[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

[kandisjoy]

Welp… I take my exam on the 26th. I just scored a 91% on a CPAexcel practice exam, so that's good! I'm just worried that the material is starting to be familiar. But when I've passed exams before, the material seemed familiar too so.. I don't know! I DO know that I need to pass this time. I don't want my FAR to expire. Anyone have last minute suggestions?

I honestly don't feel super confident, since I don't know all of the tax rules like the back of my hand or anything, and I really suck at simulations. Any last minute tips on what to review in this last day and a half would be appreciated.

So far I have been taking practice exams, then I go through and take notes on all the questions I wasn't sure about or got wrong, and then repeat. My score has gone up every time.

I'm thinking that maybe for the rest of the time, I'll bust out my barely-used Wiley book and take it's practice exam and then study any topics that I miss on that test. At least then I can be certain that I'm not partially memorizing the answers.

FAR: 71, 77
BEC: 70, 82
AUD: 62, 78
REG: 71, 68, 85

CA Licensed 11/2011

[kb24]

@allyson

Don't give up hope. I felt almost exactly the same after my exam. I thought the first testlet was hard, didn't notice the testlets getting harder, and was blown away by some of the SIMS. When I left the exam, I thought I had about a 50% chance of passing depending on which ones were test questions. I don't tend to overreact negatively about my performance. With my other exams I was pretty sure I passed and was pretty accurate in my score estimate except for AUD where I overestimated how well I'd done. I live in a non-NASBA state so I got my performance report even though I passed. For what it worth, on REG I scored stronger in the MCQ and all of the categories except one where I was comparable, and I was comparable on the SIMS. As time passed I became more and more convinced that I'd failed because I focused on the MCQ that I guessed at and discovered that I'd missed when I looked them up, the two tough SIMS that I wasn't sure about, and the SIM from hell. It was on an unbelievably obscure topic, the info in the research tab was murkier than usual (tax code not crystal clear–imagine that!), and the question could have been written in Chinese for all the sense it made.

I'm not trying to negate your experience, but don't give up hope. I'll be rooting for you in September.

FAR 4/1/11 - 89
AUD 4/15/11 - 85
REG 4/29/11 - 80
BEC 5/13/11 - 85

[swish498]

Are pages 43-90 in Becker R-4 still covered on Reg exam?

[Peanut]

@swish498, yes and those pages are very important!! Read them a few times

AUD 81 (X4) Previous scores 59, 72, 72
REG 80 (X3) Previous scores 59, 60
FAR 75 (X2) Previous score 67
BEC 79 (X2) Previous score 58

[kandisjoy]

@swish and Peanut – What's on those pages?

FAR: 71, 77
BEC: 70, 82
AUD: 62, 78
REG: 71, 68, 85

CA Licensed 11/2011

[rce_80]

Can someone help, please!? I'm using the Wiley online test bank questions for REG. I read in Becker that nonliquidating distributions are “nontaxable” but a question in Wiley is confusing the heck out of me…maybe I'm stressing as my exam is next week (Wed). Question is as follows:

“Complete the cells in the schedule below for each of the five independent situations concerning nonliquidating distributions made by Emerald Corporation. For each situation, indicate (A) the amount of gain or loss recognized by Emerald Corporation on the distribution; (B) the amount of dividend income to the distributee shareholder, as well as the shareholder’s basis for the property received; and (C) the amount of Emerald Corporation’s earnings and profits after the d

distribution.

Emerald Corporation’s E&P before the distribution $11,000 (given)

FMV of distributed property 7,000 (given)

Basis of distributed property 2,000 (given)

Liability on property assumed by distributee 0 (given)

Recognized gain (loss) to Emerald Corporation (A) – answer to this is $5000

Shareholder’s : (B1) Taxable dividend – answer to this is $7000

Basis for property received (B2) – answer to this is $7000

Emerald Corporation’s E&P after distribution (C) – answer $9000

Question B – taxable dividend…shouldn't nonliquiditating be nontaxable?

basis for property rec'd …shouldn't it be the basis of the partnership of $2000?

On another example, same questions above but data is different, I question when the top four line items above of “given” data are the following $8000, $2000, $3000, $0, respectively. The the questions (A-C) to answer are as follows:

A) $0 – which I agree, as nonliquidating no loss is recognized

B1) $2000

B2) $2000

C) $5000 ($8k – $3k). Confused with this answer. Please, help!

Thank you!

[Anonymous]

Where in Becker does it say that nonliquidating distributions are non taxable? You might have the situations confused, from what I see they do mention that stock dividends are non taxable but doesn't say anywhere that distributions are non taxable.

Also you might have it confused with nonliquidating losses(where FMV is less than basis on the distributed asset)—a corporation can not recognize a loss on those. Hope this helps!

[Anonymous]

Thank you all for the encouraging words. Who knows with these exams. It is what it is.

For some reason I thought when I walked out of Prometric, the sky would open up, birds would sing, and I'd be so relieved to not have anything to study for. Oh no. Time seems to stand still while waiting for scores.

For those that are about to take an exam, good luck and finish strong. Q3 usually has higher pass rates.

[Magayon]

@ rce80, I just did the exact same simulations at wiley test bank last night. I had to write the journal entries for those in order to figure out how they come out with the answers. One more thing, the problem is a CORPORATION, and not a partnership. Therefore, rules applicable to corporations are applied. I haven't mastered the differences b/t partnership and corporation nonliquidating and liquidating distributions yet. I will go over them once more before i sit for the exam on wednesday.

FAR: 7/3(87)
BEC: 8/31(75)
AUD: 11/15(81)
REG: 8/31(83)
I'M DONE!!!!!

[Magayon]

*simulation

FAR: 7/3(87)
BEC: 8/31(75)
AUD: 11/15(81)
REG: 8/31(83)
I'M DONE!!!!!

[swish498]

@kandisjoy its marked ancillary material but its comprised of IRC Code of 1986, Treasury Department Circular 230, and AICPA Standards for Tax Services. Its like 50 pages long!!

[Anonymous]

@swish and @kandisjoy—you can find supplemental videos for those pages online. Becker has them on youtube as well, you might get more out of it if you just practice the questions for those sections, but either way you should probably spend some time on it(Ethics and Prof. responsibility is like 18-20% if I am not mistaken, some of that is made up of the CPA legal liability section in R7 and the rest from Ch.4 supplemental).

[Aldog]

@Baked hahaha yea man i ear you-i take the tests in MSG so just go directly out in manhattan whenevr im done…going off that im in north jersey, live by giants stadium & work down on wall st; sorry to say im a lowly mets fan nd have been for 22 miserable yrs (missed 86 by a hair….ugh)…so yea i will NOT be awaiting any phills victories

just started R4, i literally dont even read or watch vids anymore-i just jump into questions, guess, and read the explaantion, then redo them-worked for BEC…hopefully will again

201, NJ
FAR-75, AUD-82, BEC-82, REG-84 - CPAldog Official (well almost, hard parts over though!!!!!!!)

[Aldog]

hear*

201, NJ
FAR-75, AUD-82, BEC-82, REG-84 - CPAldog Official (well almost, hard parts over though!!!!!!!)

[Anonymous]

direct link to Becker's youtube video for the ancillary material:

https://www.youtube.com/watch?v=cfMo_gXLKzw

[Author]

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