REG Study Group – Q1 2018 - Page 10

In like-kind exchanges when boot is paid and received should we net it or only consider the boot that we received for gain recognition purposes?

@ sevenandfive
I believe you can net off boot paid against boot paid. However, it should always be on the same transaction.

@gugu

Thanks!

@reckedracing

Great post on depreciation.

Outta curiosity is that percentage on your first viewing? Closed or open book?

Wow, you're killing it. My approach is a little different, finishing the chapter then doing all chapter questions in sets of 30. My first pass, closed book averages are probably mid 60s low 70s, though.

I really wish Roger would try to simulate the topic weightings actually used on the exam. I've done all available IPQs and I'm just reviewing now, selecting all 21 chapters and doing 30 at a time, and I feel like my scores are skewed because the software will give me 30-50% business law/ethics questions in a set.

edit: It's probably just confirmation bias but when I'm drilling sets (doing 5×30 daily) it really feels like I'm getting the same questions over and over, and that Roger's software isn't truly random. I think I've gotten this exact question on hobby losses/business gift deductions 4 times in the last 7 sets…

Thank you Ninja CPA Review for updating my materials. Now, I'm using the Ninja materials I have, too. I'm doing my best to study similar to the Ninja framework with my course. I read 5 study units in Gleim last week. I read half of Ninja's Individual Taxation in their book today. Once I get caught up in reading, I go for the notes.

@Sophie the smart adapt helps you realize where you need to be studying in Gleim Premium. You probably are in the final review if you're using premium. Sims may be good practice in Gleim especially since you need to be familiar with the IRS tax forms. I keep reading from Gleim's book that they have tax forms available to study with the course. I hear you shouldn't study too hard right before your exam. Good luck on your exam!

Becker placed a lot of emphasis on knowing the tax forms, too, in their online course. They are good to know, and I'm sure it will help in the future when I'm helping clients especially with more challenging tax returns. I'm getting ideas on what I should be working on early on and not wait until the last minute like I've done too many times. I think that's part of the reason I like this forum. It helps to learn to attempt to explain the concepts.

@lentilcounter

I'm all over the place. I think that's why I'm so frustrated.

Below are my mock exam scores MCQs ME1, ME2 (SIMS ME1, ME2):

R1: Individual Taxation Pt 1- 56, 50 (SIMS 46, n/a)
R2: Individual Taxation Pt 2 – 56, 50 (SIMS 75, 40)
R3: Property Taxation – 62, 78 (SIMS n/a, 85)
R4: Corporate Taxation – 55, 43 (SIMS 30*, 0)
R5: Entity Taxation – 50, 76 (SIMS 79, 75)
R6: Ethics, Prof Responsibilities, Fed Tax Procedures – 100, 67 (no SIMS)
R7: Business Law Pt 1 – 70, 73 (no SIMS)
R8: Business Law Pt 2 – 78, 60 (SIMS n/a, 100)

*could've been an 82 but left cells blank that should've had 0

I don't know how I've studied for 6 weeks and know this little! I know I'm fuzzy on AMT (corp & ind), tax consequences of formation of entities (corps, partnerships etc), contracts, and bankruptcy, but I can't pinpoint the exact issues.

@Katie
It looks like your holes are bigger in tax subjects. I would do progress tests on each of the tax chapters until you are scoring 80+. I would also continue to do one set of questions everyday that includes all chapters to keep it fresh. My test is 2 days after you and that's what I'm doing. Based on the blueprints, I see potential SIMS coming from individual, property, or entity taxation. So, I would know that really well. Individual AMT and Corp AMT look like they are only tested at the MCQ level.

@Gugu

Can you tell which specific rule you are talking about?