[jeff]

Welcome to the Q2 2017 CPA Exam Study Group for REG. 🙂

[jeff]

Test Your Might:

[prison_break]

https://www.aicpa.org/BECOMEACPA/CPAEXAM/EXAMINATIONCONTENT/Pages/default.aspx

You may refer to the link above, there is the CPA exam blue print released by the board in their site, which details the coverage for each section including regulation and in what aspect of knowledge you will be tested such application or analysis etc.

[kosta4]

This is my first time attempting to take Reg. Are the exact dollar amounts for all the different phase outs heavily tested on the exam?
good luck to everyone taking reg this Quarter

[cmcook]

kosta4 – I asked the same thing and heard no. Which is good! I am barely surviving the studying for this thing (Gleim), primarily because so many MCQ's are testing on exact %/$'s – and as such, I'm getting low scores. I am trying to just persevere.

[cpaninja92]

I think someone said that there are 8 TBs on the new exam format, but i can't seem to find the post anymore. Becker/Roger says that there are 8-9; is it that some people will get 8 and others may get 9? Kinda confused, so I just wanted to confirm again so I can manage my timing. Thanks in advance!

[kosta4]

cmcook- thank you that definitely is good news, would take a great effort to memorize all those different phase out amounts.

[Wanna_B_TXCPA2014]

Anybody studying today?

[Matt]

Yep, everyday or near to it.

FAR 74

[livealittle]

I need a little help understanding something. In my Becker Review material it clearly states on page R8-19 Module 2 that employee wages are paid up to $12,850 as a 5th priority under bankruptcy, but the answer in the practice MCQ in my new Becker study material says

Employees have a 4th priory for salary claims to the extent of $12,475 per claimant with respect to wages earned within 180 days prior

it is study question # CPA-04194 in Becker

which is it? and what do I go with for studying?

amount and place in the order of payment are both different.

BEC - 8/8/16
REG - 66, 77
AUD - 81
FAR - 9/8/16

[afrieband16]

@livealittle

I'm not sure about the 12,475 but on Becker R8-18 (of the new book) it states Employee Wage Claims are Fourth Priority up to $12,850 (W in the mneumonic SAG WEG CTI)

I am going to assume that employee wage claims are fourth priority up to 12,850 since it is in the book and maybe there was a mistake on the mcq that you did?

I hope that helps.

[livealittle]

thanks. I hope there's not a question that asks what the exact amount is with both choices!

I'm going with the 12,850 as well.

BEC - 8/8/16
REG - 66, 77
AUD - 81
FAR - 9/8/16

[Francis]

Quick Question related to MACRS Depreciation,

“all assets are tangible”

Asset 1 : Equipment , Placed in service : Q1
Asset 2 : Truck , Placed in service: Q1
Asset 3 : Large Equipment, Placed in service in Q4 (represents more than 40% of all new/used tangible property placed in service)

If there are multiple assets placed in service…. 1 of which represents more than 40% of total assets placed in service and is placed in service in Q4. The logic says to use Midquarter for this particular asset. However, does that mean all assets (even the only not placed in service in Q4 also use MQ??)

1. Default to Half Year (HY)
2. Use Mid Month on Real Property (residential/ non residential) (MM)
3. If more than 40% placed in service in Q4 used Mid Quarter (MQ)

FAR - 08/25/13 - 65, 01/09/15 - fingers crossed
REG 10/22/13 - 69
AUD
BEC

[kikee_07]

Why is my ninja MCQ crashing? This is the 2nd time already. has anybody experienced this???

[Matt]

I'm not using ninja MCQ right this moment, I did for audit and far though and there were a minimal handful of times that the software had problems. It was not often but it did happen.

FAR 74

[Chibian]

@bmfrancis007

One of the Ninja MCQs talks about this situation. Question #899
The answer was that if more than 40% of all assets are placed into service in the last quarter of the year, then the mid quarter convention is used for ALL assets placed in that year.

[Author]

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