[cpabro]

Hi Everyone,

I am currently studying with Wiley and I remember that the FAR exam was a “mile-wide, inch deep” regarding calculations. I am curious how complex the REG calculations for tax will be. Are the problems difficult in respect to remembering when to add/subtract items, multiplying certain values depending on rules vs complex multistep calculations?

For example, in FAR, I prepared to do at least 3 quarters of bond amortization schedules but was asked to calculate only 1 quarter with simple values.

There are so many points discussed in Wiley that I am not sure how to filter what is important and what is not… any insight regarding REG would be helpful.

**(I try to remember everything from these lessons that when I go from property transaction to individual taxes, i forget all about property transaction) Should I just stick with the basic concepts?

Thank you in advance.

AUD - 75
BEC - 86
FAR - 75
REG - 78

Hi

[Operation_CPA]

The calculations on REG honestly aren't bad. It's more about understanding what to do with the numbers rather than any complex set of calculations. That is my view at least. Like I have said before, repetition is key. While you may be forgetting stuff along the way, maybe make flashcards or keep a notebook of all the little things you're forgetting. Review it daily this way over time it becomes second nature.

FAR - 76 (Lost credit), 76
AUD - 80
BEC - 76
REG - 75

Truly I tell you, if you have faith as small as a mustard seed, you can say to this mountain, "Move from here to there," and it will move. Nothing will be impossible for you.

[Anonymous]

Hi @Cpabro, I do not think the calculations on REG are insanely complex or anything like that. They tend to use numbers that divide and multiply evenly (to the perfect cent or dollar). The calculations are definitely simplified from what one would expect to encounter in the real world. I would be more concerned with how things work than the calculations themselves. Ie if you have a practice MC question that takes 10-15 minutes or a sim that takes 40-45 minutes, I would NOT expect that you see this on the real exam.
Contrary to popular opinion, I believe the IRC and business law are actually fairly intuitive. If you don't remember a concept for sure, go with what makes the most sense. (For tax- what is most advantageous to the government).
While the REG exam is certainly high-level, I think it would be foolish to tell you its ok to not know a certain class of problems (you mentioned property transactions for example, these are VERY important).
-If it's something mentioned in your review course on 1 page and never again, it's probably ok if you forget it on the exam. If there is a whole chapter, its important.

[CS]

As the above posters mentioned, the numbers themselves are generally simple, and it all comes down to what to do with them. I have fairly decent math skills i.e. mental math, but quickly realized how relatively useless that is for accounting.

 

 

[Anonymous]

None of the calculations on any of these are hard, it's arithmetic, but knowing the concepts and understanding how to apply is what's hard…I hate entity taxation and basis (ugh, that word gives me hives) so I think it's conceptually difficult not math wise…In my opinion…

[Author]

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