[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

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Ikile]

Hey ya'll,

maybe someone can answer this as Becker is confusing me right now:

Mom and Pop exception allowance (related to Passive Losses obviously) of $25K is eliminated completely when AGI or MAGI exceeds $150,000? Is it AGI or MAGI??

[Anonymous]

Thank you cycgundam.

I came across a type of question that had two completely different answers on how to solve it from two different sources. It deals with calculating the 25% understatement of gross income and its 6 years state of limitation from the later of filing or due date of the return.

A taxpayer…

Reported = $120,000

Omitted = $35,000

Way #1 = 35,000 / 155,000 = 22.3%

Way #2 = 35,000 / 120,000 = 29.2%

Any ideas?

[Anonymous]

Thank you cycgundam.

I came across a type of question that had two completely different answers on how to solve it from two different sources. It deals with calculating the 25% understatement of gross income and its 6 years state of limitation from the later of filing or due date of the return.

A taxpayer…

Reported = $120,000

Omitted = $35,000

Way #1 = 35,000 / 155,000 = 22.3%

Way #2 = 35,000 / 120,000 = 29.2%

Any ideas?

[Anonymous]

@2013_CPA

Internal revenue manual 25.6.1.9.5.3, Code sec 6501.

The basis for calculating omission is the number reported on the return, and must be the total sales and income without reduction of expenses, costs of good sold and etc.

Use 120000. This question is tough, i may get super confused in real test.

[Anonymous]

@2013_CPA

Internal revenue manual 25.6.1.9.5.3, Code sec 6501.

The basis for calculating omission is the number reported on the return, and must be the total sales and income without reduction of expenses, costs of good sold and etc.

Use 120000. This question is tough, i may get super confused in real test.

[icanhazcpa]

Hi all, sorry for my absence. We're in the heart of 401k season at work and things have been hectic. I'm dreading taking REG tomorrow. I've done better on REG in terms of the questions being correct than I have on anything before. However, I just don't feel comfortable with the material. I NEVER did better than a 70 on Becker's final exams for BEC or FAR, but I got a 90 on my second try for REG. It makes me feel WORSE and not better. Does anyone else feel the same way?

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

Becker Self Study

[icanhazcpa]

Hi all, sorry for my absence. We're in the heart of 401k season at work and things have been hectic. I'm dreading taking REG tomorrow. I've done better on REG in terms of the questions being correct than I have on anything before. However, I just don't feel comfortable with the material. I NEVER did better than a 70 on Becker's final exams for BEC or FAR, but I got a 90 on my second try for REG. It makes me feel WORSE and not better. Does anyone else feel the same way?

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

Becker Self Study

[Letsdothis]

Hi guys …the NEW RULE is for the 1933 Securities act Regulation D for Rule 506 and Jeff made the update on his Ninja Reg notes/audio ….35 unaccredited investors that must be sophisticated is still in effect????

So my exam is next week , gives me all weekend , mon, and tue…I am freaking out, I havent memorized all formulas …advise on which formulas are must have please !!!!!

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]

Hi guys …the NEW RULE is for the 1933 Securities act Regulation D for Rule 506 and Jeff made the update on his Ninja Reg notes/audio ….35 unaccredited investors that must be sophisticated is still in effect????

So my exam is next week , gives me all weekend , mon, and tue…I am freaking out, I havent memorized all formulas …advise on which formulas are must have please !!!!!

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!

[Anonymous]

I am confused by this question. A and B form X corp. A gave cash of 50,000 and B contributed property FMV= 70,000 and adjusted basis= 40,000. B also gets 20,000 cash from the X corp. A and B both receive 50 % of X corp stock. what is X corp basis in the land.

The answer and explanation wiley gives is that the basis is 60,000 bc you dont recognize the gain of a controlling contributor in formation of a corp.. ( only to the extent of boot) if someone who owns 80%) but only combined A and B do they own more than 80%. B only own 50% .. so why would rule section 351 apply here??

[Anonymous]

I am confused by this question. A and B form X corp. A gave cash of 50,000 and B contributed property FMV= 70,000 and adjusted basis= 40,000. B also gets 20,000 cash from the X corp. A and B both receive 50 % of X corp stock. what is X corp basis in the land.

The answer and explanation wiley gives is that the basis is 60,000 bc you dont recognize the gain of a controlling contributor in formation of a corp.. ( only to the extent of boot) if someone who owns 80%) but only combined A and B do they own more than 80%. B only own 50% .. so why would rule section 351 apply here??

[Anonymous]

@CPAwanabe

If you remember IRC Sec 351, you should know that the property is transferred by “one or more persons”. In your case, A and B both form the corporation and owns all the stocks. It is a typical 351 application. And yes, the answer is 60000.

[Anonymous]

@CPAwanabe

If you remember IRC Sec 351, you should know that the property is transferred by “one or more persons”. In your case, A and B both form the corporation and owns all the stocks. It is a typical 351 application. And yes, the answer is 60000.

[Having To Eek My Way Thru Life]

@icanhazcpa I have been getting 80-90% on progress tests (most were 72 questions but I did 100 last night). I took the first practice exam and it tore me up…I did horrible on the 1st and 3rd testlet. The sims weren't too bad. In the end my score came out to about a 70 maybe a bit lower…I started the second test but had to cut it short and from the first 2 testlets I had a 68%…I am feeling like crap now and my test is in 5 days…

I think part of my problem is the fact that I am answering these questions and not 100% focused on it since it is not the real exam (leaning back in my chair with my feet up). Like you said with BEC and FAR I was getting in the lower 70's. I passed BEC and waiting on FAR score.

I am just going to reread the material and hope for the best!

[Having To Eek My Way Thru Life]

@icanhazcpa I have been getting 80-90% on progress tests (most were 72 questions but I did 100 last night). I took the first practice exam and it tore me up…I did horrible on the 1st and 3rd testlet. The sims weren't too bad. In the end my score came out to about a 70 maybe a bit lower…I started the second test but had to cut it short and from the first 2 testlets I had a 68%…I am feeling like crap now and my test is in 5 days…

I think part of my problem is the fact that I am answering these questions and not 100% focused on it since it is not the real exam (leaning back in my chair with my feet up). Like you said with BEC and FAR I was getting in the lower 70's. I passed BEC and waiting on FAR score.

I am just going to reread the material and hope for the best!

[Author]

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