[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

[Julia]

@tulip: I review the ninja notes against my Becker books and make notes in my ninja stuff. The video takes too long for me. I rewrite the notes a few times (10) then listen to audio on my player. I listen non stop until I feel its sticking.
But I spent so much time on tax my blaw is at 50%. Im little worried but Im kicking but on Sims so I think it will balance.
No kids, 40 hour job, and chill husband helps a looootttt. Lol.

[wakefern58]

Hey guys, could someone help me with this S-Corp Q:

The Big Blue Corp, a calendar year S- Corp, has two equal shareholders. For the current year, Big Blue had taxable income and current earnings and profits of 60,000 which included 50,000 from operations and 10,000 of interest income. How much will each shareholder's basis increase?

The answer is 30,000 EACH, which I understand how to get but I got it wrong thinking “Earning and Profits” was referring to the S Corp having old S-Corp Earnings and Profits which does not effect shareholder basis.

Am I wrong because the question states CURRENT earnings and profits? Does E&P not automatically mean former C-Corp E&P?

Thanks guys

[Holly]

@Wakefern58 I only think of C corps when they say accumulated earnings and profits. Most likely they'll tell you the entity was a C corp prior to being an S corp. I don't think the classification is what they'll be trying to trick us on.

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

[dave]

Hi Guys,

I hope everyones studying well. Does anyone know what concepts of the exam will be more heavily tested?

[Jj]

Did anyone else notice there's a calculation mistake on the example on page 3-50

[Holly]

@David Lee search for the blueprint. If you're using Becker, it's at the back of the book.

@Beantown23 which software?

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

[Jj]

Becker R3-50

[Holly]

@Beantown23 you're right. Let them know because it's not listed on their errata\clarifications.

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

[Jsn3004]

I hate that i'm asking what I think should be a very easy question, but here it goes…

Which of the following statements is correct with respect to a limited partnership?

A: A limited partner may not be an unsecured creditor of the limited partnership.
B:A general partner may not also be a limited partner at the same time.
C:A general partner may be a secured creditor of the limited partnership.
D:A limited partnership can be formed with limited liability for all partners.

Answer: C.

How is B not the correct answer?

If a limited partner is a party who is merely an investor in a partnership and a limited partner does not participate in the management of the business, then how is B not correct? How can you be a limited partner and a general partner at the same time?

A general partner is a party who is publicly known and who actively engages in the management of the business and participates to the fullest extent in the profits and losses of the partnership.

So how may a general partner be able to have a limited partnership interest while serving as the general partner?

[Holly]

@jsn3004 That is crazy! All Becker says is that they can be both. I looked it up and it says they can hold both types of interest, but will be treated as holding the limited interest. I guess they would contribute both ways and only the general portion is subject to creditors, etc.

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

[Sweet<3 soon to be CPA]

Any ideas if there is a way to know the classification of Moderate and/or Difficult level to questions – particularly for Ninja MCQ?

8 days to go and I feel myself losing steam….

[Holly]

The only place I've seen that distinction is on aicpa released questions @tracy

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

[Julia]

@Tracy. Maybe selecting “only new questions” will help motivate u. I almost lost the will yesterday. Then my very sweet hubby reminded me that I test Monday and we can take a full weekend together once I'm done.
I put on some ocean waves sounds and “rainy spring day” wax melt and hitting the ninja. Lol.

Good luck getting motivated. It can b very draining. Ice cream also helps. Lol.

@jsn I think they r saying “what's the best answer.” Which I agree, it looked like b. It is my understanding the test will b more straight forward. I took it qtr 1 and made a 73. I felt it was easier than the ninja stuff. Blaw and Sims killed me. I'm drilling on Sim this time and got little better on blaw.

[CPAIn2018]

@ julia and @Tracy

Good luck. You are in the front row to challenge this enemy once and for all. You've come this far, and these final days are the most important and crucial ones. May Gof be with you all and bring the exam down before you.

[Michael_Scarn]

Question for anyone who might be able to help.

I'm working the Ninja MCQ for Federal Taxation of Individuals. Specifically I was working on the ‘Tax Compuations and Credits' subsection. It seemed like there is quite a few questions regarding domestic service employees and their FUTA, Social Security, Medicare withholdings. I don't remember this information being covered in Becker anywhere. I know it's a tiny section of the test to probably worry about. Has this information been covered in anyone else's review courses? Am I missing it in Becker somewhere? Should I worry about it, or just ignore it?

[Author]

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