[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

[jus75]

Carl37854 When are you taking the exam?

[Anonymous]

@momof4

Supplement with Wiley test bank and if it still feels easy, then you'll be fine on the exam.

I'm still on the Business Law stuff and it's easy. My plan is to start with taxes slowly, while studying the rest in chapter order.

[kambsa]

Hello all,

New to the forum here. I am taking Reg in Feb and using becker & gleim. Not quite sure how to prep for the sims. They slaughtered me the last two times I took the exam. Thinking about getting gleim simulation wizard.

AUD - Passed 88
REG - Passed 87
BEC - Passed 78
FAR - Passed 75

[Anonymous]

jus75 I plan to take it as late as possible in Feb. I just mailed off my registratin form to get my NTS yesterday.

[NGUYEN]

Can any one help me to answer this question? It's like kind exchange MCQ in Wiley Book (MCQ 21)

On October 1, 2010 Donald Anderson exchanged an apartment building having an adjusted basis of $375,000 and subject to a mortgage of $100,000 for $25,000 cash and another apartment building with a fair market value of $550,000 and subject to a mortgage of $125,000. The property transfers were made subject to the outstanding mortgages. What amount of gain should Anderson recognize in his tax return for 2010? And what is the basis of the new building for Anderson.

The gain recognized is $25,000 and I understand this. But I can't figure out what is the basis of the new building to Anderson.

Studying for REG and will retake the exam on Jan 5th. Failed twice!!!!

Thank you in advance for helping me!

FAR - 74;76
BEC - 70;80
REG - 66,67,66,85
AUD - 74,74 82 I am done!!!
AICPA Ethic: 95
Using Yearger for FAR & BEC; Rogers for AUD and REG and Ninja Notes

[raymondsfamily]

Based on my Becker flashcards, in a like-kind exchange, the basis of the property received retains the basis of property given up:

Basis of property given up

+ Any boot paid

– Any boot received

+ Any gain recognized

________________________

Basis of property received

________________________

________________________

*Recognize gain to the extent of the lower of the realized gain or the boot received

F - 5/8/13 81
R - 74, 2/7/14 86
B - 74, 12/6/13 82
A - 70, 11/4/14 89!!!

I'm done 🙂 Many thanks to Jeff, A71 and Roger CPA!!!

MBA and CPA

[katelyn]

Good morning team! I'm studying to take REG on January 7th. Thus far, I've done a poor job of staying on track. Between shopping, wrapping, and Christmas parties, I'm pretty distracted. Luckily, I only have 6 days of work between now and the test, and no plans for New Year's. How are ya'll staying on track this holiday season?

AUD: 92 (10/2011)
BEC: 82 (7/2011)
FAR: 55 (8/2010); 88 (8/2011)
REG: 62 (8/2009); 87 (1/7/12)
DONE!

[KGC111210]

@katelyn – I'm in the same boat, but mine is b/c of work. I'm in audit and this is my firms busy time (9/30 year end). My test is on Jan 7th and I'm still on R4 (Becker). I'm freaking out but hopefully I'll catch using my days off. It stinks I have to use my holiday/pto time to study. I can't wait until this whole thing is over. Long story short I'm not on track either. But it looks like your a lot closer to being done then me. Good luck!!

FAR 69, 74, 78
REG 69, 69, 69, 82
BEC 75
AUD 76

[hopeful_cpa]

I don't like this question:

Which of the following statements describes the same characteristics for both an S corporation and a C corporation?

A. Both corporations can have more than 75 shareholders.

B. Both corporations have the disadvantage of double taxation.

C. Shareholders can contribute property into a corporation without being taxed.

D. Shareholders can be either citizens of the United States or foreign countries.

Answer C is correct.

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[KGC111210]

@hopeful_CPA – I don't like it either. Both A and C are correct, b/c the limit for S corporations is 100 shareholders. Where did this problem come from?

FAR 69, 74, 78
REG 69, 69, 69, 82
BEC 75
AUD 76

[GottaGetThruThis]

@hopeful_CPA- I can see where C is the “better” answer, but that question is definitely ridiculous.

B- Passed (2nd Try)
A- Passed (2nd Try)
R- Passed (2nd Try)
F- Passed (3rd Try)

Never give up!

[hopeful_cpa]

yea its not cool… its from wiley online test bank.

for some reason whenever i take the actual exam i feel very comfortable with my answer choices and very sure that i am answering correctly. if i dont pass the exam does that mean i didnt answer correctly or does it mean that the ones i got wrong other got correct and thats why i didnt pass? it still doesnt make sense to me when the material is the same as the review courses and the questions prepare you very well for the test but yet passing is still difficult. can anybody help me out with understanding this and remind me on why i am doing this again? looking at the ferrari's on my wall isnt helping at the moment. =(

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[katelyn]

I think the S corp requirement was 75 several years ago. They need to update the question.

AUD: 92 (10/2011)
BEC: 82 (7/2011)
FAR: 55 (8/2010); 88 (8/2011)
REG: 62 (8/2009); 87 (1/7/12)
DONE!

[hopeful_cpa]

Are penalties from savings accounts deductible? Also, I believe Roth IRA contributions are not deductible, correct?

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Honestmike]

I have the Becker 2011 REG materials. Do you think I could use them if I'm sitting in Feb 2012?

[Author]

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