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I know that of all the practice questions I have done so far for REG, there are so many nuances and small details that it’s hard to not get tricked into selecting the wrong answer.
For example, what happens to the loss/gain on a Qualfying small business stock on a transfer(gift/death), etc which is then sold.
Holding period for long term capital gains must exceed one year. Exactly one year means an ordinary gain/short term loss.
Exactly 20% ownership affects the DRD how? 70% deduction or 80%?
These are just a few examples of the tricks that I’ve encountered.
Surely, the CPA exam itself can not be that nuanced?
I don’t recall FAR, AUD, or BEC being as tricky as my study materials.
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