[REG] Exam Prep and Score Releases: January-February 2010 - Page 7

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  • January 12, 2010 at 9:52 pm #221224
    AARON
    Participant

    Thanks MelloYello!

    ? AUD - 87 (8/12/09)
    ? REG - 77 (1/15/10
    ? BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
    ? FAR - 75 (2/11/11)

    January 12, 2010 at 10:43 pm #221225
    melloyello
    Participant

    Connie and CVA,

    I used Yaeger's HomeStudy for my REG program. It uses the Wiley materials as a supplement.

    I found that the MCQ's on the practice exam CD were tougher and more thorough than the ones found at the end of each module in the book. Phil stresses the book questions, but I have found on both REG and BEC that knowing the MCQ's on the CD, in addition to the book questions, helped me a lot!

    Glogo: Any time! 🙂

    10/5/09 - BEC - 85
    1/11/10 - REG - 96

    January 13, 2010 at 2:31 pm #221226
    AARON
    Participant

    Less than 48 hours until I re-take REG. God-bless.

    ? AUD - 87 (8/12/09)
    ? REG - 77 (1/15/10
    ? BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
    ? FAR - 75 (2/11/11)

    January 13, 2010 at 5:40 pm #221227
    Anonymous
    Inactive

    For Jeff or anyone who has a good feel for REG,

    How important do you think it is to learn all of the different classifications for different assets for depreciation. For example, race horses fall under the 3- property class, automobiles fall under the 5- property class.

    January 13, 2010 at 5:51 pm #221228
    melloyello
    Participant

    CMB,

    Just know that Furniture & Fixtures are 7 year. Autos and computers are 5 year. Residential is 27.5. Commercial is 39. They won't trick you with race horses or something crazy without giving you the classification.

    10/5/09 - BEC - 85
    1/11/10 - REG - 96

    January 13, 2010 at 5:55 pm #221229
    Anonymous
    Inactive

    Okay thanks! I think I can find room in my head to remember those…hopefully! 🙂

    January 13, 2010 at 6:36 pm #221230
    Anonymous
    Inactive

    Is it just me…or does anyone else find partnership liquidation & nonliquidation rules confusing?

    January 13, 2010 at 7:13 pm #221231
    Anonymous
    Inactive

    CVACPA,

    I think partnerships are the hardest piece to get! I went through Corporations no problem, then got to Partnerships and could not get it!

    January 13, 2010 at 7:30 pm #221232
    Anonymous
    Inactive

    I wonder if partnerships are more heavily tested on the exam than Corps?

    January 13, 2010 at 10:53 pm #221233
    melloyello
    Participant

    I think partnerships and corps are about equal in terms of weight, so I'd plan on being prepared for both.

    I agree with you on the distributions. They're tricky. Just remember on non-liquidating, partners do NOT recognize a gain unless they receive cash (and cash only) above and beyond their basis. Everything else is no gain.

    For liquidating, i used this formula:

    $ Partner received

    + Liabilities relieved

    – Partner Basis

    = Gain

    If the gain is partially inventory or receivables, it's ordinary equal to that dollar amount. Anything else is cap gain.

    I REALLY WISH I could disclose what I saw on Monday and what types of questions they asked, but that whole disclosure rule is really cramping my style! 🙂

    10/5/09 - BEC - 85
    1/11/10 - REG - 96

    January 14, 2010 at 5:27 am #221234
    AARON
    Participant

    Less than 36 Hours until my exam. Anyone have any thoughts on a list of priorities (topics) I should focus on?

    Here's my prelim thoughts:

    1. Corp Tax.

    2. Partnership Tax

    3. Indiv. Tax

    4. Estate/Trust Tax

    5. ?!?!… Suggestions?!?!

    Thanks!

    ? AUD - 87 (8/12/09)
    ? REG - 77 (1/15/10
    ? BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
    ? FAR - 75 (2/11/11)

    January 14, 2010 at 5:01 pm #221235
    melloyello
    Participant

    Your right to focus on tax. I wouldn't hit estate/gift too hard. It's not a big section. After the tax topics, I'd focus on the contract/UCC stuff (contracts, sales, property, commercial paper). Have a good handle on professional responsibility too. I got some trip-up type questions from that section when I sat. Focus on independence: what impairs it, what positions a CPA is allowed to hold, or relationships he/she can have that still maintain independence.

    10/5/09 - BEC - 85
    1/11/10 - REG - 96

    January 14, 2010 at 5:03 pm #221236
    AARON
    Participant

    Thanks Mello! I reviewed Law yesterday. Today is a Tax day for the most part. Having taken the exam once before… it's safe to say Tax is the main focus… the other topics you mention are def their favorites as well… Hopefully this go around I don't get shafted with a 74. Thanks again.

    ? AUD - 87 (8/12/09)
    ? REG - 77 (1/15/10
    ? BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
    ? FAR - 75 (2/11/11)

    January 14, 2010 at 11:27 pm #221237
    Anonymous
    Inactive

    Ana all the best in your REG exam, is it tomorrow or you have pushed it back.

    January 15, 2010 at 4:56 pm #221238
    Anonymous
    Inactive

    Thank you Mpofu:)

    I pushed it back to Feb. 6

    So we're almost taking it together.

    Good luck to you!

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