[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

[mrwills12]

I would imagine that anything is possible in the sims… for BLAW i could definitely see something like discharge on debts what creditor gets what amount of money.

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

Using Becker Self Study 2012

[Tori]

@Happen4reason- there aren't any changes to the CSO for regulation in 2013. However, you should take note that any tax law in effect within 6 months before your test date is considered testable material.

@mrwills12- you can find the current CSO on the AICPA website. Business law makes up 17-21% of the exam material. In the past, I have found that the CSO accurately represents the balance of topics covered during the exam.

@pinaycpa Business law is definitely testable on the sims, however, you are more likely to be tested on tax related material in your simulations. I would give more information but it would go into the release of previous test material and I won't do that!

BEC:76
AUD:77 (expired), 73, REMATCH 5/19/14, PENDING SCORE RELEASE.
REG:71,68,59,75
FAR:62, 59, 62, 78

[Anonymous]

Hi everyone. I have a question (might be an easy one!) that I would really appreciate some explanation on. I just flew through my review homework for C-Corps and S-Corps (90%+ correct on both)…but am struggling with probably the easiest topic in Becker's R-3 (Exempt Organizations)… This question in particular has me a bit stumped.

Which of the following activities regularly carried out by an exempt organization will not result in unrelated business income?

(a) Sale of laundry services by an exempt hospital to other hospitals.

(b) Sale of heavy-duty appliances to senior citizens by an exempt senior citizens center.

(c) Accounting and tax services performed by a local chapter of a labor union for its members.

(d) The sale of a trade association of publications used as course materials for the association's seminars, which are oriented towards its members.

The correct answer is (d). I answered (c) and am still unclear why (d) is the correct answer.

Thanks for any help! Happy studying!

[Rukus]

Not positive, since I haven't gotten that far yet in my REG studies, but I would assume answer D is correct because that activity is related to the purpose of the organization, thus not qualifying as “unrelated business income.”

FAR - 81 (8/31/12)
AUD - 93 (10/19/12)
BEC - 79 (11/27/12)
REG - 92 (2/8/13) DONE! All 1st attempt!

[Anonymous]

Heads up on using 2012 material – Section 179 did change

[Noct]

@DeepBreath

I think it's kind of silly that they test on such subjects as S179 which change from year to year. I think it would be better to test on the general principles of taxation. For example, test our understanding of the concept of accelerated depreciation, but not the specific annual limit as it applies to the one year we took the exam. After all, that's what CPE is for…

FAR - 79 - 07/2012
AUD - 65, 78 - 11/2012
BEC - 76 - 11/2012
REG - 78 - 01/2013
ETH - 98 - 01/2013

Material: Wiley books

[mrwills12]

Well do we need to know the exact dollar amount of 179 or the concept of it and the rules of it? Wouldnt it be pretty costly to keep changing the test every year for 179? Plus you have 50% bonus depreciation for 2013? Which number are we going to have to know then for 2013? is it that it is 125,000 indexed for inflation or is it the 139,000 (which is the 179 after it is indexed for inflation)?

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

Using Becker Self Study 2012

[Faintear]

Got 2 weeks before my REG exam, any topics that I should definitely focus more on?

[samdiegoCPA]

I'm at three weeks from today. Halfway done with videos after today. The next four days are all review/note taking/multiple choice. REG 3 sucks!!

AUD: 84
REG: 84
BEC: 79
FAR: 83

[redox1100]

Quick question in regards to R1 capital gains and losses…

From my understanding, a capital asset = real and personal property held by the taxpayer NOT used for trade or business. Now as Becker illustrates, there are several capital gains that you don't have to include into gross income a.k.a the “HIDE IT” acronym. The “E” of the “HIDE IT” acronym is Exchange of Like-Kind Business / Investment assets. the criteria to constitute a like-kind exchange are:

1. Tangible real or personal property

2. USED IN TRADE OR BUSINESS

3. Held for investment

So if you can see where I'm going with this…doesn't the gain on exchange of like-kind business/investment assets not constitute a capital gain because it is FOR business purposes…? All help is greatly appreciated.

[mrwills12]

I think you are thinking about this a little wrong. To not have a taxable gain you HIDE IT, the E (Like kind exchanges) are exchanges of property that you held either for business purposes (owning tow trucks)/investment. You in turn have to receive similar property. Basically the IRS says that if you trade something that is for the same purpose you had the original asset as, you can defer the gain provided you did not receive boot so long as it is used in business and not inventory or it is used as an investment. If you trade something for another thing and those assets are nearly identical, did you really gain from it? That is why you just roll your basis over and subsquently when you sell the asset you have a lower basis and ultimately recognize the defered gain.

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

Using Becker Self Study 2012

[redox1100]

Thanks man,

What you said kind of clarified it for me as i went back to look up what it said….

the criteria are:

…..2. USED IN TRADE OR BUSINESS OR (i missed the OR)

3. Held for investment

thus constitution capital gains

….thanks again for the timely response. best of luck on your last part.

[kwonp702]

Hey CPA candidates,

Does anyone know if we have to memorize Tax form numbers and what each is used for in terms of multiple choice and sim questions.

FAR - 82
AUD - 95
BEC - 85
REG - 85

[mypetmeatball]

So I've completed Becker R1-R4 and all of the assigned homework. I'm not scheduled to start R5 until Monday. I'm feeling pretty crappy about my long-term memory on some of this stuff. My homework grades have been solid, but I'm a worrier. What do you guys recommend at this juncture?

1) Wrap-up all tax material this weekend by redoing all homework

2) Wrap-up all tax material by re-reading and doing trouble areas

3) Move on to Business Law so I have more time to do a final review before the exam

I'm really considering getting the Wiley test bank. It's a pretty big investment for me at the moment. Naturally, I have to get all four sections because REG alone is 87 dollars and the whole package is cheaper than buying three individually.

PS: I hate trusts and estates

[mrwills12]

I would maybe say spend all day sat reviewing and working MCQs and then maybe start sunday with BLAW. That way when you come back for your final review, you are looking at this stuff for the 3rd time instead of 2nd time (if you were to move right on to BLAW) Plus BLAW while it is very important only will make up generally according to the CSO 17-30% or something like that of your test). So obviously the more comfortable with tax you are the better chance of passing due to the fact it makes up the majority of the test. That is what i would do anyways.

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

Using Becker Self Study 2012

[Author]

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