REG Study Group – Q2 2018 - Page 9

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  • April 25, 2018 at 1:21 pm #1776867
    Tim
    Participant

    I'm taking all of Gleim's MCQ tests and sim tests with open book during my initial pass of the material and still only scoring 70-80%. If I didn't use the book I imagine I'd be scoring 50% or less.

    April 25, 2018 at 1:53 pm #1776897
    jr2018
    Participant

    You give me hope @tim. When I was doing the questions getting like 30% better to get the lower grades during review before the exams. Waiting on my audit results while preparing for Regulation is heart wrenching. Thinking I should have chosen REG for July instead of June 08. Hopefully I will be totally finished by June 27.

    April 25, 2018 at 1:57 pm #1776898
    DoubleBogey
    Participant

    @JRG I really like the material overall: the huge testbank, the flash cards and the focus notes have been my saving grace. They just tend to get ahead of themselves. Like the next module is BLaw and I just got grilled with a question about filing in a divorce year with kids. Tax I & II from years past aren't that fresh

    April 25, 2018 at 2:17 pm #1776933
    mskcle
    Participant

    When doing an M-1 adjustment, would you add back book depreciation on the left side and then reduce it by the tax depreciation on the left or could you just put the net result wherever appropriate?

    April 25, 2018 at 6:57 pm #1777159
    DoubleBogey
    Participant

    Can someone please clarify the 30 day letter for me? Why is it relevant if a 90 day letter will follow it with actual consequences?

    April 25, 2018 at 9:44 pm #1777260
    Anonymous
    Inactive

    @mskcle- Not sure if you have Brecker materials but if you look at the skill practise in M-3 for Difference between book and tax, there is an example that explains. In that example the Depreciation expense per book is $125k and per tax is $300k. In the M1 scheduled $175k is shown as a subtraction on the right hand side. That would mean that starting with accounting income, the $175k would be reduced from it to get to the taxable income.

    I myself get confused with the presentation of these items, as the concept itself is pretty straightforward but not the presentation side of it.

    Hope the above helps!

    April 26, 2018 at 6:40 am #1777365
    mskcle
    Participant

    @avers I noticed that as I do have Becker, but they have a SIM in their mock exam similar to an m-1 where they net them together instead of splitting it up which is why I am confused on it now.

    April 26, 2018 at 7:56 am #1777395
    itooshallpass
    Participant

    Just scheduled Reg for June 8! Time to get in gear.

    April 26, 2018 at 8:00 am #1777398
    Tim
    Participant

    @itooshallpass

    Did you take a couple months off or have you been studying REG since January?

    April 26, 2018 at 8:03 am #1777411
    itooshallpass
    Participant

    @Tim I did not study during tax season. I just started studying this week and have gotten through 1 chapter in Roger so far. It's definitely less time than I wanted, but I wanted to get in before the end of the window so I don't have to wait ages for my score. I think I have 7 weeks.

    April 26, 2018 at 12:22 pm #1777596
    CS
    Participant

    @itooshallpass I think you have plenty of time, if you stick to the schedule (I'm using Roger also) you'll get through it more quickly than their own study guide suggests (I studied during the end of busy season and my second daughter was born this past Monday – got back into studying yesterday).

    @Tim How's Gleim going? For AUD & BEC I loved Gleim's test bank as a supplement (my preferred for both), but for REG, I'm finding that it might be too detailed for my liking. Maybe I'm just lazy but from the consensus here as well as from other review course provider's themselves regarding exact phase-outs, limits etc. which are never tested, I seem to get a question requiring the actual knowledge of every tiny detail. Normally I wouldn't mind and I liked the ‘overkill' Gleim provided, but I think I'm wasting time going through the MCQs trying to grasp all of the details and deciding which is or isn't important. I do plan on running through the MCQs soon though as I should be finished with my course through the first run.

    My Gleim quiz grades would range from 60% – 80% (I'm sure I got 50s in there also) if I got lucky depending on the question set, but it's depressing when I go to the summary page and all the sections are red. I'm finishing up blaw right now and I can't even imagine the kind of questions Gleim would present.

    April 26, 2018 at 1:54 pm #1777654
    Tim
    Participant

    @SBNY2K17

    I'm feeling the same way about Gleim's REG. There's just no way I'm going to memorize every last dollar threshold and phaseout of the U.S. tax code. I will continue through the material in Gleim since I've already paid for it while using the book during practice tests for specific thresholds. Then once I'm through all the material I'll use Ninja monthly to solidify my understanding. Hopefully Ninja's questions are more like the questions I'll see on the exam. I'm currently 6/20 chapters complete in Gleim.

    And, yeah, I thought Gleim was awesome for the other 3 sections (maybe a little overkill on FAR if you are just trying to pass it).

    April 28, 2018 at 6:05 am #1778692
    CS
    Participant

    @Tim Judging by your scores I can only assume you will be more than prepared for the exam. However I can only imagine the details the course itself presents. Also if it starts with business law in terms of material I can say it gets better with tax. I see most review courses start with business law and ethics before tax but Roger is the opposite. I’ll run through certain Gleim MCQs for my final review phase because I enjoy Gleims explanations. For the other 2 I learned a lot of valuable info purely through Gleims test bank. Either way if your exam is in July you should have ample time to hit Ninja also.

    April 28, 2018 at 6:10 pm #1779081
    rubberducky
    Member

    Hi everyone,

    So I'm just about halfway through studying REG with Becker. So far the MCQs are fine, but these SIMS are really stressing me out. They seem really our of left field because they are questions about farms, oil companies, etc. I thought the questions would be more relevant to the important information. Is this how the real exam will be as well? At this point I feel very defeated after trying these SIMs and I've heard they're even worse on the exam too, so I really don't know how to feel.

    April 28, 2018 at 11:18 pm #1779220
    walid6500
    Participant

    Is it correct that a long term capital loss from an S-Corp is entered twice on form 1120s ( but not entered in ordinary income computation ) and k-1 ?

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