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Let me tell you the exam is not easy. I had 0 easy questions from part 1 of ninja MCQ study: Ethics, Professional Responsibilities and Federal Tax Procedures. So i didn’t see easy questions like Which of the following acts by a CPA will not result in a CPA incurring an IRS penalty? I could only wish for that.
Most of the questions I had involved Federal Taxation of Entities. Particularly C/S corporations, stock 2 for 1 split, partnerships, trusts and estates. I swear it felt like 2/3 of the exam was just on this particular area. Almost all of the questions involved computation.
There was also a few questions on business law agency/contracts and Cost Recovery(Depreciation).
Sims were also very hard. I only remember that there was 1 easy sim which involved filling out a 1040 form. They game me a bunch of tax forms like W-2’s, 1099-INT, 1099-DIV, 1099-G and W-2G for a married couple and I had just to add them up and put in the number on each line of 1040. That was very simple for me.
Overall my advice is to study hard section 5 of Ninja MCQ for Federal Taxation of Entities (Including Tax Preparation and Planning Strategies).
Good luck to everyone!
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