[LoveEventing]

Alright, I’m having a little bit of a mental breakdown here tonight and I’m feeling like REG is impossible. I keep hearing “Don’t memorize every little rule and exception” from REG lectures from multiple sources. But then I come across a review question that requires me to know the SPECIFIC rule about casualty losses that there is a 10% AGI and $100 limit. These “little rules” are what frustrates me in tax law, in general, because I don’t memorize well. Clearly, I DO need to memorize these rules for the exam? There is no logic to this crap! This is so frustrating!

I don’t even know what I’m asking, if anything. I’m just so frustrated with this whole thing. Sorry for the vent.

BEC - 68, 76
AUD - 90, 91
FAR - 63, 83
REG - 55, 79

FINALLY DONE!

[wantCPA]

OMG I totally hear you..

This stuff is just pure memorization….. I am getting overwhelmed with the amount of info that I have to shove it up my brain

BEC 5.31
FAR 86
REG 84
AUD 78

[futureCPA12]

I feel like for me, yeah its memorization, but its more of determining which of the “right” answers are actually right. So for the non-calculations, mainly ethics and business law, at least 2 of the answers usually seem right, but you have to know how to differentiate between certain situations…once you can do that, it'll be easier to master.

[wannabeCPA123]

casualty and theft losses are basic taxation rules. Cmon now.

You don't have to memorize all the misc 2% deduction, but there are basic Agi deductions and itemized deductions that you should know, and if they throw a “what is subject to 2% misc” question at your face, you should be abled to recognize that the other three options are wrong.

That is what they mean by don't memorize.

But i am finding reg frustrating too. the legal questions always trick me.

i get 85-90 in tax and 50-70 in law. I am really scared right now

FAR 78
REG 87
BEC 78
AUD 78
Passed all exams on first try! Good luck to everyone!

[nzwoof]

i would know how to do c-corp charitable contributions, i wouldn't even bother worrying about individual charitable contribution rules. i talked to a professor of mine who writes questions for the cpa exam and the very general process on how he described they did it made me feel better. i wouldn't bother knowing the different phase outs…someone had to of actually written “if the guys AGI is $56,531.14, what will the phase out be” that is ridiculous and that person knows it is.

you can find the AICPA “Content and Skill Specification” online and it tells you the % of each area being tested. when the people go write these questions, they use the CSO's as a guide, so it is a good guide to understand the significance of each area.

Reg 4/06/13 81
Far 5/28/13 86

[Kodiak]

My test is tomorrow. FREAK OUT MODE.

Last section, potentially.

Been cramming all weekend. I do however remember the casualty loss deductions..

Take lessor of decrease in FMV or remaining basis

(insurance proceeds)

(10% AGI)

($100 — weird and pesky, but you need to add this back)

---

Casualty loss

Hey your test is in October? You've got plenty of time to not be freaking out. Just run through the questions a few times and it will click. Stuff like this just sinks in after you set it up a few times.

AUD - Pass
FAR - Pass
BEC - Pass
REG - Nov

[W_HAMILTON]

If it's any consolation, when I first started studying for REG, I felt the same way you did; however, you'll be surprised how much you end up retaining as time goes along. Once you start doing the MCQs and putting your studying into action, you'll find that the more you do, the more those little nuances of the tax code start to click in your brain.

At the same time, there are some parts that are just so complicated that you almost have to take the chance that you won't get many questions on them (e.g., for me, most of the phase outs, the corporate AMT stuff, etc.). I would obviously still do the lecture on those parts, work the MCQs, and study them again as you cram before the exam, but I wouldn't go crazy if I weren't able to memorize every little part of those.

On the other hand, I definitely would spend time getting down becoming very familiar with provisions of the individual tax code, including the casualty loss provision you mention. Again, assuming you aren't cramming all this studying into one or two weeks, you will find that you will retain a lot of this stuff as you go along. Just don't get too overwhelmed by the vast amount of material at first.

REG - 93 (7/30/13)
BEC - 90 (8/19/13)
AUD - 98 (8/31/13)
FAR - 84 (10/19/13)

[wannabeCPA123]

I downloaded the willey test bank for my phone and I got 70-80 on tax… And 50-60 on law. The willey tests seem to emphasize things the becker did not. I am really scared now.

@OP … Reg is turning out to be a nightmare for me too!!!

FAR 78
REG 87
BEC 78
AUD 78
Passed all exams on first try! Good luck to everyone!

[Anonymous]

@wannabeCPA, I am having the same exact issue! I finished my second run-through of Becker yesterday and did pretty well (most percentages in high 70s and 80s) and my plan was to tear through the Wiley Test Bank for the next 3 days. I have done about 150 questions so far and I am getting very frustrated because the questions almost seem like a different language compared to Becker's! I'm not sure if this is a bad thing or a blessing in disguise that will help prepare me for exam day. Does anyone have any advice regarding the WTB for REG final review after completing Becker?

[mrogovitz]

I know there are going to be a lot of people out there who disagree with me, but as you can see, I've taken REG twice. I passed it the first time, lost credit, took it again, and failed. What was the difference? I was working as a tax associate the first time I took it and it's been a few years since I last worked in tax. That being said, barely passing with a 76 and failing with a 68, there was nothing in the multiple choice questions that surprised me. I felt like I had seen it all, it was just a matter of remembering the details of which there are obviously a ton. I used Becker to study.

AUD: Attempt 1: 60; Attempt 2: 78
BEC: Attempt 1: 75 (lost credit); Attempt 2: 80
FAR: Attempt 1: 74; Attempt 2: 74; Attempt 3: 78
REG: Attempt 1: 76 (lost credit); Attempt 2: 68; Attempt 3: 80

Finished 11/01/2013!!!

[LoveEventing]

It is definitely encouraging that I am not alone. I do realize that the “basic” tax concepts are the ones I'm struggling with. Hence, why I am not a tax professional and I will happily pay someone else to do my income taxes.

I'm now through Becker Reg 3 and I'm feeling a little better, but still feeling like the multiple questions are a game of luck. I have GOT to solidify my foundation before the exam!

Good luck to everyone!

BEC - 68, 76
AUD - 90, 91
FAR - 63, 83
REG - 55, 79

FINALLY DONE!

[HappyDayss]

I don't think you have anything to worry about. If you passed FAR you can most certainly pass Reg!!

Done ^_^

[Anonymous]

IRC = useless on Reg exam btw. All I needed was like 1 or 2 sentences from my becker book to nail down a sim but of course the IRC has nothing to help but vague descriptions.

[Author]

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