[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

[Anonymous]

Well, I moved up my REG exam from the 30th to the 23rd. I'm scoring in the low to mid 80s on my WTB practice exams and I don't think another week of studying is going to help much. Hoping this is the right decision. Ready to be done with this section and (hopefully) the CPA exam in general. It's my son's 1st birthday on Saturday, so now I can hang out with him instead of studying over the holiday weekend. Good luck to all of you studying!

[MCLKT]

Thanks NAM!!!!

Seattle, I love when I get those feelings. Sick of going over it all, ready to puke, even the eye twitch! When you can't wait to test and get it over with you know you're ready 🙂 It's the constant feeling of needing to push back exam day that scares me!

Jeff!!! Love it man, great job!

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

Thanks for the basis info. I had to go back and review calculating basis to be sure I got it. I think I do, well I hope so!

For a partnership, we would have added back the share of the liabilities that the partnership took over. In corporations, we don't do that. Correct?

So for corp its old basis – liab given up + gain recog = new basis.

For partnership its old basis – liab given up + gain recog + % share of liab.

[MCLKT]

Yes Anna! The partner that contributes property for an interest in a partnership will calculate basis in the partnership:

Basis given – liability assumed by partnership + % share of Liability assumed by partnership.

All other partners would also increase their basis in the partnership by their % of the liability assumed by partnership too.

But I thought if you contribute property to a partnership you do not recognize any gain. Is there a time when gain would be recognized if contributing property for interest in a partnership?

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

Becker says for a partnership, you recognize a gain on excess liab over basis, or for partnership share received in return for services. What happens if you get cash back, though? Does that count as boot and cause a potential gain?

So, for a corp, our gain realized is fmv – basis. Then, our gain recognized will be the lesser of the gain realized or boot received. Corp taxation is definitely my weakness. I didn't have any class on that at all – feeling a bit handicapped.

Seattle…hang in there. I've struggled so much to keep going the last few weeks. A few minutes ago, I decided sweeping the front porch was more important than passing this exam. LOL! Great priorities, eh? (Actually, I'd rather go sweep the porch with my tongue than study another minute. I've really had enough.)

14 hours til the test…

[MCLKT]

I hate when I get a question wrong and the explanation is something like:

"assuming the land was held as a capital asset the sale would result in a capital loss..."

Just grinds my gears!!! Because that's a pretty big f'ing assumption that should be spelled out in an example. And my assumption was the land was NOT held as a capital asset. I specifically thought, “nope, depreciable and real property are not capital assets”.

Ugh… it's not enough that we have to know this information, recall it off the top of our head and all, but we don't get to know the actual facts of the questions. WTF. I hate this exam.

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Mike1987]

@Benkdevries, I know how you feel. I just moved my test from the 31st to the 25th (I've been studying since early Feb) I couldn't stand studying anymore I hope it is the right decision. Guess I'll find out soon enough. I am just brainlessly working through all the Becker tax homework 1 more time (bring the total up to 5 times) before doing a final cram of some sims. I wonder if it would be a good idea to skim the book real quick or just read ninja notes?

[Anonymous]

of course that was a good idea mike. Now you get to celebrate memorial day!

[Anonymous]

Awful tired. I redid many of the tax multiple choice I missed/marked previously again. Also, I reviewed the Becker sims from those chapters. I'm really glad I did, too. I needed the review.

I want to thank you guys. Your support during these months has helped me tremendously. I appreciate your patience with me when I was slow to learn and especially when I was frustrated. This road has been very long and grueling. You guys made a huge difference for me.

I'll check in after the test tomorrow. Have a great night!

Test in 10 hours, 24 minutes…

[Anonymous]

@MCLKT

You know what they say when you assume…hehehe. To your point, you are correct. There is some assumption of what is being asked at times. Honestly, I have no idea how the REG pass rate is near 50%. Corporate tax is driving me nuts with the various distributions and this type of treatment and that type of treatment, but I have to keep my review moving.

I am moving on to my final review if Individual Tax (13-19%) and Property (12-16%) as these parts represent a much bigger part of the exam compared to corporate, which is only a piece of a section.

[MCLKT]

You got this Anna! Just remind yourself how hard you have studied and all of the sacrifices you have made. You are definitely ready.

Dem80 I guess we'll just have to pray they don't require too much assumption on exam day!

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[LSNYC]

Thinking of you today Anna! You've go this deep breaths read the questions and in about 3 weeks you will be done with the CPA!!!

Good luck all!

A - 61, 91!!
B - 78!
F - 76!!!
R - 71, 73, 74, 69, 77!!!!

Finally done!

This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

[MCLKT]

Does anyone have a reference list to the main carryback and carryforward allowances?

Like:

Corporate –

Charity Carry forward 5 years

NOL carry back 2 forward 20

Capital loss carry back 3 forward 20

Individual

Capital loss carry forward indefinitely after $3k deduction year 1

[EDIT TO ADD: Nevermind! It's in the NINJA notes, lol. I knew I had seen it somewhere!!!]

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[jeff]

I was about to make fun of you because it's in the ninja notes 🙂

[jeff]

REG BLITZ Video

[Author]

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