[jeff]

Resources:

Free Study Planner + REG NINJA Notes (Individual Tax): https://www.another71.com/cpa-exam-study-plan/

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

[Fatma]

@BuckytheCPA

The loss decrease the basis first then the income will increase it ,,, last step to calculate the capital gain :))

FAR 86 May 12
AUD 84 August 12
REG 80 Jan 13
BEC 76 April 13
And am done !!!

[Anonymous]

What Section 179 dollar limitations are going to be on the exam for the first half of 2013?

[mypetmeatball]

Good luck to Bucky and anyone else taking the exam tomorrow.

[Anonymous]

Thanks, meatball!

[Fatma]

did any one notice Becker final exam no2 is so hard !!? i remember doing Aud and Far final exam an they were not that much hard like the REG?

FAR 86 May 12
AUD 84 August 12
REG 80 Jan 13
BEC 76 April 13
And am done !!!

[mrwills12]

@Fatma

Wait til you get to the 2nd BEC test and your confidence will just die. That one was probably the worst test i have ever taken with Becker lol. I seriously got like 60% total right on Becker's 2nd BEC test

I only took about 1/3 or so of Becker's 2nd test so far (didnt want to stay up all night doing the test lol) and i noticed there were alot more BLAW questions. I did think that the test was slightly harder (so far) then the first one.

Dont let Becker's test kill your confidence tho. Like i said previously, some of Becker's tests are significantly harder then even what the actual exam is. You did well on FAR and AUD, follow those same steps you took when prepping and you should set yourself up pretty nicely.

FAR - 88 (Jul 2012)
AUD - 85 (Oct 2012)
BEC - 82 (Nov 2012)
REG - 92 (Jan 2013) DONE!

Using Becker Self Study 2012

[Fatma]

@mrwills12

oh god! thanx that someone sharing me the same thoughts,, am trying to go over each questions now and the good thing about is there a very good explanation for each .. so it go like a revision in the tricky area

one day left and i hope this reg nightmare just end

FAR 86 May 12
AUD 84 August 12
REG 80 Jan 13
BEC 76 April 13
And am done !!!

[Anonymous]

please help!

How much is the casuality loss deductible for 2011 and 2012? is that $100 or $500.

Thanks

[Anonymous]

The AICPA released questions… are they pretty comparable to the real thing?

I'm guessing not because it seemed too easy. I got 35/40 on the MC and did pretty well on the SIMS.

I'm ready to go to bed and dream of 75's. 🙂

[Anonymous]

@ CPA FOR MOM

$100.

[Anonymous]

@BuckytheCPA

Thank you so much!

[Fatma]

@ CPA FOR MOM

it 10% from AGI + 100

FAR 86 May 12
AUD 84 August 12
REG 80 Jan 13
BEC 76 April 13
And am done !!!

[Anonymous]

@Fatma

Thanks a lot!

[mypetmeatball]

Trish is a promoter for Alpha Corporation. Generally, Trish is personally liable for any pre-incorporation contract until Alpha:

a) Assumes the pre-incorporation contract by novation

b) Ratifies the contract

c) Releases Trish from liability

d) Rejects the contract

Choice a) is correct. In a novation, a new party is substituted for the old party. All parties must agree to the novation.

Choice c) is incorrect. The corporation does not have the power to release Trish; the other party in the contract must agree to the release as well.

So let me get this straight — c) is wrong because the third party needs to also agree to the release and a) is correct despite the fact that the third party also needs to agree. Gotta love this stupid exam

[mrwills12]

@mypetmeatball

The reason A is right is because for a NOVATION to occur ALL parties must agree to the release. Therefore in this problem Trish, The creditor, and the Corporation agree that Trish is no longer liable.

The reason C is WRONG is because ALPHA (the corporation) is assuming her debts and “releasing” her from them. However, she isnt being released by the actual creditor because Alpha is not the third party creditor. The creditor is not agreeing to this. So answer C is basically just an assignment of liability. In an assignment of liability the third party creditor still can hold the assignor or assignee responsible for the debts.

FAR - 88 (Jul 2012)
AUD - 85 (Oct 2012)
BEC - 82 (Nov 2012)
REG - 92 (Jan 2013) DONE!

Using Becker Self Study 2012

[Author]

Replies