[jeff]

REG Resources:

Free REG Notes & Audio – https://www.another71.com/cpa-exam-study-plan

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Score Release: https://www.another71.com/cpa-exam-scores-results-release

[gingercpa]

I think to keep clear and avoid any confusion they will tell you which one to use at least for now. They don't want to know which one you have cram whether 10 or 7.5%….lol……but do you understand the concept and how to apply it in a particular situation.

AUD:78-5/13
FAR:84-10/20
REG:79- 12/5
BEC:Feb
CAL Candidate

[gaucho]

With regard to the simulation questions on actual tax forms — will the exam be “becker style” where you can only input numbers in certain boxes, or “wiley style” where every box is available and the test taker needs to identify which will be blank?

[gaucho]

With regard to the simulation questions on actual tax forms — will the exam be “becker style” where you can only input numbers in certain boxes, or “wiley style” where every box is available and the test taker needs to identify which will be blank?

[mariekay106]

WHAT DO WE DO FOR THE MEDICAL DEDUCTION AMT ADDBACK?!?!?!?

[mariekay106]

WHAT DO WE DO FOR THE MEDICAL DEDUCTION AMT ADDBACK?!?!?!?

[MrsBing]

I'm confused about the journal entry when forming a corporation. In Becker R3 page 4, there's an example at the bottom of the page. The shareholder contributes property with FMV of $500,000, NBV of $100,000 and a mortgage of $225,000. The corportations basis in the property = $225,000.

Now what's confusing me is the journal entry. Gearty mentioned that you would debit the asset for 225,000 and credit the liablity for 225,000. But, I had a journal entry similiar to this yesterday in one of the SIMs and it says that when recording the asset in the books, it would be recorded at FMV. If this is so, then the asset would be a debit of $500,000, the liability would be a credit of $225,000, but where would the other $225,000 go to balance it? Is this correct, or is Gearty's example correct?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[MrsBing]

I'm confused about the journal entry when forming a corporation. In Becker R3 page 4, there's an example at the bottom of the page. The shareholder contributes property with FMV of $500,000, NBV of $100,000 and a mortgage of $225,000. The corportations basis in the property = $225,000.

Now what's confusing me is the journal entry. Gearty mentioned that you would debit the asset for 225,000 and credit the liablity for 225,000. But, I had a journal entry similiar to this yesterday in one of the SIMs and it says that when recording the asset in the books, it would be recorded at FMV. If this is so, then the asset would be a debit of $500,000, the liability would be a credit of $225,000, but where would the other $225,000 go to balance it? Is this correct, or is Gearty's example correct?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[Anonymous]

Marie,

Medical is still 10% for AMT. They will make it known if you're using 7.5% or 10% for regular medical deduction.

[Anonymous]

Marie,

Medical is still 10% for AMT. They will make it known if you're using 7.5% or 10% for regular medical deduction.

[MrsBing]

Can someone help explain why Wily is saying my answer is wrong for the below question, because I think it's a mistake on their end?

Harp Corp. is offering to issue $450,000 of its securities pursuant to Regulation D of the Securities Act of 1933. Harp is not required to deliver a disclosure document in the states where the offering is being conducted. The exemption for small issues of $1,000,000 or less (Rule 504) under Regulation D:

I choose, “Permits the use of general solicitation”.

Wiley is saying this is incorrect. Here's their explanation: This answer is incorrect because Regulation D specifically does not permit the use of general solicitation.

But Becker and the Wiley Text Notes says “General offering and solicitations are permitted under Rule 504”.

From what I read only 505 and 506 doesn't permit general offering and solicitations. Am I reading the question wrong?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[MrsBing]

Can someone help explain why Wily is saying my answer is wrong for the below question, because I think it's a mistake on their end?

Harp Corp. is offering to issue $450,000 of its securities pursuant to Regulation D of the Securities Act of 1933. Harp is not required to deliver a disclosure document in the states where the offering is being conducted. The exemption for small issues of $1,000,000 or less (Rule 504) under Regulation D:

I choose, “Permits the use of general solicitation”.

Wiley is saying this is incorrect. Here's their explanation: This answer is incorrect because Regulation D specifically does not permit the use of general solicitation.

But Becker and the Wiley Text Notes says “General offering and solicitations are permitted under Rule 504”.

From what I read only 505 and 506 doesn't permit general offering and solicitations. Am I reading the question wrong?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[Qlad]

A little off the subject question … I have a budget to buy only one thing…please suggest shud i buy Ninja notes or Ninja audio… and how each of them is helpful…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

A little off the subject question … I have a budget to buy only one thing…please suggest shud i buy Ninja notes or Ninja audio… and how each of them is helpful…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[mscdngal]

@Qlad I bought the NINJA notes and they have been very helpful in breaking down the concepts into digestible “fact nuggets”. Jeff's notes are concise and to the point. No filler. When I didn't understand a concept in my textbook, I turned to my NINJA notes for a better and clearer understanding. It's a great tool to use to review all hard hitting points for this exam.

My REG exam is this Friday! Eeeks!

Good luck!

[mscdngal]

@Qlad I bought the NINJA notes and they have been very helpful in breaking down the concepts into digestible “fact nuggets”. Jeff's notes are concise and to the point. No filler. When I didn't understand a concept in my textbook, I turned to my NINJA notes for a better and clearer understanding. It's a great tool to use to review all hard hitting points for this exam.

My REG exam is this Friday! Eeeks!

Good luck!

[Author]

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