[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Anonymous]

@Tootsie–The $3000 is because they have no capital gains to offset the capital loss and they can only deduct a max of $3000 to go against the ordinary income.

[Tootsie]

@CPAMommyof3, thanks!

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Amay]

@mama that was the question I was reviewing when I posted that question. But not sure why you say it contradicts what I am saying… The explanation says that the basis in the property is 10K, which is the same as the basis the partner had in her partnership interest before the distribution:

“Therefore, the land received by Anne will take a substituted basis of $10,000, the amount of her adjusted basis in the partnership interest prior to the distribution of the land.”

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

@Melans this is all I got:

1245 comes before 1250 and so does P before R in the alphabet, therefore, 1245 = personal property and 1250 = real property.

Losses are always ordinary and gains are ordinary to the extent of accum. depreciation (remainder is 1231 long term capital gain).

1231 = last day of the year = 12/31

Items held exactly 1 year = short term

Items held more than one year = long term

Think: past 12/31 = long term 1231 capital gain.

Hope at least something helps.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

@Amay–You're right. I totally read the explanation wrong. Stupid basis!

[Amay]

Ugh I know, this is so confusing. Trying to keep it all straight. How are you doing with your review? I want to see if I have time to do another quizzing night before Thursday.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

I am stuck on Corporate tax at the moment. My test is on Saturday and I haven't done any SIMS or finished all the Corp Tax MCQ. I probably won't be able to do another quiz session before my exam. I have some problem areas that I need to iron out. I'm sorry!

[Amay]

No problem! I am not done either. Cutting it really tight. Right now going over estates and trusts and going to do some questions on that. After that, I think I'm going to try the approach of doing short 10-15 MCQ quizzes by topic and see where I'm at. I also want to look at SIMS before my test. I am worried I will get a tax return type question and blank out!

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

I think we're in the same boat. I really don't want to have to do this again in Q4. Good luck to both of us!

[Amay]

Let's stay positive. I am giving it my all this round as if it was my last one! I am so sick of studying. It's already been over a year of non-stop studying for me (5 years on and off). It is time to finish this!!!

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

Agreed!!!

[Anonymous]

Hi! I'm taking REG for the first (and only I hope) time in about a week. After my previous BEC failures I decided to change to a new section. I hope I'm ready. I need a pass to keep going! I wish you all good luck!

[Anonymous]

I would love to know if the Ninja REG SIMS are a good representation of the exam. These things are no joke!

[Melans]

So today is the final day before my test. I am thinking light study, mostly review formulas and lists to keep them fresh. How does everyone else handle the day before the test??

AUD 7/30/12 73; 12/2/13 85
BEC 7/19/13 81
REG 8/2/14 83
FAR - Jan 2015

[Anonymous]

The day before FAR I just went through my notes, reading them thoroughly. I read a section, watched a television show, read another section, took a nap, etc. I was really wound up before FAR and needed that relaxation day to reset my mind before going into the test. I think it helped a lot. I did not do any MCQ or SIMS. I was burnt out on them and wanted to save it for test day. Good luck Melans!!

[Author]

Replies