[Biff Tannen]

Sitting for REG in a month or so – and I keep seeing throughout different forums that mastering basis is a good way to guarantee a pass on this exam. But basis is such a general topic – so I was wondering what types of basis should I focus my efforts on (partnership, c-Corp shareholders, property taxation, s corps, etc.)?

[vbmer]

All of them.

[Fat Bastard, CPA]

Do we have to prepare tax forms?

[Lindsey_p87]

Agree with vbmer – I would know everything about basis because you could literally be tested on any of the topics you mentioned in your OP. Make a spreadsheet comparing the different types of entities and how the basis works. I know personally, I got hammered with property transactions, s-corps, and c-corps in the SIMS.

FAR - PASSED 11/14
AUD - TBD
BEC - TBD
REG - First take 2/16

[Club74]

Know how to calculate basis for all entities. If there was one thing to know like the back of your hand for REG – know basis. It sounds like it's a lot but compared to all of the material in REG, it's actually a pretty small portion of the study materials so spend the time to master it. The spreadsheet idea is awesome. I was nervous about the whole tax form and having to prepare it from “scratch.” Was relieved to see it did not get that granular but that was how it was for me. It may not be that way for you.

[Author]

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