[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

[spartan14]

Has anyone ever used any of the Gleim CPA prep books? They have one for REG at our main library and I wanted to see if people thought it was useful to check out

AUD- 99 (5/29/14)
FAR- 92 (7/3/14)
REG- 93 (8/22/14)
BEC- 94 (10/11/14)

[mrgriff21]

This is just my opinion but for those looking for study strategies, I would not bother with lecture videos unless you really need clarification on a topic. They are such a time suck and generally don't provide any more information than the study text (in my opinion).

And definitely watch Jeff's video on the NINJA way of studying. Doing MCQs right after you read a section or watch a video doesn't give you any long term gains because when you go back to review it, you'll have forgotten all the information anyway and have to redo the questions…so essentially the first time you did the questions was just wasting time.

As for me, I just finished going through the CPAExcel study material the other day and now I'm just pounding out MCQs for the next 24 days and seeing where my weaker topics are so I can go back and review.

I also feel like people ignore the Professional Responsibilities section because it's such a small portion of the exam, but those are gimme points.

A - 84
R - 81
B - 77
F - 81

[Qlad]

i have confusion about this question…pls help..

A is an individual tax payer :

Wages 5000, interest on savings account 1000 and net rental income 4000.

Deductions: Capital loss 2000, personal exemption 3950, standard deduction 6200, net business loss 16000.

What is A' s NOL that is available for carryback/over…?

A 7000

B 9000

C 15700

D 16000

The answer is A and says that Interest will offset the standard decuction as both are non business expenses… and Capital loss is deductible only against capital gain…so 5000+4000-16000=7000…

I have not heard before the interest and standard deduction explanation so i wud accept it as it says…but capital loss…i thought is deductible upto 3000 minimum per yr…so why not done here?

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Anonymous]

Feeling pretty confident on Individual Tax (R1/R2 Becker)…scoring well on progress tests (MCQs and SIMS complete)…

Also confident on C & S Corporations (R3)…scoring well on finishing MCQs and SIMS tomorrow…

Need to master R4 this week…

Need to finish R7 Lecture (Bankruptcy) and R8 Lecture this week…

See you in 2 weeks REG!

[NoraU]

Qlad: The question is about Net Operating Loss only.

BEC 05/12/14 77
REG 08/25/14 82
FAR 11/25/14 80
AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

[Qlad]

@nora…my answer was 9000..bcoz i was doing 5000+4000 and less 2000 Capital loss that he can take from ordinary income then the amount left is 7000 and so deduct 16000 loss from 7000 income and 9000 loss available to carryback/over…could u pls explain where am i wrong again?…i just can't make sense of the explanation…thanks a lot

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[jeff]

NINJA Shannon – Quality vs Quantity of Studying:

“Since I was trying to cover a lot of questions over the weekend, I tried to remember that it’s more about quality over quantity. When I was answering the questions, often times I would click on the definitions of the terms pertaining to that question and references to that topic, to enhance my studying even further.”

https://www.another71.com/ninja-cpa-blogger-shannon-5/

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

[NoraU]

@Qlad. My understanding is you can not combine capital loss with NOL. Yes, you can deduct up to $3000 from operating income but it still classified as a capital and there is a separate line on the return for it.

I have a question in return: Would rental income be considered passive unless actively participated (up to $25000 deduction in this case)?

BEC 05/12/14 77
REG 08/25/14 82
FAR 11/25/14 80
AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

[Qlad]

@Nora…i sincerely have no idea how will isolve if ur question was added to it…but slighly understood the logic that in the return capital gain or loss is a seperate line…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Anonymous]

@NoraU

So I did some digging on IRS publications, and to answer your question, I think the answer is yes. Though do not hesitate to correct me if I am wrong. I have included the IRS publication on this topic for convenience.

https://www.irs.gov/publications/p527/ch03.html

[NoraU]

Thank you, Determined. I hope they will specify if it is active or passive when asking a question on exam. Good luck for you test! I have not taken it yet but planning a retake already. : (

BEC 05/12/14 77
REG 08/25/14 82
FAR 11/25/14 80
AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

[iddyrashy]

@mrgriff21 I like your strategy. I feel like I waste a lot of time in trying to comprehending all the materials, plus i have a fear on taxes. However, I think your strategy is right on the money.

AUD 89 (07/06/14)
REG 83 (08/27/2015)
FAR 78 (04/27/2015)
BEC 75 (11/13/2015)

TEXAS 2016

[How many letters do you need]

Yes most questions I've seen distinguish between active and passive rental income if it's relevant to the answer. And especially so if they have answers that reflect both options in the list.

MBA,CMA,CPA, CFF?, ABV?

[ForeverToThee]

Taking REG this Friday…finished up the Becker modules, and am currently doing progress tests. Quick question, I took the first practice test and got

T1-87

T2- 75

T3- 75

Averaged around 60ish on the simulations.

I feel like I know the material when viewed in MCQ format, (not just memorizing the answers, but I can pick out the right answer, if that makes any sense, but when trying to recall information off the top of my head for certain topics I'm having trouble. Anyone else feeling this way?

BEC- 92 (5/29)
FAR- 85 (7/3)
REG- (8/8)
AUD- (8/22)

[Anonymous]

For the statue of frauds for whether it applies or not, is it if the contract can be completed from one year from when the contract was made or from one year when you start working on it? I.e. you agree to a contract on January 1, 2010, but you don't start working on it until June 1, 2010, and it completes on May 31, 2011. Does it fall within the statue of frauds?

[Author]

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