REG Study Group July August 2013 - Page 27

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  • June 22, 2013 at 8:11 pm #439010
    JAltNJCPA
    Member

    I'm finding REG to be the one where my practice scores are all over the place. I've scored anywhere between a 55 and a 93 on practice tests so far. I'm two weeks out from the exam and, after today's 68, I'm deflated. I just need to remind myself to keep plugging away. Sigh, what a waste of a beautiful weekend!!!

    FAR – passed

    AUD – passed

    BEC – passed

    REG – July 9

    Roger, NINJA audio, Wiley test bank

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

    done, Done, DONE!!!

    Roger CPA Review, Wiley Test Bank, NINJA Audio

    June 22, 2013 at 8:11 pm #439151
    JAltNJCPA
    Member

    I'm finding REG to be the one where my practice scores are all over the place. I've scored anywhere between a 55 and a 93 on practice tests so far. I'm two weeks out from the exam and, after today's 68, I'm deflated. I just need to remind myself to keep plugging away. Sigh, what a waste of a beautiful weekend!!!

    FAR – passed

    AUD – passed

    BEC – passed

    REG – July 9

    Roger, NINJA audio, Wiley test bank

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

    done, Done, DONE!!!

    Roger CPA Review, Wiley Test Bank, NINJA Audio

    June 23, 2013 at 1:44 am #439012
    Heidi-O
    Member

    @JAItNJCPA Don't feel deflated. You are two weeks out and are doing practice exams. That means you have two weeks to bring it up and learn your weak areas! You made it this far, just look at the areas that you missed and determine why you missed it. I kept having problems with the “Realized” and “Recognized” gain wording – for some reason I would run right over them. I would miss some of the little details.

    Think of all the beautiful weekends you will have ahead of you when you log in to the NASBA system and see: Passed!!

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 23, 2013 at 1:44 am #439153
    Heidi-O
    Member

    @JAItNJCPA Don't feel deflated. You are two weeks out and are doing practice exams. That means you have two weeks to bring it up and learn your weak areas! You made it this far, just look at the areas that you missed and determine why you missed it. I kept having problems with the “Realized” and “Recognized” gain wording – for some reason I would run right over them. I would miss some of the little details.

    Think of all the beautiful weekends you will have ahead of you when you log in to the NASBA system and see: Passed!!

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 23, 2013 at 9:32 pm #439014
    Anonymous
    Inactive

    Hi Guys,

    For charitable contributions, does anyone know the rule for contribution of depreciated property. If I personally contribute property in which my basis is greater than the FMV, what are the tax implications? Also what if a corporation does the same thing? Thanks

    June 23, 2013 at 9:32 pm #439155
    Anonymous
    Inactive

    Hi Guys,

    For charitable contributions, does anyone know the rule for contribution of depreciated property. If I personally contribute property in which my basis is greater than the FMV, what are the tax implications? Also what if a corporation does the same thing? Thanks

    June 23, 2013 at 10:29 pm #439016
    Heidi-O
    Member

    dzb141 As I have it in my notes:

    Individual Charitable Contributions: Overall Limit of 50% of AGI

    – Cash May be all 50% of AGI

    – General Property – Lesser of Basis (NBV) or FMV

    – Long Term Appreciated Property is limited to the lesser of:

    * 30% of AGI OR

    * The remaining amount to reach 50% after cash contributions.

    So the property that you have contributed has NOT appreciated, you only get to deduct the FMV (since that is lesser than the basis).

    I believe that corporations follow the same rules, except the deductible amount is 10% of the adjustable taxable income limitation.

    Essentially, you cannot take an asset that should have been written down (basis is 100 but the FMV is 50) and contribute it to a charity and take the full deduction allowed on the higher amount. If the Charity was going to sell it, they couldn't use your higher adjusted basis, they can only sell it for the lower FMV.

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 23, 2013 at 10:29 pm #439157
    Heidi-O
    Member

    dzb141 As I have it in my notes:

    Individual Charitable Contributions: Overall Limit of 50% of AGI

    – Cash May be all 50% of AGI

    – General Property – Lesser of Basis (NBV) or FMV

    – Long Term Appreciated Property is limited to the lesser of:

    * 30% of AGI OR

    * The remaining amount to reach 50% after cash contributions.

    So the property that you have contributed has NOT appreciated, you only get to deduct the FMV (since that is lesser than the basis).

    I believe that corporations follow the same rules, except the deductible amount is 10% of the adjustable taxable income limitation.

    Essentially, you cannot take an asset that should have been written down (basis is 100 but the FMV is 50) and contribute it to a charity and take the full deduction allowed on the higher amount. If the Charity was going to sell it, they couldn't use your higher adjusted basis, they can only sell it for the lower FMV.

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 24, 2013 at 3:21 am #439018
    villain
    Member

    Hi guys,

    I am using Becker 2013 to prepare for my last part of CPA exam. Where can I see the latest tax change in the Becker material? Do they automatically update the video they put online?

    FAR: (10/2012) studied for 8 weeks, 81
    BEC: (10/2012) studied for 1 day, 58; (1/2013) studied for 3 weeks, 77
    AUD:(1/2013) studied for 1 week, 86

    June 24, 2013 at 3:21 am #439159
    villain
    Member

    Hi guys,

    I am using Becker 2013 to prepare for my last part of CPA exam. Where can I see the latest tax change in the Becker material? Do they automatically update the video they put online?

    FAR: (10/2012) studied for 8 weeks, 81
    BEC: (10/2012) studied for 1 day, 58; (1/2013) studied for 3 weeks, 77
    AUD:(1/2013) studied for 1 week, 86

    June 24, 2013 at 4:48 am #439020
    Heidi-O
    Member

    villian You have to go to their website to get the text updates:

    https://beckerkb.custhelp.com/app/answers/detail/a_id/1067

    They do not update the video if you have the self study portion.

    You can update the software (homework, quizzes) here:

    https://beckerkb.custhelp.com/app/answers/list/kw/software%20updates/search/1

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 24, 2013 at 4:48 am #439161
    Heidi-O
    Member

    villian You have to go to their website to get the text updates:

    https://beckerkb.custhelp.com/app/answers/detail/a_id/1067

    They do not update the video if you have the self study portion.

    You can update the software (homework, quizzes) here:

    https://beckerkb.custhelp.com/app/answers/list/kw/software%20updates/search/1

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 24, 2013 at 6:12 am #439023
    villain
    Member

    Thanks Heidi. I am still on Chapter 1 and my exam is scheduled on the first week of august.

    FAR: (10/2012) studied for 8 weeks, 81
    BEC: (10/2012) studied for 1 day, 58; (1/2013) studied for 3 weeks, 77
    AUD:(1/2013) studied for 1 week, 86

    June 24, 2013 at 6:12 am #439163
    villain
    Member

    Thanks Heidi. I am still on Chapter 1 and my exam is scheduled on the first week of august.

    FAR: (10/2012) studied for 8 weeks, 81
    BEC: (10/2012) studied for 1 day, 58; (1/2013) studied for 3 weeks, 77
    AUD:(1/2013) studied for 1 week, 86

    June 24, 2013 at 12:14 pm #439025
    GrasshopperCPA
    Member

    https://www.wimp.com/motivationalvideo/

    FAR - 77 - 05/03/13
    BEC - 80 - 05/30/13
    REG - 65 - 07/08/13
    AUD 82 - 08/05/13
    REG - ?? - 11/25/13

    There are two mistakes one can make along the road… not going all the way and not starting.
    ~Gautama Siddhartha

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