[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

[Soon2BCPA127]

Hello All! Can someone please explain how to better understand Estate's Distributable Net income and Estate's income distribution deduction. I can't seem to grasp the concept after figuring out Estate's income after taking out the expenses and how it relates to distribution already given out to the beneficiary. Please Help 🙁

[Soon2BCPA127]

@msmeyer – silly question – how do i get the audio? is it on youtube?

[Soon2BCPA127]

@msmeyer – i took my first practice final… and i did horrible… first the becker software crash while i started my first simulation. But it record % of my MCQs. I got below 50 🙁 I actually thought i understood everything correctly!

[msmeyer]

@Soon2BCPA127 – I actually had to purchase the Ninja audio. Jeff was nice enough to provide me with a 2013 update since I bought back in 2012. I believe he does do some reviews on youtube that might be helpful.

Regarding the Becker final exam–I have heard those are usually much harder than the actual exam. I remember I got an 80% when I took my final exam in November and then got a 73 in REG. So, I wouldn't rely on it too much. I would suggest going into the AICPA Content and Skill Specification Outline (also known as CSO, see link below), grab a stack of blank paper and write down as much as you know about each topic in the CSO. If you find a topic you are unsure about, research it further. You could use the Ninja notes for this since they are concise. I also relied a lot on the IRS website for tax content.

Because every time I've taken this exam I've seen heavy testing on totally different topics, my best recommendation would be to review all topics and do some polishing on those you don't feel strongly about.

Between reviewing topics by taking notes and hammering some MCQs you'll get some pretty good preparation. I would not recommend taking another Final or doing MCQs the day before the exam–take that day to review notes (or write more notes, writing is great for memory!) and relax.

Link to the CSOs:

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

BEC - 86
FAR - 76
AUD - 73, 86
REG - 61, 73, 82

DONE!!

CPA, CIA, CRMA

[Soon2BCPA127]

@msmeyer – Thank you for the advice. I'll definitely go over CSO page and cover the areas i'm not sure about. I wish you good luck!! I hope you pass your REG exam!

[Theo]

So I took the first Becker final exam practice and surprise, surprise….I got a bit fat ‘0' for the research question.

AUD 01/17/2013 (92)
REG 02/28/2013 (85)
FAR 04/26/2013 (85)
BEC 05/30/2013 (88)

[KGC111210]

How do you'll prepare for REG simulations. I'm stronger in all areas except simulations I'm weaker. I guess I'm book smart about the information but when it comes to applying it fail miserably. I think this is because I been out of school for 5 years and have no tax or of course law experience. Please help with any suggestions of how to effectively prepare for REG simulations and any study material better than others. Thanks!

FAR 69, 74, 78
REG 69, 69, 69, 82
BEC 75
AUD 76

[msmeyer]

@Theo

I would suggest surfing through the IRC and getting familiar with it. The IRC functionality in Becker and Wiley is not very good. Seeing what falls under each category will help you become more familiarized with where to go depending on your research question. It sure helped me!

Here's the link to the IRS page with Internal Revenue Code info – I think you have to click on one of the “Go” links and it will take you to Cornell University's site–they seem to be keeping the IRC updated, so you should be good: https://www.irs.gov/Tax-Professionals/Tax-Code,-Regulations-and-Official-Guidance

GOOD LUCK!!

BEC - 86
FAR - 76
AUD - 73, 86
REG - 61, 73, 82

DONE!!

CPA, CIA, CRMA

[Theo]

@msmeyer

Thanks for your suggestion. I think it's the best idea to become familiar with the various sections. I actually have the link to the Cornell site but I've been using the search function as well with basically the same results. I will definitely look through the sections as much as possible in the time I have left.

Thanks

AUD 01/17/2013 (92)
REG 02/28/2013 (85)
FAR 04/26/2013 (85)
BEC 05/30/2013 (88)

[Soon2BCPA127]

@msmeyer – thank you for suggesting the audio approach! I have covered all topics except for Individual Tax and Corp Tax. I'm planning to cover them today! I'm just hoping all this material sticks to me during the exam and i'm able to apply it properly! I'm also going to visit the IRS website you left for Theo – seems like it has more information that could help!

Thank you again!

[Soon2BCPA127]

@msmeyer – one thing i wasn't clear on, which i will research some more today, is the like-kind exchange basis formula. I can get the realized and recognized gain but can't ever remember the Basis formula. Becker and NInja seem to have a different way of explaining which I'm not getting!

[Anonymous]

@Soon2BCPA127 – I always remember the basis formula as the original basis, plus recognized gain, less “boot” received

____________________________________________________________________________________________________

AUD – 80 Jan 2012

BEC – 75 Aug 2012

REG – 4/6/2013

FAR – 5/31/2013

[Soon2BCPA127]

@aperson – what about the realized gain? any mortages/loan taken over or given away?

[jeff]

[lsutigers03]

@Soon2BCPA127 – The realized gain isn't factored into the basis. I think if you assume a liability it's boot paid and if you're relieved of a liability it's boot received. I could be wrong but I think that's what I remember from the Becker MC.

Becker has the formula for basis as: Basis of property given up + recognized gain + boot paid – boot received.

REG - 78
BEC - 74, 67, 69, 69, 70, 79
FAR - 76
AUD - 69, 69, 69, 74, 85

Licensed Louisiana CPA

“You never fail until you stop trying.”
― Albert Einstein

[Author]

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