[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

[Anonymous]

@momo5- I'm pretty sure “lottery” and “gambling” are interchangeable terms as far as tax treatment goes if thats what you're asking.

@tbergy-good luck! I'm taking Reg tuesday as well

[Magayon]

Hi, everyone! I am currently working the wiley test bank's mcq's and tbs. I noticed that everytime I tried to practice on some sims almost the same sims are coming out. There are maybe only around 10 sims that comes out over and over everytime I'd try to answer the sim's part of the test bank. Anybody noticed the same thing on their wiley test bank? Taking mine on wednesday. Any tips? Should I just focus on the mcq's? Are wiley practice TBSs fair representations of the actual TBS on the exam this quarter?

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

[Minimorty]

REG prep:

1. Open bible.

2. Read bible.

3. Pray

[Anonymous]

Jeff specially its for you if you are online “

1) can any one tell me is c corporation allowed to maintain books under cash basis? if so under what circumstances ? if someone can respond immediately it is appreciated , iam from middle east and my exam is tomorrow morning it is already 8.30 pm here ?

[Anonymous]

i think no one is able to answer ? jeff plz respond

[Minimorty]

§ 448. Limitation on use of cash method of accounting

(a) General rule

Except as otherwise provided in this section, in the case of a—

(1) C corporation,

(2) partnership which has a C corporation as a partner, or

(3) tax shelter,

taxable income shall not be computed under the cash receipts and disbursements method of accounting.

(b) Exceptions

(1) Farming business

Paragraphs (1) and (2) of subsection (a) shall not apply to any farming business.

(2) Qualified personal service corporations

Paragraphs (1) and (2) of subsection (a) shall not apply to a qualified personal service corporation, and such a corporation shall be treated as an individual for purposes of determining whether paragraph (2) of subsection (a) applies to any partnership.

(3) Entities with gross receipts of not more than $5,000,000

Paragraphs (1) and (2) of subsection (a) shall not apply to any corporation or partnership for any taxable year if, for all prior taxable years beginning after December 31, 1985, such entity (or any predecessor) met the $5,000,000 gross receipts test of subsection (c).

[yankeeaccountant]

@asimnishaz,

I took REG in early August, and honestly don't remember all the details. I know that C Corps are supposed to file accrual (I think due to inventories) but I thought there was an exception.. This is what I found when I googled the question:

The cash basis is also not allowable for any “C” corporation, partnership that has a “C” corporation for a partner, or a tax shelter. However, within these restrictions, it is allowable for an entity with average annual gross receipts of $5 million or less for the three tax years ending with the prior tax year, as well as for any personal service corporation that provides at least 95% of its activities in the services arena.

I think I remember Becker having this info in the materials. Maybe recheck your review material for the info given.

I hope that helps. GL with REG. Best advice: watch your time ! You will need as much as possible for the sims.

[Minimorty]

They have google in the middle east, right?

[Anonymous]

Hi thanks for your response, !!

[Anonymous]

@Magayon- I use the wiley test bank and i was getting a lot of repeats on the sims as well. Just to check it out I made a custom test with sims only. If you check off the box that says “add additional questions manually” you can add as many sims as you want. There are about 40 in total. They're good practice but i wouldn't stress out over them. Alot of them are research questions and filling in tax forms. I actually skipped most of the tax form ones because they're pretty tedious and I've been having issues with wiley logging me out and not saving my work if i spend too long on a question… So frustrating!!

Best of luck wednesday. I'm sitting on tuesday and pretty much just cramming multiple choice until then.

[Magayon]

Thanks, CpaMan! I figure I just do the wiley test bank MCQ's and the minimum Q's Yaeger told us to do. Hope that would be enough to get a 75. Good luck to you, too.

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

[tbergy]

Tip for all of you out there if you are using Becker. REG has an excellent review notes/outline section for each chapter (as compared to the other three sections – FAR, BEC, AUD). I have printed out the outlines for each chapter and have gone through making my own notes. I am now looking through the book to reinforce each section to confirm my understanding. These notes are nice because it allows you to scope out and scale your studying so you have a better “big picture” of the topics. After reworking all of the problems, I am really starting to get a grasp on the subjects.

I took a simulated exam yesterday and scored a 75. That is all I need, right?

[Tx]

@kb24,peanut,BakedCPA and others who took the REG exam – Did you see any questions on phase out amounts? Also on the sims, did they ask you to fill out tax forms and if so, which one? I'm VERY scared about the exam coz I'm not a tax person and don't pay particular interest in tax stuff. I will take REG on wed so any last minute suggestions will be greatly appreciated!

BEC 84

FAR 77

AUD 70, 92

REG ???? PLS GOD HELP ME PASS!!!

[Anonymous]

@Tx

If I recall correctly, you can't tell someone else what was or was not on the exam… I think as a general rule you don't necessarily have to know all the phase-out amounts, but know that phase out amounts do exist for whichever items (know which items…)

Good luck! You can do this!

[Tx]

@ Acct – OH I wasn't asking for actual questions, just if they asked those topics… But thanks for your input! I appreciate it!

[Author]

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