[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[jokami]

Naaaa… I don't hate REG.

I do though, HATE (is there a stronger word for hate?) BEC!!!!! BEC is the master of evil.

B - 62, 70, 72, 79!!!
A - 68, 81
R - 70, 82
F - 84

"The limit to your abilities is where you place them" - Fortune Cookies

[splinter1643]

@apbandj: I'm also taking REG tomorrow! Good luck to the both of us. To answer your questions:

1. A guaranteed payment to a partner will actually have an effect on the partner's basis in the partnership. A guaranteed payment is income to the partner and deductible by the partnership as a business expense, so it will decrease partnership income. And the partner's basis is affected by his share of partnership income.

2. Per my Becker book, general rule is that you normally assume the donor's holding period. There is an EXCEPTION (the bane of my existence!) where if the FMV is used (loss basis), the holding period starts as of the date of the gift.

Hope this helps.

CPA license in progress....

[Anonymous]

REG in the morning. First test in my total re-start after a 2 year break. Hope I can start it off on a good note!!

[Roma]

@Jokami,

I agree with you as well on answer A.

I just came across a statement in Wiley that says ‘A limited partnership is NOT statuorily allowed perpetual existence'. This was under a discussion of how corporations and LP's are formed.

Maybe we need Mr. Wiley and Mr. Becker to talk on this :).

Using Wiley
FAR = 94 Feb 2012
BEC = 92 April 2012
AUD = 95 July 2012
REG = 91 Nov 2012

[jokami]

Well @Roma

Apparently the correct answer is C… Here is the fabulous explanation that my wrong choice provided…. I am not convinced!

Correct choice C; Under the Uniform Limited Partnership Act (2001) a limited partnership is an entity distinct from its partners. A limited partnership is the same entity regardless whether its certificate states that the limited partnership is a limited liability limited partnership. A limited partnership may be organized under the ULPA for any lawful purpose, and, a limited partnership has a perpetual duration.

B - 62, 70, 72, 79!!!
A - 68, 81
R - 70, 82
F - 84

"The limit to your abilities is where you place them" - Fortune Cookies

[Anonymous]

guys, should i remember the numbers for deductions (the important ones) for 2011 or 2012?? i take my test on the 22nd

[Anonymous]

can anyone help me with the answer for CPA-06477 (Becker Material)… Child & dependent care credit.. I'm confused if I should multiply the % to the max available ($3000) or multiple the % to the income of the parent with the lowest income??

[Annie]

I took my first section of the exam, REG three days ago and completely messed it up. I had two research questions but couldn't even find the right codes. (It took me a long time to find the right code every time I practiced in becker) I feel really frustrated since I spent so much time studying REG. I even did all the supplemental MCQs three times ! I got average 75 when I took the becker final exam so I was hoping maybe I could pass REG on my first attempt. How stupid I was..;(

I was literally panicked as I found the exam full of unfamiliar topics. All the topics that Becker found important were barely on the exam…seriously!! I couldn't believe I put all my energy studying for Becker recommended materials only and bombed the exam. Now I can hardly expect that I would get a passing score for REG. I'm not trying to blame becker but I have to admit that I'm a little disappointed. I thought I was prepared. Now I have to start studying for FAR since it's scheduled to take after two months. But I somewhat lost my confidence that I could beat this exam ;(

Did anyone use becker 2012 edition only and passed REG?

Anyone who can give me advice how to best use becker for studying FAR?

Your help is greatly appreciated!

[momof4]

happykcho

I think REG rattled us all. For FAR study everything in the review and if you are weak in it, hit again and again until you are not weak. If your luck is like mine, you'll get a sim on it.

You can do it if you put the time in. I studied about 120 to 150 hours for all exams except for REG, which is why I am so nervous.

Good luck.

BEC 84
FAR 80
AUD 85
REG 78

[Anonymous]

@AnnaMay84

The credit is computed using the lowest of 1. the earned income of spouse with lesser amount, 2. the actual childcare expeditures or 3. the max amount (here, $3,000).

In that particular question, the expenditures are $4,000, Mary makes $2,500 and the max amount is $3,000. So the amount to multiply the 20% by is $2,500.

Tricky question!

[Anonymous]

I have a question/clarification about corporate property distributions.

When a corporation distributes appreciated property to shareholders that is in excess of it's current and accumulated E&P, is it correct that the shareholders are taxed on the FMV not just up to the E&P amount but to the gain as well? This isn't explained very well in Becker (to me at least) and I want to make sure I'm understanding this correctly.

[Whatdidyou]

“Did anyone use becker 2012 edition only and passed REG?”

Yes and many people have. Don't worry too much just yet. Very good chance you passed if you got a 75 on final exam (i didnt!). We all feel bad walking out the testing center. I know I felt like I bombed it.

Don't blame Becker quite yet, as you'll be singing their praises when you receive your passing score lol. Your score is all that matters.

REG - Passed!!
BEC - Passed
FAR - Passed
AUD - Passed

Study Materials: Becker basic course

[fnj_84]

Hi, for REG, do you need to remember 2011 or 2012 information? For example, do you need to remember the 2011 $5,00,000 applicable exclusion amount or 2012 $5,120,000 exclusion amount? For Becker, they gave an update on R4-22. Thanks.

[spongfunk]

So far I've made it through R3 on Becker and I havne't noticed anything about Section 179 depreciation recapture calculations. Does this mean that it is not tested or does this just mean Becker does not feel like it is worth our time to study?

FAR: 85
AUD: 80
REG: 78
BEC: 82

[telaladybug]

I failed Reg with a 71 which I took on 8/03/12. I tested Comparable on everything except Stronger on Taxation of Individuals and Weaker on Taxation of Entities. I plan to retake the exam in the beginning of October. What is best and most efficient approach to pass?

AUD - 75 1/3/2015
REG - 4/30/16
FAR - 7/2016
BEC - 6/6/16
Becker, CPAexcel, Wiley Testbank, NINJA 10pt combo

[Author]

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