[jeff]

Resources:

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Exam Experience: https://www.another71.com/cpa-exam-forum/topic/reg-exam-experience-official-thread

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[gibbs1981]

Hi! First time posting but have been reading for a while. I just took REG on Friday and I am not sure how I did but if you do the homework, you will do fine.

I used Becker and supplemented with Ninja Notes. Great luck!!

REG - 5/23/13 - 65, Rematch July
FAR - 8/23/13

[MCLKT]

So this might be a useful resource….

https://www.natptax.com/TaxKnowledgeCenter/FederalTaxInformation/Documents/Chart%20of%20Entity%20Comparison.pdf

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[kip_snoodles]

Quick G/L Question: When a Corp. distributes land in a non-liquidating dist. to a Shareholder, what is the Corps. Gain or loss (increase in E&P) for the following made up details: FMV: 100,000 Basis 30,000 Mortgage assumed by S/H 60,000

I know the S/H's Basis and Dividend Amounts, but I haven't really seen an example of Corps.

[Anonymous]

Well got REG tomorrow. This was the one I was least looking forward to. After thousands of MCQ on Becker I feel like I'm about as ready as I'll be.

@kip I don't know. Ha ha ha.

Wish me luck everybody! Keep an eye out for the exam experience thread. I always get a kick out of recounting the action there.

[MCLKT]

Corporations will treat a distribution to s/h as if the property were sold at FMV.

FMV – Basis = Gain

100k – 30k = 70k Gain

This Gain will increase Current E&P

If the mortgage assumed by the s/h is > FMV

Use the MORTGAGE amount to compute the gain.

In your example assume mortgage of $120,000

Mortgage (120) v. FMV(100)

Choose the larger for gain calculation.

120,000-30,000= $90,000 Gain

Gain still increases current E&P

Note that the s/h calc for the basis doesn't change.

The s/h basis in property distributed is FMV + Cash (if any)

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[kip_snoodles]

Thank you so much MCLKT! Throughout my studies, I have seen a problem on just about every type of distribution, but could not find an example similar to what I asked. How are you feeling for your test tomorrow?

[MCLKT]

You're welcome! It was good for me to look at 🙂 Now I'm going to spend some time working a ton of basis problems!

I'm feeling nervous, not quite prepared, yet strangely confident. I just don't want to let my nerves get to me.

How about you? When is your test?

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[kip_snoodles]

Mine is Friday. I feel about the same as you. I feel prepared enough, but am really just ready to get this over with. Today I am reviewing all the BL questions, and then tomorrow and Thursday will be non-stop questions from all areas. If I pass, I will only have FAR left. I'd love to start on FAR next week.

[kip_snoodles]

Honestly, what is making me most nervous is the fact that everyone, even those who nailed the test, come away feeling bad after taking it. In the previous tests, I came out of the center with a since of relief. It sounds like everyone who takes REG walks out feeling bad. I'm just hoping I can enjoy my weekend without constantly having the test on my mind.

[MCLKT]

Ha ha, good luck with that! I can't stop thinking about an exam until I get my score. I usually walk out wondering what just happened, lol.

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Mike1987]

I look forward to seeing you in the FAR group kip. Goodluck with the exam everyone.

[MCLKT]

@840048 good luck tomorrow! I just saw your post 🙂 See you in the experience thread!

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

@MCLKT

That entity comparison chart you found has been awesome. I've been using it all morning, and it's really a great help. Nice find and thanks! This is much more detailed than what is in Becker.

Good luck to all of us this week. My test is Friday! Hang in there.

[Anonymous]

Good luck to all that are testing this week! I'm so excited for us all to finish this window and get our scores!

I'm still here, been doing some Wiley questions each day. I'm not studying crazy like I was before the test, but spending about an hour each day so I don't get rusty. I signed-up for the Ninja videos today, too. Those are just what the doctor ordered!

I've read a couple posts from others with an extremely bad first testlet like I had and they passed. So, I haven't completely lost hope. Still, going to keep studying just in case.

Edit: Oh, and that entity comparison is awesome! Thank you for sharing!!

[SeattleAccountant]

@MCKLT, CPAMike, kip_snoodles and everyone else testing during these last 4 days of May:

Good luck to you guys, be confident in what you know and if all fails, pray, take a best guess and move on!

And, to rephrase sport's inspirational quotes, “be positive; the only place for doubt is in the dictionary,” b/c passing the exam is the second step, but wanting to pass is the first!!!

See you all including myself in “I passed REG” forum, hopefully!

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[Author]

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