[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

[Heidi-O]

@icanhazcpa You are talking about like kind exchange. Yes, you net the liabilities.

If it helps, the debt is secured by the asset – you are exchanging your asset (lets say a car) with a secured debt (10,000) for my asset (Car) with a secured debt (3,000). You just got re-leaved of having to pay a $10,000 loan!!! Now you only have to pay a $3,000 loan and you still own a “like kind asset” of a car!! Therefore, you have received boot of $7,000.

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

[Heidi-O]

Boot Received: Cash Received + FMV of NON like kind property + NET relief from liabilities

Boot Paid: Cash Paid + FMV of NON like kind property + NET assumed liabilities.

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

[Heidi-O]

Boot Received: Cash Received + FMV of NON like kind property + NET relief from liabilities

Boot Paid: Cash Paid + FMV of NON like kind property + NET assumed liabilities.

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

[Anonymous]

Just wanted to say good luck to everyone studying this holiday weekend!! I have the next four days off and committed to beast moding 😀 Thought this would be a great way to start a day of studying!

All you do is what!?

[Anonymous]

Just wanted to say good luck to everyone studying this holiday weekend!! I have the next four days off and committed to beast moding 😀 Thought this would be a great way to start a day of studying!

All you do is what!?

[Anonymous]

Hi all,

I'm new to this forum and new to this crazy world of studying for the CPA exam. My first exam is REG and it's on July 15th. Yay (read sarcasm). This question has probably been beat to death, but since I'm new to this site I am hoping for a “free pass” – Will the exam I take on July 15th use the 2012 AGI limitations, or will I be tested on the 2013 limitations? For example, the medical expense AGI limitation is 7.5% for 2012 and 10% for 2013 (unless an individual is 65+).

I've been working in tax for 5 years and for some reason I thought REG would be a breeze. Ha, silly me.

[Anonymous]

Hi all,

I'm new to this forum and new to this crazy world of studying for the CPA exam. My first exam is REG and it's on July 15th. Yay (read sarcasm). This question has probably been beat to death, but since I'm new to this site I am hoping for a “free pass” – Will the exam I take on July 15th use the 2012 AGI limitations, or will I be tested on the 2013 limitations? For example, the medical expense AGI limitation is 7.5% for 2012 and 10% for 2013 (unless an individual is 65+).

I've been working in tax for 5 years and for some reason I thought REG would be a breeze. Ha, silly me.

[peetree]

Hi Amber!

Tax law is effectively tested 6 months after enactment by law. Therefore, 2012 amounts are in effect until the end of the Q2 testing window. Your test in July will cover the 2013 amounts and phaseouts.

Certain examples of these new amounts are the new gift tax deduction amounts and the new section 179 phaseout amount.

Good luck in your final review and good luck with your exam coming up!

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[peetree]

Hi Amber!

Tax law is effectively tested 6 months after enactment by law. Therefore, 2012 amounts are in effect until the end of the Q2 testing window. Your test in July will cover the 2013 amounts and phaseouts.

Certain examples of these new amounts are the new gift tax deduction amounts and the new section 179 phaseout amount.

Good luck in your final review and good luck with your exam coming up!

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[Heidi-O]

@ambersolidum It will be the 2013 amounts for July exams going forward.

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

[Heidi-O]

@ambersolidum It will be the 2013 amounts for July exams going forward.

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

[stokey45]

The CPA exam has been such an emotional roller coaster for me. I am scheduled to take REG on Monday and I have taken some time off of work to review. I am reviewing chapter 4 and I am ready to get up and walk away from my computer or I think I will pick it up and throw it out of the window. Ugh! I guess I am just having one of those days! Anyone else been thru this?

[stokey45]

The CPA exam has been such an emotional roller coaster for me. I am scheduled to take REG on Monday and I have taken some time off of work to review. I am reviewing chapter 4 and I am ready to get up and walk away from my computer or I think I will pick it up and throw it out of the window. Ugh! I guess I am just having one of those days! Anyone else been thru this?

[icanhazcpa]

Hey guys, hope everyone is having a nice holiday. I've decided to take this day off, my poor puppy got sick and I had to run all around trying to find someone that was open to get her checked out. I'll try to catch up at work tomorrow since no one will be there.

BEC - 83
FAR - 83
REG - 74, 78
AUD - 76

Becker Self Study

[icanhazcpa]

Hey guys, hope everyone is having a nice holiday. I've decided to take this day off, my poor puppy got sick and I had to run all around trying to find someone that was open to get her checked out. I'll try to catch up at work tomorrow since no one will be there.

BEC - 83
FAR - 83
REG - 74, 78
AUD - 76

Becker Self Study

[Author]

Replies