[jeff]

Resources:

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Exam Experience: https://www.another71.com/cpa-exam-forum/topic/reg-exam-experience-official-thread

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[SeattleAccountant]

People, i'm completely done with all REG lectures!!! Yesss, it feels so great to log-in to my review account and see that remaining lectures for REG is big fat zero!

This concludes my first time round for REG and begins round two of working on speed and overall testing strategy. But, low and behold, it feels that taxation subject now needs more than a quick brush up after my spending time & enjoying business law stuff.

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[Anonymous]

I am with ya SeattleAccountant. I need to double back around, as well. Darn the tax stuff!

I'm hoping to finish the video for 8 tonight and the problems tomorrow.

The pain in my chest can stop any time now. My husband was pouring wine down me last night. It helped some. Oh well, at least I haven't developed the eye twitch again. If I had both the chest pain and the eye twitch, I would be an official mess.

[sbarkerACPA]

I was suppose to start FAR studying today but I can't find my Passmaster CD…ARRGGG!! Now I am going mad looking for it and still have come up short…..

BEC: 74;81
AUD: 77
REG: 71; 80
FAR: 78
License for CPA----APPROVED
CPA Class of 2013

[Anonymous]

Can anybody help me with a problem?

If a Corporation has a buidling it paid $1,500,000 and had accumulated depreciation of $500,000 on the building. The Fair market value was $2,000,000. The Building was sold for $2,500,000 and the proceeds were placed in escow while the corporation look for a replacement building. The Corporation found a replacement building and purchased it for $2,500,000 which also had a mortgage that the corporation assumed for $200,000.

What was the recongized gain? Realized gain? Replacement property basis? And can you explain to me the differenct affects these factors have?

[Anonymous]

Also does anyone know for simulations if you only have 6 does that mean there are no pre-test questions? Little nervous becuase i thought i knew 3 pretty well but 3 were so-so or difficult.

[Anonymous]

Because it states in the question that the building is sold, I do not believe this to be a non-taxable exchange.

Thus, I would assume the $500K depreciation is recaptured as ordinary income and the $1M portion is long-term taxable gain.

The basis of the new building is the sale price of the building.

[Anonymous]

My second time through the MC seemed to pay off.. just did really well on a progress test.

At this point, I think I'll start reviewing the Sims in Becker because I haven't even looked at them yet.

[sbarkerACPA]

@dsteele where did you get this MCQ from?

BEC: 74;81
AUD: 77
REG: 71; 80
FAR: 78
License for CPA----APPROVED
CPA Class of 2013

[Anonymous]

@sbarkerACPA saw somthing similar on some practice sims from my homework with MDS

[SeattleAccountant]

@AnnaNutha, hehe, wine and to soothe …chest pain…?! Go easy, you need to survive this!

Don't add coffee to this mix, otherwise that eye twitch will become a reality.

When is your test? Looks like on REG review part we are on the same schedule.

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[sbarkerACPA]

@dsteele sorry to be a nuisance but what is MDS

BEC: 74;81
AUD: 77
REG: 71; 80
FAR: 78
License for CPA----APPROVED
CPA Class of 2013

[Anonymous]

My test is scheduled 5/22, so three weeks from tomorrow. I had hoped to push it out to the last week in May, but the test center was full. Hurrying now to get through. Whee!

[sbarkerACPA]

@dsteele never mind I googled it!! This question is very FAMILIAR!!!

BEC: 74;81
AUD: 77
REG: 71; 80
FAR: 78
License for CPA----APPROVED
CPA Class of 2013

[sapna1208]

I have a question plz some one answer:

Reliant Corp. an accrual basis C corp, filed its 2011 federal I.T. return on march 15,2012.

For 2011, Reliant's book showed a $4000 short term capital gain distribution from a mutual fund corp and a 5000 loss on the saleof Retro stock that was purchased in 2009. The stock was an investment in an unrelated corp.

There were no other 2011 gains or losses and no loss carryovers from prior yrs.

Response neede:-

1.Schedule M-1 adjustment

2.If the adujustment will increase, decrease or no effect.

[sapna1208]

According to me:

STCG -$4000

LTCL- $5000

So $1000 should be increased.

But wiley says $5000 should be increased.

[Author]

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