REG Study Group – Q1 2018 - Page 7

Viewing 15 replies - 91 through 105 (of 428 total)
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  • #1688942
    Sandy
    Participant

    By the way,
    For those who want to improve SIM skills, you can look into Roger CPA test bank.
    The SIMs in Roger CPA are a good challenge.
    You would be able to practice preparing form 1040, 1120, 1120-s, 1065 and M1, M2 reconcil.
    The DRS is also challenging.
    I used three test banks to practice SIMs and I feel Roger CPA has the most challenging SIMs among all.

    #1689005
    Lentilcounter
    Participant

    Thanks for the info Sophie. What are the other test banks that you tried?

    BEC = 72 (6/08/16)
    FAR = ?
    REG = ?
    AUD = ?

    #1689101
    Josh
    Participant

    @Sophie Gleim's SmartAdapt technology is pretty good, but I wouldn't do more sims than you need to there. It's good to have practice there, but MCQ's is where it's at I believe. Correct me if I'm wrong, but that's still where you'll learn most of the concepts.

    #1689104
    Josh
    Participant

    Thank you, Another71 2016 @Amor (post #849820). Good info. Now I see how people qualify for EIC who are under 25. There's some good info. on this blog.

    #1689131
    Bianca
    Participant

    Advice needed!

    I have my REG exam scheduled for March 8th. Before I sit for REG I am re-taking FAR on Feb 5th. MY question is do you think about 5 weeks is sufficient time to study & pass REG? I work 3 days full time and am off the other 4 days. I work in a small firm therefore busy season is approaching. I have not looked at material for REG yet, but I do believe some of it will come natural to me since most of my work consists of preparing all type of tax returns, not to mention I am only out of school for 2 years.

    Any thoughts/tips are appreciated.

    Thanks!

    #1689169
    Bourne
    Participant

    I had no idea REG consisted of so much business law. Especially the Ninja MCQ's, there's about double the b-law questions compared to the other categories. Good luck everyone.

    #1689293
    Sandy
    Participant

    @Lentilcounter
    I used Roger CPA and Wiley CPA for study
    and when Roger CPA expired, I bought Gleim test bank for practice.

    @Josh
    What is Gleim smart adapt technology?
    I agree that MCQs provide most of the concepts but in terms of applications and putting all concepts together, I feel SIMs is more helpful.
    I don't have any tax background, so that practicing SIMs would help me put every little pieces together.

    #1689344
    Recked
    Participant

    Bianca, go for Reg in 5 weeks.
    If you don't sit by March 10th then you will need to wait until the end of the Q2 testing window to find out your score.
    Better to cram and try for it in 5 weeks than to lose your whole summer next year to the CPA exam.

    I'm through 389 MCQ's so far, only tax, not law yet. Averaging 79%.
    Progress is progress. 1000 MCQ's to go in 2 weeks.

    #1689364
    Lentilcounter
    Participant

    @reckedracing

    Are you using Roger primarily or GLEIM for REG? 79% is pretty good. I'm working on entity taxation stuff currently and using GLEIM + Wiley. GLEIM beats the crap out of me and then when I switch over to Wiley, its much easier. I recognize a lot of enrolled agent questions in GLEIM too.

    BEC = 72 (6/08/16)
    FAR = ?
    REG = ?
    AUD = ?

    #1689385
    ninja-pc
    Participant

    Hey everyone, I had a question that I was hoping you all could help me better understand. This may be a loaded question…but what do you feel are the major points to understand pertaining to 1231 Assets, 1245 Assets, and 1250 Assets? I seem to be getting mixed up with differentiating 1231/1245/1250, G/L rules, MACRS or SL, etc. Any clarification or general guidance you follow would be helpful!

    #1689478
    ly741237952
    Participant

    Hi everyone here!

    I am going to take REG this Saturday (1/6) before my busy season starts. I am currently memorizing those business law stuffs. Though I did have blaw class back in college but I remembered nothing from it. Any suggestion on how I should handle blaw in this short time frame?

    So stressed out! Feel like tax stuffs are also fading away from my brain…

    #1689560
    chitown87
    Participant

    Last minute REG question for anyone who might know:

    Is it correct that to use the alternate valuation date for inherited property, the value of the property has to be LOWER at the alternate valuation date than at the date of death? What if the value of one item is higher and the value of the estate as a whole, and thus the total estate tax liability, is lower?

    I'm using Surgent and it seems like this is sometimes the case and sometimes not and I am struggling to understand this.

    #1689565
    chitown87
    Participant

    @ninja-pc

    Think of section 1231 property as just about any depreciable property used in a trade or business. 1245 and 1250 are just subsections of this for personal and real property, respectively.

    1231 property that has been held for 12+ months and sold at a gain receives special treatment and the gain is taxed at capital gain rates. If it was not held for 12+ months it is taxed as ordinary income.

    Any depreciation taken on these 1231 assets is “recaptured” as ordinary income, up to the extent of the total gain recognized on the sale. So personal property is subject to 1245 recapture and real property is subject to 1250 recapture. In my opinion, remembering the 1245 and 1250 numbers is not as important as simply remembering that the amount taken for depreciation on these assets is going to be picked up as ordinary income.

    So a 1231 asset with $10,000 accumulated depreciation which is sold for a $20,000 gain is going to have $10,000 of ordinary income(the amount of depreciation previously taken), and $10,000 of capital gains (20,000 total gain less 10,000 ordinary income).

    Hopefully this helps.

    #1689580
    Lentilcounter
    Participant

    @chitown87

    “Is it correct that to use the alternate valuation date for inherited property, the value of the property has to be LOWER at the alternate valuation date than at the date of death? What if the value of one item is higher and the value of the estate as a whole, and thus the total estate tax liability, is lower?”

    The executor may elect to value the estate at either the date of death or the alternate valuation date which is irrevocable.
    1) election can be made only if it results in a reduction in both the value of the gross estate and the sum of the federal estate tax and the generation skipping transfer tax (reduced by allowable credits) <—-I think this answers your first question

    2) the alternate valuation date is 6 months after the decedent's death
    A) assets sold or distributed before then are valued on the date of sale or distribution
    B) assets, the value of which is affected by mere lapse of time, are valued as of the date of the decedent's death, but adjustment is made for value change from other than mere lapse of time <—-I think this answers your second question

    i) examples of such assets are patents, life estates, reversions, and remainders
    ii) the value of such assets is based on years
    iii) changes due to time value of money are treated as from more than mere lapse of time

    BEC = 72 (6/08/16)
    FAR = ?
    REG = ?
    AUD = ?

    #1689592
    Lentilcounter
    Participant

    @ninja-pc

    Section 1231 assets:
    – section 1231 assets are depreciable property and real property used in a taxpayer’s trade/business and held for over 12 months; also includes trade/business property and capital assets held over 12 months that have been involuntarily converted (fire)
    – doesn't include personal-use property or inventory

    Section 1245 (machinery and equipment) gains only:
    – generally personal property used in trade/business for more than 12 months
    – lessor of gain recognized or all accumulated depreciation is recaptured as ordinary income
    – any remaining gain is Section 1231 gain

    Section 1250 (Real property) gains only:
    – real properties used in trade or business or business for over 12 months (warehouse)
    – recapture is only the portion of depreciation take on real property in excess of straight-line

    – Finally, you compare the results of section 1245 and 1250 gains with any section 1231 losses and if the result is a net gain, then treat it as section 1231 long-term capital gain. If the result is a net loss, treat it as a section 1231 ordinary net loss.

    BEC = 72 (6/08/16)
    FAR = ?
    REG = ?
    AUD = ?

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