[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

[MrsBing]

For like kind exchanges of property. Is the recognized gain “the lesser of realized gain or boot received” or “the lesser of realized gain or NET boot received”?

I thought it was the first one, lesser of realized gain or boot received and this has been the answer for most of the MCQ's it relates to, but there was one MCQ for a like kind exchange, where one party assumed a liability (which is boot paid) and the other party assumed a liability (which is boot received) and in this situation, they netted the boot to get net boot received and the answer explained it as gain recognized is “the lesser of realized gain or NET boot received”.

Does any one know why in this case it was different?

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

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

Licensed Arizona CPA

[LSNYC]

Corp tax, today you become my B!tch!

A - 61, 91!!
B - 78!
F - 76!!!
R - 71, 73, 74, 69, 77!!!!

Finally done!

This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

[LSNYC]

Corp tax, today you become my B!tch!

A - 61, 91!!
B - 78!
F - 76!!!
R - 71, 73, 74, 69, 77!!!!

Finally done!

This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

[m_tw]

A question on Wiley book P.664 Corp. Q.63

Dwewy Corporation book income before federal income taxes was $520,000 for the year ended 12/31/10. Dewey was incorporated during 2010 and began business in June. Organization costs of $257,400 were expensed for financial st. purposes during 2010. For tax purposes these cost are being written off over the minimum allowable period. Fot ehe year ended 12/31/10, Dewey's taxable income was C. $767,390 = 520,000+257,400-(257,400/180*7)

I can see the way it get calculated but i thought the the rule is “The $5,000 amount must be reduced by the amount by which organizational expenditures exceed $50,000. Remaining expenditures are deducted ratably over the 180 month period beginning with the month in which the corp. begins business.”

Under my calculation on the organaztion cost would be 257,400-5,000=252,400-50,000=202,400/180*7

Can someone explain to me, please? Thank you.

[m_tw]

A question on Wiley book P.664 Corp. Q.63

Dwewy Corporation book income before federal income taxes was $520,000 for the year ended 12/31/10. Dewey was incorporated during 2010 and began business in June. Organization costs of $257,400 were expensed for financial st. purposes during 2010. For tax purposes these cost are being written off over the minimum allowable period. Fot ehe year ended 12/31/10, Dewey's taxable income was C. $767,390 = 520,000+257,400-(257,400/180*7)

I can see the way it get calculated but i thought the the rule is “The $5,000 amount must be reduced by the amount by which organizational expenditures exceed $50,000. Remaining expenditures are deducted ratably over the 180 month period beginning with the month in which the corp. begins business.”

Under my calculation on the organaztion cost would be 257,400-5,000=252,400-50,000=202,400/180*7

Can someone explain to me, please? Thank you.

[LSNYC]

@m_tw – I think the $5,000 is reduced dollar for dollar of the amount over $50,000 so you can take no deduction upfront it all most be amortized.

If this is not correct then I don't understand the answer either and would appreciated further explanation as well 🙂

A - 61, 91!!
B - 78!
F - 76!!!
R - 71, 73, 74, 69, 77!!!!

Finally done!

This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

[LSNYC]

@m_tw – I think the $5,000 is reduced dollar for dollar of the amount over $50,000 so you can take no deduction upfront it all most be amortized.

If this is not correct then I don't understand the answer either and would appreciated further explanation as well 🙂

A - 61, 91!!
B - 78!
F - 76!!!
R - 71, 73, 74, 69, 77!!!!

Finally done!

This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

[lmendez2]

Hello everyone! I was wondering if I can get some suggestions on how to study for REG, I was planning on doing the lectures for all the sections first writing my own notes and do the MCQs later since this is the way that most NINJA followers do it but I been stuck on R1 for two days now and I feel like writing my own notes is taking FOREVER!

I barely passed FAR with a 75 and I did it the Becker way (lecture F1 > MCQs F1 > SIMS F1 and the same for each chapter) I just don't want to cut it that close with this exam, any suggestions are highly appreciate it!

FAR 5/29/13 75
REG 7/27/13 84
BEC 08/31/13 84
AUD 11/02/13 89

[lmendez2]

Hello everyone! I was wondering if I can get some suggestions on how to study for REG, I was planning on doing the lectures for all the sections first writing my own notes and do the MCQs later since this is the way that most NINJA followers do it but I been stuck on R1 for two days now and I feel like writing my own notes is taking FOREVER!

I barely passed FAR with a 75 and I did it the Becker way (lecture F1 > MCQs F1 > SIMS F1 and the same for each chapter) I just don't want to cut it that close with this exam, any suggestions are highly appreciate it!

FAR 5/29/13 75
REG 7/27/13 84
BEC 08/31/13 84
AUD 11/02/13 89

[SeattleAccountant]

@lmendez2

Suggesting that you read “I passed REG” thread: https://www.another71.com/cpa-exam-forum/topic/how-i-passed-reg-regulation

😉

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[SeattleAccountant]

@lmendez2

Suggesting that you read “I passed REG” thread: https://www.another71.com/cpa-exam-forum/topic/how-i-passed-reg-regulation

😉

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[JAltNJCPA]

Mikecuh – for simulations, the best I have found are the Wiley test bank and the Wiley test books, both of which I get access with through Roger CPA review. Good luck!

---

FAR – 84

AUD – 82

BEC – 91

REG – July 9

Roger, Wiley test bank, NINJA audio

FAR: 84 (expires May '14)
AUD: 82
BEC: 91
REG: 78

done, Done, DONE!!!

Roger CPA Review, Wiley Test Bank, NINJA Audio

[JAltNJCPA]

Mikecuh – for simulations, the best I have found are the Wiley test bank and the Wiley test books, both of which I get access with through Roger CPA review. Good luck!

---

FAR – 84

AUD – 82

BEC – 91

REG – July 9

Roger, Wiley test bank, NINJA audio

FAR: 84 (expires May '14)
AUD: 82
BEC: 91
REG: 78

done, Done, DONE!!!

Roger CPA Review, Wiley Test Bank, NINJA Audio

[jw_83]

@ cournae – I am also using Gleim. It worked for FAR & AUD. I am hoping it works for REG. I used CPAExcel my first two attempt with REG. It's nice to find someone else using Gleim, as many others on here use Becker. I am hoping to finish Chapter 6 today.

REG - 64, 72, 81!
FAR - 77
AUD - 79
BEC - 72, 79! And Done!

[jw_83]

@ cournae – I am also using Gleim. It worked for FAR & AUD. I am hoping it works for REG. I used CPAExcel my first two attempt with REG. It's nice to find someone else using Gleim, as many others on here use Becker. I am hoping to finish Chapter 6 today.

REG - 64, 72, 81!
FAR - 77
AUD - 79
BEC - 72, 79! And Done!

[Author]

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