[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

[Kyle]

Yes, I am definitely planning on focusing a little more on the SIMs, and I'm hoping the Becker questions in FAR are a little more difficult than the questions on the exam itself. But again, if you're getting the scores youre saying on the Mock Exams, you will be more than fine. I was not getting nearly those scores and I barely passed so you should be golden. I will definitely be back with more FAR questions starting next week haha

[Tncincy]

I agree with you all with study strategies, making sure the understanding is there when answering mcq's is a plus. That was one of my problem with the mcq's in that I was answering questions without completely reading or understanding what is asked. Wrong answer is what I got consistently. I did the process of elimination but sometimes it's not that simple, we must know the concepts. I really hate reading the book, but I see that just doing mcq's is NOT enough. I am applying for my reg nts and hoping there are some seats mid july. I still have my nts for far which will expire early sept. So I will need to pace myself to have enough time for far. I am beyond wasting money, need to pass.

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

[23]

Yes, @74phoenix, it will certainly be worth it! I'm waiting on purchasing my NTS for a few weeks – it will be AUD and (fingers crossed) BEC. It's been slow going to get started on AUD. I finally switched sections in NINJA and reset my stats (they were saved). I'm going to start listening to the audio today at work and start on the MCQ. Giving myself approximately 5 weeks.

WA candidate

[siddkid]

Hi All,

So my exam is on Tuesday and I am having real issues with the Literature questions. I click on the IRS Codification page which leads me to this cornell page. According to someone on this forum we are not given this database. Is there a link that I m missing because these questions seem impossible to solve at the moment. Any help is much appreciated.

Thank you!

[Tncincy]

I'm in power weekend. I am attempting to re-gain a momentum with study. I am starting with notes, and then going topic by topic with mcq's. I might have to re-do the lectures on Property transactions and capital gains and losses. Study hard gang.

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

[Tiredofstudyingallday]

Need help on AICPA's 2019 Reg question #36.

Hook Corp, a calendar-year C Corp, reported the following Year 2 financial information:

Net income per books, $210,000
Federal income taxes per books, $114,000
Tax depreciation in excess of book depreciation, $66,000
Charitable contributions per books, $46,000

What is Hook's taxable income?
A. $390,000
B. $273,600
C. $229,500
D. $212,000

Please help on why choice B is correct. Thanks.

[23]

I believe the calculation would be as follows:
210k+114k-66k+46k = 304k taxable income before charitable contributions
Charitable contribution is limited to 10% of TI, or 30,400.
304,000 – 30,400 = 273,600

WA candidate

[Tiredofstudyingallday]

Wow!!!! I understand now.

Thank you so much. I totally forgot about the 10% maximum for charity.

[Tiredofstudyingallday]

Need help on one of Becker's sims.

Chapter 4, Sim 2, Number 3.

This deals with recognized gains when forming a C-Corp.

Larry received 30% by providing services (FV $100).
Morgan received 40% by providing land (FV $400, Basis $250)
Carl received 30% by providing land (FV $600, Basis $150, subject to Mortgage $300)

From my understanding, the 80% control group only pertains to those that gave property. So in this case, Morgan's 40% + Car's 30% = 70% which does not meet the criteria so gains should be recognized???

What is Morgan's recognized gain?

I'm thinking it is FV $400 – Basis $250 = $150.

But Becker has it at $0

need help on this, would greatly appreciate anyone's help.

[74phoenix]

I would also have guessed $150 because of the 80% test. How does Becker explain it? Does it have to do with the mortgage from the land? I would think not, because that sounds more like allocating partnership basis not a corporation…

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

[Michelle]

Hello, I’m new to the forum and I started studying for the cpa exam 3 weeks ago. Will be taking REG in July. Good luck to everyone!

@Tiredofstudyingallday not sure if you noticed but in addition to Larry contributions of services he also contributed cash (found in the exhibit called Stages Inc. Letter) Hence, I believe that’s how the 80% control was reached as you would also include Larry % share in the calculation. And thus Morgan’s recognized gain would be $0 because they satisfy the 80% control test.

[Tncincy]

@Michelle, Welcome to the forum. Jump right in. I am an old head, meaning I have been around too long and am ready to pass. Your comments, suggestions and venting is welcome. The more the merrier. Please don't get tired of us (the group) and stop responding. Welcome and study hard.

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

[allysewhitney]

Really confused with the AICPA practice exam. I believe this is the answer..but I'm not sure where some of the figures are coming from. I am taking the exam in a few days. Can someone help?

S-Corp income

Income
$700,000 – Gross profit
(170,000) – Salaries –how do I get this?
(10,000) – Repairs
($20,000) – Depreciation — why use the macrs depr rather than the 8k expense the question already says exists?
(15,000) – Payroll –why is this not 18k?
(9,000) – Insurance
(36,000) – Rent Expense –where is this coming from? i do not see any mention of rent?

$440,000

Thanks!

[chandler]

@Allysewhitney, Your final answer of $440,000 is right, but the steps to get there are not.
Gross Profit (Given): $700,000
Salaries & Wages (Given) $(203,000)
Repairs (Given): $(10,000)
Payroll Taxes (Given) $(18,000)
Business Insurance (Given) $(9,000)
MACRS Depreciation (Footnote): $(20,000)
Ordinary Income: $440,000

Always use MACRS depreciation on taxable income. It'll rarely be the same as book depreciation (what's given in exhibit). The other exhibited items are either N/d or separately stated. I don't know where some of the numbers/accounts came in your question- perhaps an older version of the question.

[allysewhitney]

Thank you for your help!

[Author]

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