[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

[Anonymous]

@Wendy – So the taxpayer would still end up paying 5% TOTAL, it's just that the failure to file penalty would become a net of 4.5% (5% – .5%) and the the failure to file would still be .5%… yes?

Of all the crazy things in REG I don't know why THIS is the one that boggles my mind, LOL!

[Anonymous]

@Wendy – So the taxpayer would still end up paying 5% TOTAL, it's just that the failure to file penalty would become a net of 4.5% (5% – .5%) and the the failure to file would still be .5%… yes?

Of all the crazy things in REG I don't know why THIS is the one that boggles my mind, LOL!

[Kenada]

Good Luck to those taking their REG Exam today!

FAR 05/27/14; 786/110 - Done !

[Kenada]

Good Luck to those taking their REG Exam today!

FAR 05/27/14; 786/110 - Done !

[Having To Eek My Way Thru Life]

Just took a progress test in becker over all of the chapters and scored an 82%. I feel a lot better now about taking this exam Aug 1! I still have 9 days to review all the tax material that I know I need to practice and work more sims. Probably take one of the final exams tomorrow to get a better feel of where I stand for this exam. Anyone else feel ready to knock this exam out of the park!?!?!?!?

[Having To Eek My Way Thru Life]

Just took a progress test in becker over all of the chapters and scored an 82%. I feel a lot better now about taking this exam Aug 1! I still have 9 days to review all the tax material that I know I need to practice and work more sims. Probably take one of the final exams tomorrow to get a better feel of where I stand for this exam. Anyone else feel ready to knock this exam out of the park!?!?!?!?

[jeff]

This week's Free REG video: Gift & Estate Tax

https://www.another71.com/ninja-blitz/

[jeff]

This week's Free REG video: Gift & Estate Tax

https://www.another71.com/ninja-blitz/

[Letsdothis]

@having to eek my way thru life ….how many MCQ & sims are you doing in your practice exams ? how long are you spending on each ? I test on the 31 st and I'm just trying to prepare myself regarding TIME

We all have the ability to be whomever we want to be in this life. It's just a matter of DETERMINATION, PERSISTENCE, PATIENCE and the WILL to follow through. Never give up!

[Letsdothis]

@having to eek my way thru life ….how many MCQ & sims are you doing in your practice exams ? how long are you spending on each ? I test on the 31 st and I'm just trying to prepare myself regarding TIME

We all have the ability to be whomever we want to be in this life. It's just a matter of DETERMINATION, PERSISTENCE, PATIENCE and the WILL to follow through. Never give up!

[lmendez2]

Hello everyone! I just have a quick question, does anyone have a simple way to explain how the unified estate and gift credit work? I am talking about the $5,250,000 and the tax credit of $2,045,800 I keep getting them confused and don't understand how to apply them.

Any help is appreciated it!

Thanks!

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

[lmendez2]

Hello everyone! I just have a quick question, does anyone have a simple way to explain how the unified estate and gift credit work? I am talking about the $5,250,000 and the tax credit of $2,045,800 I keep getting them confused and don't understand how to apply them.

Any help is appreciated it!

Thanks!

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

[Having To Eek My Way Thru Life]

@awesome Now that I am done listening to all of the lectures, reading and working the hw (R1-3 I did twice R-4 seems to be a walk in the park for me) I am doing 72 questions to mimic the MCQ on the exam. I finished in about an hour and 10 minutes with 82% correct. I plan on increasing this over the next 9 days!

I will work all of the sims again after I skim through the tax chapters and really dig into the AMT and a few misc. topics.

Becker broke my test down as follows:

R1=11 questions

R2=11

R3=15

R4=22

R5=4

R6=1

R7=4

R8=4

With that I am focusing all my efforts on the first 4 chapters. The law material is pretty straightforward and seems to be a small part of the exam. If anyone can object to the amount of questions per chapter let me know!

[Having To Eek My Way Thru Life]

@awesome Now that I am done listening to all of the lectures, reading and working the hw (R1-3 I did twice R-4 seems to be a walk in the park for me) I am doing 72 questions to mimic the MCQ on the exam. I finished in about an hour and 10 minutes with 82% correct. I plan on increasing this over the next 9 days!

I will work all of the sims again after I skim through the tax chapters and really dig into the AMT and a few misc. topics.

Becker broke my test down as follows:

R1=11 questions

R2=11

R3=15

R4=22

R5=4

R6=1

R7=4

R8=4

With that I am focusing all my efforts on the first 4 chapters. The law material is pretty straightforward and seems to be a small part of the exam. If anyone can object to the amount of questions per chapter let me know!

[Heidi-O]

@Imendez2 Gifts and Estates follow the same rules. You may give a gift for $5,250,000 to someone and NOT pay any taxes on it. That is the tax deduction of 2,045,800. So if you give a gift to LSNYC for her exam stress of 5,250,000 – you would not have to pay taxes on it, because you get a 2,045,800 gift tax exemption. Now, if you pay her 5,250,001 – you have to pay tax on that $1 extra. This is a Lifetime Credit that is cumulative over your life.

Now, the person who Receives the gift – does not pay taxes!! That's why it's a gift to them!

There is an exception to paying gift taxes, and that is a gift that is under $14,000 a year (for 2013) – no need to file a gift tax return for that.

Medical Expenses paid directly to a hospital or physician for someone's care – unlimited amount on that

Education Expenses paid directly to the University or College – for tuition. Not certain if that one covers books or not. But it is unlimited also.

I hope it helps, if anyone else has anything that I missed or to add? 🙂

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

[Author]

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