REG Study Group Q4 2018 - Page 11

Viewing 15 replies - 151 through 165 (of 201 total)
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  • #2046317
    Tim
    Participant

    @CPA2BE
    I'm pretty confident we don't need to memorize these phaseout amounts and phaseout rates. The base amounts like what the standard deduction amount is or the personal exemption amount may be fair game, though. So my solution to this is when I run into a problem in Gleim that may exceed the phaseout I just look it up in the book. It's definitely frustrating, though. I've struggled hard with Gleim's REG section, it's way more ridiculous than FAR was.

    #2047322
    To0ld2Pass
    Participant

    Hey everyone, this is off the AICPA practice exam and I was wondering if someone could help explain it to me?

    Strom acquired a 25% interest in Ace Partnership by contributing land having an adjusted basis of $16,000 and a fair market value of $50,000. The land was subject to a $24,000 mortgage, which was assumed by Ace. No other liabilities existed at the time of the contribution. What was Strom's basis in Ace?

    From what I understood I would take the adjusted basis of 16,000 and add the other 75% of the mortgage assumed to come to Strom's basis in Ace. It would of come out to be 34,000, however AICPA lists the correct answer as 0.00$. What concept/rule am i missing?

    Thanks!

    #2047358
    amens
    Participant

    @To0ld2Pass you actually subtract liabilities assumed by other partners in the partnership from the contributing partners basis. So it’s .75×24000=18000. Subtract 18000 from 16000 = 0

    #2047892
    To0ld2Pass
    Participant

    @Amens doh! Thanks!

    #2049152
    Tncincy
    Participant

    Why does time go by so fast? I am procrastinating, dealing with sick parents, procrastinating, and dreading studying. It is Nov 6. Almost less than 30days left until Dec 10th (reg test date). I'm tearing myself away from the election and all the stuff that come with it and make this week a power week of study. I need momentum. Oh Lord, I need momentum. Where did the time go?

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #2049188
    Tim
    Participant

    Probably because the REG material is so dry and boring. But keep at it. I super struggled with motivation for this section myself. Once I was through all the material and went into review phase, though, I realized it really isn't that bad and a lot of my anxiety has disappeared.

    #2049731
    Soup
    Participant

    Good luck all! I will be taking this test in 10 days. I dont know if I am ready

    #2050856
    To0ld2Pass
    Participant

    Exam tomorrow! Studied some today but burnt out tonight. Just gonna give it a rest for the night. Good luck everyone!

    #2051945
    Tncincy
    Participant

    Roaming around the board, no new topic adventures πŸ™ Hope study is going well for everyone. Starting my evening study session.

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #2052194
    To0ld2Pass
    Participant

    Just took REG… jeesh what an epic failure. MPQ were no prob but I'm lucky if I got any of the sims right. I now know the feeling people talk about when leaving exam defeated.

    #2052443
    Tim
    Participant

    The good thing about Sims is partial credit. Even if you didn't get them all right you still may get a decent amount of credit for them.

    #2052698
    Tim
    Participant

    Man I've done 534 MCQ's in Ninja and 1,198 MCQ's in Gleim and I'm still frequently running into questions pertaining to obscure details that I hadn't run into before. There's just too much to learn. I still have 7 days left until my test and I can easily see myself doing another 1,000 or more MCQ's in that time. I still have to do the AICPA practice test, too, and I kind of want to practice some more sims since I keep reading about people doing fine on the MCQ's but bombing the sims in REG.

    #2052890
    glopooka
    Participant

    I am nervous about sims too. All but one sim on my first try seemed foreign to me. I honestly spent so much time trying to think of what they were afterwards so I could go look them up, but they were so weird. I hope they aren't the same this time. My studying is going much better this time around, but what everyone is saying about the sim has be terrified.

    #2054939
    Tim
    Participant

    I'm feeling like I've hit a wall. I'm still only averaging like 75% in Ninja. I don't think I can cram any more information in my head. Even Ninja had that question about AMT which required me to know the base amount, phaseout amount and phaseout percentage. I'm sorry I'm just incapable of memorizing this much stuff. So many little details and it seems like they're all fair game. I feel like this should be an open book test.

    Besides. Ninja and Gleim have very different amounts they're teaching. Like estate tax exclusion in some of Ninja's questions is 5,450,000 but in Gleim it's 5,490,000. And to further complicate it Gleim sent me an update which showed the 2018 numbers without the tax law which states the gift tax exclusion is 5,600,000. Which one do I learn? People have said they give these to you, but if that's the case, why are there so many questions in both Gleim and Ninja where they expect you to know it?

    Another one is sec. 179, Ninja's MCQs say 500k, Gleim says 510k for 2017 and 520k for 2018. 3 different numbers, which one is tested?

    #2055278
    Ace CPA
    Participant

    HI,
    How did you do with Reg? I have the test next week

Viewing 15 replies - 151 through 165 (of 201 total)
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