REG Study Group – Q2 2018 - Page 13

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  • May 14, 2018 at 10:12 pm #1797281
    Vinti
    Participant

    @Apii
    Thank you for ur exam review. can you tell is it worth to learn lotts of phaseout AGI limitations?

    May 15, 2018 at 9:33 am #1797583
    Tim
    Participant

    @Goin'forit

    Every other section I've gone by memory. With REG I'm using the book because I can't memorize all the rates, limits and phaseouts. When I'm in final review I won't use the book when I'm answering questions.

    May 15, 2018 at 9:39 am #1797593
    Nate
    Participant

    I'm hoping to finish the material by this weekend to give myself 3 weeks for review and questions, questions, and more questions. I really struggled yesterday with contracts, I understood the material but when I did practice questions it felt like I didn't know what was being asked half of the time. Is this an area where doing a bunch of questions will help?

    May 15, 2018 at 10:42 am #1797700
    CS
    Participant

    @ Nate – Yes, contracts will become more clear when hamemring out MCQs. I had the same issue at first also. the material felt very straight forward, then once I started doing the MCQs I thought I was reading another language. You will learn certain cues and pieces of language to pick up as you do more and more.

    @ Tim – How is Gleim going? I initially was going to only use the test bank for SIMs, but realized I didn't want to deviate from my last 2 exams (BEC & Audit – barely used it for FAR) so I started it and it reminded me why I enjoy Gleim TB, the questions and answer feedback is second to none. However, with specific phase-outs/limitations etc. I just gloss over those without committing to memory as I assume many of them aren't tested (the real detailed, specific amounts as opposed to basic general ones i.e. capital loss, medical, charity, casualty etc.)

    May 15, 2018 at 11:43 am #1797757
    Apii
    Participant

    @vinti
    There is no requirement..it's waste of time and memory ..I think so..instead of the be throughly clear with smaller concepts. They can ask you different permutations and combination of single concepts. They will give scenarios where this concepts would be tested ..on similar line with blue prints…for eg- wash sale , business allowable deductions , capital loss netting ,section 1245 / 1250/ 1231 etc. You have to read and solves lots MCqs to be throughly prepared with concepts .I used finish chapters and solve mcqs of that chapters
    I hope I had mentioned here what is expected from you on reg ..all the best !

    May 15, 2018 at 12:06 pm #1797784
    Nate
    Participant

    Thanks so much SBNY2K17! That's very good to know, I felt so confident after finishing the material then struggled with the MCQ's a lot. As I said before, I should finish the material by Sat night and my plan is to spend three weeks just constantly doing practice quizzes, I feel like that should prepare me enough for my exam on June 9th.

    May 15, 2018 at 3:19 pm #1798052
    DoubleBogey
    Participant

    Just feel completely railroaded by REG at the moment… Wiley has super long sim assessments after Income/Deducitons and after Gift tax, AMT, estate tax etc.
    Got a 76 and 72 respectively. Feeling behind/stressed like I have for both exams I've taken so far. Review is planned for 10 days. Any advice on what to study/focus on? Tax stuff is very likely to be sims which can be good and bad. cheers to partial credit.

    May 16, 2018 at 11:22 am #1798985
    Tncincy
    Participant

    @jsbailey: take a breath. These test are not easy and will take some time for the information to soak in. Long sims are extra words. Flash cards is good for in between review.

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    May 16, 2018 at 11:38 am #1799008
    CS
    Participant

    @ Nate That should be plenty of review time as long as you allocate it appropriately, and keeping mindful of your weak areas.

    @ jsdailey I've never done a practice exam for the other 3 as I've always felt those hours are better spent actively studying so I wouldn't put too much weight on those scores, plus you never know what kind of exam you'll get. From what I've been reading, it seems like MCQs are spreading more focus to ethics and blaw, especially ethics, so besides tax in all of its forms, hammering out ethics and paying attention to some details might be helpful.

    May 16, 2018 at 11:43 am #1799023
    CS
    Participant

    Oh yeah I forgot why I initially came to post…

    Section 1231 Depreciation recapture….

    I may be misinformed and have not seen this in MCQs or in my review course (Roger's), but online (and specifically on older Another71 posts) that there is a Section 1231 Depreciation Recapture along the lines of:

    Example:

    – Year 1 has Section 1231 ordinary loss of $ 5,000

    – Year 2 has Section 1231 ordinary loss of $ 3,000

    – Year 3 has Section 1231 l/t cap gain of $ 10,000…however, the $ 8,000 of it must be included as ‘ordinary' income instead of capital gain due to the previous years treatment as ordinary loss. Is this correct or applicable?

    May 16, 2018 at 11:51 am #1799038
    DoubleBogey
    Participant

    @SBNY2K17 It Falls into 2 different “buckets” section 1245 and section 1250 recapture

    1250 applies only to realty(buildings since land is non depreciable) and is recaptured only to the extent greater than straight line. Very rarely used since Realty for last 20 years is on SL Depreciation
    1245 applies to personalty, all depreciation is recapturable under 1245. I think section 179 expense can apply to 1245 as well if I'm not mistaken.
    Recaptures= ordinary income

    Hope this helps

    May 16, 2018 at 11:59 am #1799039
    CS
    Participant

    @ jsdailey Thank you, but I was actually referring to specfically recapture of ordinary 1231 losses taken in prior years, which doesn't make sense to me because that would just negate the benefit.

    Here's the link specifically referring to adding back previously taken 1231 ordinary losses if you're interested:

    https://www.another71.com/cpa-exam-forum/topic/section-1231-gain/

    May 17, 2018 at 1:58 am #1799893
    CS
    Participant

    @ jsdailey Found this little gem last night, and must say I've never seen it in the course or any MCQs thus far, copied and pasted from a post contained in the subsequent link itself:

    Per the IRS website:

    “Treatment as ordinary or capital. To determine the treatment of section 1231 gains and losses, combine all your section 1231 gains and losses for the year.
    If you have a net section 1231 loss, it is ordinary loss.

    If you have a net section 1231 gain, it is ordinary income up to the amount of your nonrecaptured section 1231 losses from previous years. The rest, if any, is long-term capital gain”

    https://www.another71.com/cpa-exam-forum/topic/reg-study-group-q2-2016/page/42

    Isn't it great when you feel close to 100% on a topic and then randomly stumble across a fact nugget which switches it all up?

    May 17, 2018 at 7:46 pm #1800913
    Cocoadough
    Participant

    For you guys using Becker, has anyone else noticed there have been deleted simulations in the course? Is there any way I can find the removed sims to go over? I can count at least 3 for sure that have been deleted but not sure how many in total. My test in 2 weeks and wanted to go over as many sims as possible.

    May 17, 2018 at 9:29 pm #1800964
    Vinti
    Participant

    @Apii
    Thank you so much for replying. It will help me lott. Can you tell how much difficulty level of SIMs or how long they could come? Is there any DRS on exam?

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