[nalratoss]

Law terms are jargon

I just made a mistake cuz I forgot the difference between “being charged a felony” vs “being convicted a felony” (in relation to suspension or disbarment before IRS under Circular 230).

I can get 85% on MCQ yet 35, 59% on SIMs

REG Sucks!

[aaronmo]

Ummmm…that's not jargon, that's a real difference. DOn't get me wrong…anyone could have made that mistake…I could have…but it's a mistake and it's substantive.

IT and COSO are nonsensical jargon because half of the time the process they relate back to is arbitrary and/or artificial.

REG SIMs did suck. Making it more fun, my computer crashed on me 4 times during the reg sim section. Each time I panicked and it cost me time.

[Recked]

I don't think law topics are check marked analysis under the blueprints, ie: most likely no law SIMs.
Make sure you are investing your time wisely.

[aaronmo]

I took it in 16′, but there were no sims that I recall in business law. It was tax…LOTS of basis…lots of how profits are distributed…dissolution. Some boot and like kind exchange. I think some depreciation/179 rules.

It's been a LONG while…my memory might be off…but I recall the SIMs being in what you'd expect them to be. No surprises, though lots of detail. I remember that my mind just went BLANK on partnership basis and formation after an exam crash, and I was totally panicked. I just couldn't remember, even though I knew I knew how to do it. After 5 minutes of just closing my eyes, it came back.

[Anonymous]

I still remember Peter Olinto saying you can pass REG if you fail b-law but you can't pass reg if you don't know the tax part. I would definitely spend most of your time on the taxation portion of it, and make sure you know the basics of Blaw, as they are easy MCQ points on the test.

[aaronmo]

My experience would definitely bare that out ^^^

In terms of efficiency of study/points, I'd prioritize anything basis, anything with entities and how they distribute loss/gain, how they dissolve, how they form and how basis changes, or doesn't change, with distributions, dividends…etc. Know the partnership rules COLD. Make sure you understand the rules governing entities…it's almost always STATE, not federal. I'd know the SEC stuff and who regulates what. Know the easy stuff with tax…marital status rules, HEAD OF HOUSEHOLD, dependency…etc. I think I got quite a few of those “does this weird situation qualify” questions. I think I even had a sim on that. Know that rule about taxation on kids…and how the income, conceptually, goes back to the parent. Understand how social security is taxed…that's sim territory, or high point MCQ. Know the IRA stuff.

This is a key head of household rule that people overlook…YOU CAN'T, BY RULE, HAVE TWO IN THE SAME HOUSE. So think Brady Brunch…two divorced/widowed/whatevers get together and live together. Only ONE is supposed to get head of household.

[Go.For.Broke]

REG SIMS DO suck. That's probably why it took me 4 times to pass (66, 67, 70, 77).

[sean]

I left 2 sims nearly completely blank and somehow passed with an 80. My first 2 sims testlet had 4 DRS question and then I get to my last testlet and behold there's still 1 more DRS question with only 25 minutes remaining. REG sims are a completely different beast based on what everyone says around here and I would agree with that sentiment+

[Anonymous]

Tax portion of REG is so easy once you understand the concepts. 30 secs per question. only Biz Law is annoying.

[Bourne]

I agree with auditsucks. Although I haven't taken the exam yet, I feel really good on the tax but the b-law is just annoying. Hopefully that translates into a pass

[Anonymous]

bourne, definitely focus on blaw if you can.. I got quite a few b-law questions. Bankruptcy is one key area. Make sure you know about the ethics portion too.. that is not so bad either

[Author]

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