[jeff]

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

[YALA112]

Where the SIMS similar to Beckers or Wiley's?

[lilJT24]

Probably not likely to be on the exam, but I'm seeing a discrepancy on bankruptcy trustee information between Becker and Ninja

Becker (R8-3): Trustee is required for ch 7 and ch 13, but not ch 11 although one may be appointed by the court if needed.

Ninja (Notes Page 117): Optional at creditors discretion and can be appointed by court or creditors

Can someone elaborate and/or confirm please?

[Affekerl]

@ajm317 That list was from a document in the Ninja MCQ materials. I don't know who prepared it or how. If you want the authoritative source of what's supposed to tested, read through this: https://www.aicpa.org/BecomeACPA/CPAExam/ExaminationContent/DownloadableDocuments/cpa-exam-blueprints-effective-20170401.pdf

AUD: 81 (10/30/15)
BEC: 80 (01/19/16)
REG: XX (05/XX/16)
FAR: XX (07/XX/16)

[jeff]

New Podcast – I'll be doing another one Wednesday-ish if you have any study questions.

CPA Reviewed #79 – CPA Exam Study Motivation with August Score Release

[Gary]

Hi all-

I'm planning to sit for the REG exam in mid July. So I have roughly 60 days left till the exam.

I'm planning on spending roughly 4 hours everyday including weekends.

I'm only using Ninja Materials to study for the exam and I really need some guidance to study for the exam. Currently, I'm following the order of Ninja Book. Any tips to successfully pass the exam in July?

Thanks everyone! Hiya!

[wng1885]

In an S corp and C corp if you contribute property for shares that has a lower basis than the liability you are being relieved of, you must recognize a gain for the difference. The difference will be either ordinary or capital depending on the asset being contributed.

Does this rule also apply to partnerships? If not, then how would a partner treat the gain?

[wng1885]

Baker is a partner in BDT with a partnership basis of $60,000. BDT made a liquidating distribution of land with an adjusted basis of $75,000 and a fair market value of $40,000 to Baker. What amount of gain or loss should Baker report?

A.
$35,000 loss

B.
$20,000 loss

Correct C.
$0

D.
$15,000 gain

You are correct, the answer is C.

Generally, no gain or loss is recognized by the partnership on a distribution of money or other property to a partner. A partner realizes a gain only if the cash received exceeds the basis of the partnership interest. Where the partner receives property other than cash, unrealized receivables, and inventory, no loss is recognized.

Since Baker did not receive cash, no gain is recognized. Since Baker received only land, no loss is recognized

DOES ANYONE KNOW IF THE RULE DESCRIBED ABOVE ALSO APPLY TO S CORPS? WHAT ABOUT C CORPS? THE LITTLE NUANCES OF HOW EACH OF THOSE TREAT THESE TRANSACTIONS IS GETTING ME SUPER CONFUSED.

[Nonda Capsis]

I am writing REG on July 10 2017 for the second time. First attempt I obtained a 65 and did bad on the Simms.
I want to know what topics will not be tested and if new topics are added and if the Ninja material is appropriate for that date based on the changes after JUNE 2017.
I am using Wiley and feel as if the REG Simms are not indicative on what appeared on my previous exam.

AUD-81
BEC-80
FAR- wrote May 8 2017
REG- July 10 2017

[mo3athn]

Hello everyone, for the candidates who took the new format of the exam, please share with us your feedback and how was the exam? i am struggling with REG and i am so afraid of the new exam is it really that hard?

[YALA112]

Yes,please for those of you who already took the new version of the exam, share your experience. I am taking mine May 20th, I am doing pretty good in MCQ, but I am struggling with SIMS. Are the SIMS on Beckers similar to the ones on the exam?

[Nikki]

Are Business Law Sims tested? I have a little over 1 week left before exam day and I am wondering if I should bother reviewing or just stick to the Tax Sims.

[ilovepho]

Same questions, I have 11 days left. Not sure if I can pass by guessing Business Law/Ethics portion. I'm pretty confident with Tax questions though.

Business Law seems to have so many things to remember…

[melk89]

I just took the test this morning. It really did not seem much harder/different than the old versions (comparing to FAR BEC and AUD this is my first time to take REG). I think i probably failed just because I spent a lot of time studying concepts that were not really on the test. While concepts I did not focus on showed up over and over again.

I think I will have to retake this, but can't decide if I should keep on studying until we get our scores in August, or start studying for AUD again. I failed AUD in Mar. It makes it hard waiting so long for scores!

FAR- 80 Nov 2016
BEC- 79 Jan 2017
AUD- 67 March 2017
Reg- ? May 2017

[jessicathomas12]

Hi all,

I took REG for the 4th, yes 4th, time the end of April. I didn't think the new version was any harder than the old test. So don't be intimidated by the new version. I felt like I had adequate time to finish the questions. Time number 2 and 3 i received 73 and 69 respectively. This time i made sure to slow down and read the questions. I'm hoping this focus and concentration helped me to pass this damn test! Have confidence, as long as you work the multiple choice questions and understand the concepts you will be fine. I wouldn't waste too much time on BLaw, as there were no sims and very few mc questions on the exam.

Good luck to you all!

BEC – 79 (Drops off 5/20/17)
FAR – 75
REG – 58, 73, 69 (tested 4/27/17)
AUD – 68, 58 (retaking 7/7/17)

[wng1885]

In the 4 times you have taken REG you have never gotten a Business Law Sim?

[Author]

Replies