[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

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

I REALLY hope tax credits aren't heavily tested. Barf.

[tiredoftakingthistest]

So REG is consistently the only exam I have done poorly on. I am about to take it again for the 3rd time and in my past two attempts have yet to break a 60. I am having problems even deciding what it is about reg I am not understanding. The simulations are definitely a killer but I am clearly not doing so hot on the MC either. I think the main thing I am struggling on is understanding concepts such as this:

Capital Gain 20,000

Capital Loss Carryforward (35,000)

Total = (15,000)

but there is a 12,000 limit so 12,000 is carried forward and your capital loss is 3,000. Can someone explain to me Why the 12,000 is carried forward and the loss is 3,000 and not the other way around? If the limit is 12,000 it seems to me that the capital loss should be 12,000 and then the remaining 3,000 gets carried forward. Conceptually I am just not getting this. I think I have the same issue when it comes to deductions and adjustments.

AUD - 67,74,75
BEC - 77
FAR - 61
REG - 43,52

[mypetmeatball]

I'm not sure what you mean by a 12,000 limit. But I see it this way:

Capital losses absorb capital gains. 20,000 in gain is absorbed by the 35,000 loss, leaving a balance of 15,000.

Presumably you're talking about individuals. Individuals are allowed to reduce their ORDINARY income by 3,000 of capital loss. So 3,000 of the 15,000 remaining reduces this year's tax income.

You are left with 12,000 to carryforward

[mrwills12]

I dont get where you are getting 12,000 as the limit. I thought you could have as much capital loss carryover as you wanted you just could only use capital losses to the extent of capital gains then an additional 3,000 for ordinary income provided that the taxpayer is single, MFJ, Head of Household. I know the one exception is that if you are MFS (Married filing seperately) then you only get to take 1,500 of cap loses against ordinary income. But there is no limit on the amount of capital loss you can carryover

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

Using Becker Self Study 2012

[mypetmeatball]

keep getting ~90% on the R1-R4 progress tests but I still can't help but think I memorized the facts of most of these questions by now. Really close to pulling the trigger on the Wiley test bank

[Tori]

The Wiley test bank has a lot of the same questions as becker, also a bunch of different ones. However, the Wiley testbank has different explanations, and when you click text link it shows you exactly where in the Wiley book the explanation comes from.

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

[samdiegoCPA]

@mypetmeatball – I understand it the same as you… for Corps it's different, but individual it's $3000 limit!

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

[moreinfo2013]

@ mypetmeatball

One of the things I've learned from studying for FAR was…to use the Progress Test after every single chapter. For FAR, I actually went through all the chapters, doing all the MCQs and then starting reviewing…Well, I realized I remembered I saw the concepts before, but I could not remember what to do with them & how to use them in calculations. So, this time, I will be doing a Progress Test after every single chapter. I say…even if you start with BLAW, do not forget the R1-R4. Do a few MCQs from tax part every day or every other day only to keep it fresh in your mind. The point is that during exam we're going to have tax & blaw MCQs together, so we might need to jump from one to another, so keeping tax concepts fresh while working on BLAW might not be a bad idea. At least this is what I am trying to do.

[mrwills12]

Just finished up with Becker's last chapter, now onto 1.5 weeks of review. What chapters do you guys think i should focus most of my attention reviewing?

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

Using Becker Self Study 2012

[Tobias-Germany]

I thought about separating the tax and b-law tasks in the MCQ. First the tax question while flagging the b-laws and than over to the business law tasks. Maybe it's easier if you don't change your mind after every MCQ between these two major and different topics.

Anyone else thought of that?

[moreinfo2013]

I have not got to that point yet, but I think you would lose time by flagging BLAW questions because you would have to read (or partially read) them anyways. In an exam situation you want to use your times wisely, so wouldn't you want to review in a way that would help you be in a more exam-like situation? Just a thought…

[mrwills12]

Ya i wouldnt flag them, you only get 3 hours and truly it doesnt matter that much i mean you have bigger fish to fry then worrying about which MCQ is what. Plus there will only be (according to the CSO) like a MAX 30% of the test so most wouldnt be flagged anyways. It is nice to have a break every now and then from tax too, so i plan on just plowing through them. Start at 1 go to 24 and dont look back lol

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

Using Becker Self Study 2012

[Fatma]

Hi

Am about to Finnish reviewing the material “Becker” and had go little bit though roger review test bank app

Feel ready for the M/C but for sure am not ready for the sim and actually that was why I fail from the first place ! So

Any idea how can prepare my self for the sim ? I know they are at all not predectibale but I need tips to deal with them !

Also do any one of the review material explain the annulazation method !? Not just the concept ! I mean as matter of calculation ?

Good luck all ,,,,

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

[mrwills12]

@Fatma

Becker doesnt even mention the annualization method… You seem very concerned about this topic and it makes me wonder why. As far as the calculation goes, isnt the annualization method just (Income/# of months for that period of income)*12?

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

Using Becker Self Study 2012

[Fatma]

@

mrwills12

Am retaking the exam so you might wonder why :)) it's not as you said it's something related to 90% of the current year income but I don't know how the matter of calculation is going for

Each installment ?

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

[Author]

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