[jeff]

REG Study Group Links and Resources:

1. NINJA Monthly – $67 REG Course
2. Free REG Notes
3. REG Course Comparison
4. How to Pass REG (with NINJA)
5. How to Pass REG (in 20 Days)
6. How to Pass REG (after Failing)

See Also:

• FAR Study Group
• AUD Study Group
• REG Study Group
• BEC Study Group

[Motivated2019]

@G, Thanks! yeah,let's hope so. I'm using Surgent.

[asdf]

Here I come again.Please help on this question
—————————————————————————–
Rand purchased a sofa from Abby Department Store for use in her home. Abby had her sign a security agreement for the balance Rand owed. Rand did not pay the balance and sold the sofa to her neighbor, Gram, for use in his home. Gram did not realize that Rand had not paid off the balance. Abby filed a financing statement after Rand defaulted. This filing was also after Gram purchased the sofa from Rand. Which of the following is correct?
a. Abby can repossess the sofa from Gram since it has a written security agreement covering the sofa.
b. Abby can repossess the sofa from Gram since it perfected its security agreement by filing.
c. Abby can repossess the sofa from Gram since it obtained automatic perfection.
d. Abby has no right to repossess the sofa from Gram.
——————————————————————————
I chose b which is wrong, d is correct.
I understand Gram is a good-faith purchaser who is the highest priority over PMSI on consumer goods to be automatically perfected.
However, as far as I remember, there is an exception on this. “Garage-sale rule”
If the debtor sells PMSI consumer goods to secondhand consumer, the 2nd consumer takes free of the good
AS LONG AS THE 2ND CONSUMER HAD NO NOTICE OF THE SI. If the secured party FILES TO PERFECT,
then the 2nd consumer is subject to the SI.
This was the reasoning of choosing b… What did I do wrong…. can anybody help on my understanding? Thank you!!!

[74phoenix]

You’re missing a key piece of the timeline. Abby filed too late – she filed after Gram bought the sofa, so the exception does not apply here.

Think about this in real life. If I bought a car from my friend, but someone else already filed and I knew that… then I can’t keep the car because it’s not mine to begin with. If the other person didn’t file though, then that’s not my problem and the person I bought it from has to deal with it!

Graduated 05/2016.
NY CPA Candidate.
Public accounting.
FAR COMING UP 07/07/2016 !! GOD HELP ME.

[asdf]

@74phoenix
Thanks! it's much easier to understand better when thinking the real life!! 🙂

[74phoenix]

I need help understanding tax basis and adjusted basis. “Basis” seems like such a foreign concept to me, and I always get basis questions wrong….I need a Basis 101 lecture in common sense / real life examples. Can anyone help me?

Graduated 05/2016.
NY CPA Candidate.
Public accounting.
FAR COMING UP 07/07/2016 !! GOD HELP ME.

[G]

Can someone please confirm how the calculations go for avoiding underpayment liability:

Lower of:
1. 90% of current year OR
2. 100% of prior year (110% if prior year's AGI is over 150K)

Not sure where the 110% really go? Towards CY or PY?

[74phoenix]

@G, not sure what you mean. If you pay 110% of the tax, you get a refund in the CY. Google Safe Harbor rule.

Graduated 05/2016.
NY CPA Candidate.
Public accounting.
FAR COMING UP 07/07/2016 !! GOD HELP ME.

[Amor]

Estimated Taxes – Required Minimum
Taxpayer (TP) is required to make estimated quarterly tax payments if both of the following conditions are met.
1) $1,000 or More Tax Liability
2) Inadequate Tax Estimates
The other condition is met if the TP’s withholding is less than lesser of:
• 90% of the current year’s tax; or
• 100% of last year’s tax
(a) This applies even if an individual files a tax return with a zero tax liability in the prior year
(b) Exception – If a TP has AGI in excess of $150,000 ($75,000 for MFS), in the prior year, 110% of the prior year’s tax liability is used to compute the safe harbor for estimate payments.

[sg235]

Hot off the press.. I took REG today.. the SIMs require a lot of time! I had to research a bit and I had 30 mins left for the last testlet.. that was a big problem because all 3 sims on the last testlet had lots of documents to look through. MCQ didn’t seem overly tough but you really need to watch the clock. I ran short on time towards the end so didn’t get to look through everthing properly.
I think pretty much everything out of the main topics of tax was tested all around. And of course business law was present too. I do think the most important thing is to focus on knowing the taxation topics in an out.. then hit business law. The reason I say that it it’s such a huge area but it’s only so much of the exam so yes go through the main concepts but tax is the heavy hitter.

[G]

@Amor, thank you for clearing it out to me!

[G]

@sg235, I will be taking my exam first thing in the morning, and what you just said is freaking me out lol what was your sims like — format-wise? Were they dropdown, fill-in the blanks or inputting amts to a Form/Schedule?

[sg235]

Hi G! Don’t get freaked out hahah
Yes some drop downs, mostly fill ins with numbers that you need to calculate.
Like plan out you need to be done with mcq in an hour max(total 2– because I go slow on them) and then with testlet 3 x amount of time. The main takeaway is narrow down to two items and pick one.. like don’t stay hung up on stuff for too long. Gotta cut your losses at some point and move on to next problem if you can’t figure one out. Best of luck!
Also don’t read much more on here tonight. I had to cut it off night before my exam.. I was also getting freaked out.

[Tncincy]

Hey Ninja's ….starting my power week end today. Pushing myself to get those study hours in. NO EXCUSES. NO BEING LAZY. NO NAPS. Business is kinda slow today. I can read a chapter all the way through and then do some questions. No backing away from the questions either. I don't know why I get cold feet when it comes to doing endless mcq's. I know, I hate getting them wrong. Being tough on myself. Been here too long as a cheerleader.

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

[LittleTimmy]

Just got home from taking REG, I got knocked around for 4 hours with that test. On half of the questions, I sat there in my chair debating and arguing with myself if it was a trick question or not, they tested just about every major topic that REG covers, by the end of the exam I was uncertain of just about every tax and business law principle there is and upon walking out of the test center when it was done – I felt as if I never studied for the exam at all. However, the test questions were fairly simple, very little calculation was needed, and the Research and SIMs were not that bad. I only had 3 weeks to study due to the 1st Quarter test window closing, just enough time to read the 500-page book and watch half of the videos, I didn't do any SIMs or MCQs at home, so I need to spend 7 weeks doing that at home and then going back in early May to take it again.

[ahugemistake]

Well @littletimmy if you can pass reg after cramming for 3 weeks, you're a beast. Seeing that you've passed 3 already hopefully you're done for good.

@tncincy I've had to train myself to approach the questions like I am learning and not testing. I used to get frustrated over wrong answers but I sit there now and read every explanation and understand where the question is coming from. Hope you can build some momentum and get through it in enough time to take the test in the next window!

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Author]

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