[jeff]

Welcome to the Q3 2017 CPA Exam Study Group for REG. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your REG exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

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

[cmashambe]

@julia

It is considered ordinary income because of the Account Receivable (“hot asset”). When hot assets are involved then it is considered ordinary income instead of capital gain. Take the $420,000 and multiple it by 1/3 (his share) to get the $120,000. It confused me at first too.

[cmashambe]

@AVESPOLI

I was having trouble with that too. I figured it maybe because since he owns a whole building it would be considered a business. Therefore, you would account for the real estate taxes in the business income/loss. And the business income and loss is part of AGI.

[Holly]

@Julia I'll look yours up after I finish my set. For some reason I have a better time looking at the question in the software

@avespoli Because it's a rental, it is deducted on Sch E.

BEC - 79
REG - 85
AUD - 5/27/16

[Holly]

@Julia what @chilufya said

BEC - 79
REG - 85
AUD - 5/27/16

[Julia]

Thank u guys! They never mentioned in expiation and I was confused.

[Julia]

@Tulip: where u b? U r always helpful w my questions.
In doing 250 questions a day and 15 Sims. Test on Monday and trying not to freak out. WA WA WA.

[Holly]

@Julia you're a beast!

BEC - 79
REG - 85
AUD - 5/27/16

[Julia]

Im very grateful for this forum. U guys really feel like friends. Outside of a very patient husband, I feel like others do not understand the difficulty of this process.

[Holly]

@Julia you are so right!

BEC - 79
REG - 85
AUD - 5/27/16

[Holly]

What about the ‘Do Not Study' for simulations on NINJA?

BEC - 79
REG - 85
AUD - 5/27/16

[Julia]

@holly: Im just doing them all. Im going in order 1 thru 75. Somewhere I had found a listing of each one. I had printed it out. I did them all once & redoing non research.
I think e/p only ones not tested that apply to Sim. There is only #52.

[jtvande]

For a final review how do you recommend going through the NinjaMCQ? Let the software pick questions for you or go section by section?

[Julia]

@jtvande: Im letting the program pick my mcq. Im doing them in group of 50. I do the Sims in order by number.
Im testing Monday. Sunday I will not do mcq and just review notes. I don't want to burned out. If I feel Im getting tired, I run some stairs.

A friend of mine did “new questions only ” and then go thru “questions missed last time seen.”

[jtvande]

Okay thanks a lot. I just finished all of Rogers material. I have 30 days to review. I am trying to figure out what the best method would be. I do really well on all MCQ's but I am terrible at SIMS. Any other advice is appreciated.

[CPAIn2018]

It looks like everyone in this forum has finnished the materials and reviewing except me. To make things worse, my exam is mid July. I believe a tortoise is faster than me. This is not the first time, for audit i did not have the time to read Beckers main text book.Just did the Mcqs and also Beckers final review text book. BEC, finnished lecture and did MCqs once with no time for revision.FAR, I only finnished 52% of Beckers materials, skipped the rest of the topics and dwell on past knowledge.
Here, i am crawling with REG. For the first time I bought ninja mcq couple of weeks ago, and I did arround 50 questions from it. I always wonder , when I see you guys move on from one material to the other and say to myself, they are fast in understanding and covering the mayerials…and ask myself what's happening.

[Author]

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