taxable income for IRS purposes is 77,400. But that's not the only thing. But what we do is we add back. We lost the deduction. Let's go back. Since we are working with deduction, let's go back and look at interest on tax exempt bonds. What do we know about this interest? If this interest, if we incur interest and this interest is incurred to invest in tax exempt bonds of 5,000 for gap, there is no reason not to deduct this. For IRS, this amount is not deductible. Therefore, we go back and add. Again, add this 5,000 since we deducted it for gap and it's not deductible for tax. We add it back. Let's go to the excess capital loss. Remember, capital losses for gap, we can deduct as many as much capital losses as we have. For tax purposes, we can deduct capital losses up to capital gains. Any excess, we cannot do that. What do we do? We carry it over for future years. That's fine. So since we deducted it to come up to 66,900, if we are going to the IRS, we are going to add it back. Same thing for the premium paid for life insurance. We paid a premium. We paid a fee to buy life insurance. That fee for life insurance premium, as long as the proceeds are not taxable, the expense, the deduction is not taxable. Therefore, since you deducted the life insurance premium, well, guess what? You have to add it back. So what I did, all what I did is I took certain expenses, which were one, two, three, four, and I kept them separate for a reason just to kind of get you started. I took, for example, all other operating expenses here, we're going to assume this 450,000, they are deductible. This is what I'm assuming for tax as well as well as for gap. So this is what I'm assuming. That's why I listed those separately and reconciled them. What about the 450? We're assuming that those expenses are the same, whether for tax or for gap, no difference. So we took care of the deductions. Let's take it. Let's look at our revenues. Well, we have 5000 of tax exempt interest income, which is it's telling us tax exempt. Usually this is municipal bond or state bond. Well, we know from from the tax rules that interest is not taxable. So I added this 5000 and this 5000 is factored into the 66,900. Well, if I'm going to compute my taxable income, since I deducted it, now I'm going to subtract it. This is good. I like this. This is good. Why? Because I'm taken away from my taxable income. I'm reducing my taxable income by 5000. Also, if I inspect here, I have life insurance proceeds of 50,000. Again, life insurance proceeds, we know from the tax law that life insurance proceeds, just like the opposite of, you know, the premium is not deductible and the life insurance proceeds are not taxable. So therefore what I need to do, this 50,000 increased my net income by 66,900. What do I need to do? I need to deduct it, which is good from a tax perspective because it's reducing my taxable income. So those are all the items I need to reconcile. After all said and done, I reconciled my book income, my gap income, which was 66,900. After I prepared the proper reconciliation, my taxable income is 50,000. Now what I do is I go ahead and I pay my taxes. Now the IRS knows why did I report at 66,904 gap and my taxable income is lower. Mainly the largest factor is those life insurance proceeds that are not taxable, which lowered my income from my gap income from 66,900. This is mainly why I mean the others are a factor, but this is mainly why the biggest factor, the biggest factor. Now I'm going to go back to the PowerPoint slides. I'm going to put this problem on what? I'm going to put this problem on schedule M1 to show you what it looks like on schedule M1. Looking at schedule M1, this is what I have on the Excel sheet. So basically let me just, this is what we saw on the Excel sheet. This is the first part and this is the second part and we come up with taxable income. So this was gap income, this was taxable income. So let's take a look at the schedule M1 itself, which is part of Form 1120 and see what it looks like. Here's how we start. Line 1, net income per books. Net income per books we are told, let me go back, 66,900. That's net income per books. Great. Then, right under line 2, they pre-printed federal income taxes per books. Why? Because everyone will be back with their federal income tax for book purposes.  So 10,500. Done. Access of capital losses over capital gain. Again, this is a common deduction that's taking for gap, not for tax.  Then they have a line that says income subject to tax not recorded on the books this year. You know, you could have anything here. We don't have any for the purpose of this illustration. Then we have line 5, expenses recorded on the books this year, not deducted on this return. Maybe there could be depreciation, there could be charitable contribution, travel and entertainment, or other expenses, anything, or other. Now, what expenses we took for the books, what expenses we took for the books, expenses recorded on the books, but not deducted on this return? Well, I can tell you there are two expenses that we took for the books, the premium paid life insurance and the interest exempt interest on bond. They are deducted but they are not, they are deducted on books but they cannot be deducted on the tax. Therefore, what we do is we add them back and what we do here, basically you would write premium life insurance plus interest on bonds. Just you write a description and you add them up and they add up to 7,600. Then you add line 1 through line 5 and they will add up to 105,105,000. Am I done? Not yet, I have to keep on going.  Income recorded on the books this year, not included on the return. So, income recorded on the books, not included on the return and they have a pre-printed line for tax that they help in us. Tax exempt interest. Do I have a tax exempt interest? I sure do, 5,000. 5,000. Do you have other items? Yes, we do. Life insurance proceeds. Life insurance proceeds 50,000. 5 plus 50 is 55,000. Again, deduction on this return not charged against the books. We could have depreciation. Hold on a second. We have a depreciation here and we have depreciation here. Yes. We have charitable contribution here and we have charitable contribution here. Yes. What does that mean? It means just because you saw depreciation, it means added to one side and not the other. No, you have to be very careful. You cannot memorize what's on schedule M1. What does that mean? You have to read the information that's given to you. For example, they can tell you year one. Okay. You have makers depreciation of 100,000 and you have straight line depreciation of 70,000. So this is tax. This is gap. So for gap, for gap, you have 70,000 of depreciation expense for makers. You have 100,000. So what happened here? You have access makers. You have access makers depreciation. So when you, when you prepared your income statement, when you prepared your income statement, if there's a depreciation expense, I'm going to put a depreciation depreciation expense here and you only reported 70,000, right? You only reported 70,000. What's going to happen here?  You're going to have to reduce your taxable income by 30,000 because for makers, for makers, for makers, it's 100,000. You already took 70,000 straight line. Therefore, you have to add 30,000 because it has to be 100,000 in between the two. Now the opposite could be true. For example, in year four, makers could be 70 and straight line. Now you're taking 100,000. Well, what does that mean? It means for gap purposes, you are taking a depreciation expense of 100,000. But for tax, it should be only 70. Therefore, what you do is you add, to reconcile, you will take that income and you will add 30,000 because you need to lower your deduction by 30,000. You add 30,000 of income to this number. So the net depreciation expense is 70,000. So you have to be very careful. Same thing with charitable contribution. Same thing with anything on the schedule M1. You cannot memorize the items. You can memorize certain items. It has to make sense because the way the information given to you could be very, very confusing. Now don't worry, we're going to work a few examples. But let's finish this example. So 105 minus 55 and we have nothing else here. Income for tax purposes is 50,000. Notice we went back to this. I just showed you the Excel sheet that also showed you the reconciling item. Now this is a partial list of items that could be a partial list, not a full list, on schedule M1 and it just showed you depreciation. And what do I do with depreciation? Do I add depreciation? Do I subtract depreciation? Do I add it to my taxable income? Do I deduct it? It all depends on how the information given to you. Prepaid income and prepaid expenses. It all depends on how the information is given to you, whether you need to add, whether you need to deduct. So you have to be extremely careful. How do you be extremely careful? You work examples. What do you do? I'm going to work more examples. Go to par hat lectures, look at additional examples, multiple choice, true, false. That's going to help you understand this important topic. Schedule M1 of Form 1120. This is an important, whether you are a CPA candidate, CPA exam candidate, enrolled agent or an accounting student. Good luck, study hard, and of course, stay safe.


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