[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

[Holly]

@Lou I remember Olinto saying that. I'm just so paranoid about all of these questions because I feel like I'm getting all of them wrong

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

[Holly]

I have filtered NINJA MCQ's to take out the ‘Do Not Study' questions. Do y'all know that if I choose the Troubled Questions, will it only pick ones I've gotten wrong and not ones I haven't answered?

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

[Anonymous]

@ Holly-pick “missed last time seen”-and this will take you to the ones you got wrong last time:)

[Holly]

@anyatver I don't want missed last time seen I have answered 100% and want to make sure I've nailed down trouble questions even though I got it right the last time I've answered them.

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

[Tipofga80]

Has anybody asked Jeff when the REG Ninja MCQ's will be updated? Kinda annoyed with the 2016 numbers.

REG - 77 (will lose in Jan 2016)

BEC - 67 74, 75

AUD - 56, 70, Will try again 🙁

FAR - ??

Save the beast for last.

[Holly]

@Tipofga80 I haven't seen anything with an update. I do know there's a do not study list for topics no longer tested.

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

[Holly]

NINJA Sim 1 has $500 accrued vacation pay that isn't included in Gross Income. Does anyone know the rule?

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

[CPAIn2018]

@Holly,

It is not included in gross income because it is not yet paid (that is for accrual based employer).The same goes also for bonus. They will not be taxable, until paid.

[jtvande]

Finished all of Roger and going through NINJA. Trending 59 right now after about 6 hours of questions. I have 3 weeks until my test so still plenty of time. A little discouraged though because I thought I knew the material better. I am seeing some stuff I have not seen before. The NINJA questions seem to be a lot harder. Still having a really hard time with SIMS. Any advice is appreciated.

[Holly]

@tulip argh!!!! I guess I should read!

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

[that0neguy]

Completely burnt out on exam. Last one, was supposed to take in May and didn't study and pushed it back. My NTS expires July 12. I continually procrastinated (with new job & 2 y/o and 3 m/o) and I've only studied 1.5-2 weeks and covered about 75% of the material.

Plus I have no experience in Reg like I didn't the others. Just coming in here to vent. Have 3 days to finish remainder 25% and review. Wiley expires in August. Can't imagine having discipline to get back into it if I found out late September I failed. Need a miracle!

[Operation_CPA]

Miyasyke, Inc., a calendar year S corporation, has five equal shareholders at the end of the tax year. Miyasyke had
$75,000 of taxable income. Miyasyke made distributions to its shareholders of $32,000 each, for a total of $160,000. Each shareholder's basis in the S corporation is $100,000 at the beginning of the tax year. What amount from Miyasyke should be included in each shareholder's gross income?

Answer: 15,000

Can someone explain how to get this answer? Thanks!!

[mo3athn]

Hello guys, heading to my exam 🙂 wish me luck guys:)

[Lou]

@that0neguy – I'm surprised you're able to study that much given your new job and kids. Props to you. You seemed to have aced the other sections which didn't happen via a miracle. Keep at it, I'm sure you'll pass this one too.

good luck @mo3athn!

[CPAIn2018]

@Operation_CPA
For s corps, individuals are taxed on their share of Earnings, regardless of the corporation actually distributes the earnings to them. Hence, the 160k is a distraction. The 75k shared equally to 5 shareholders will be 15k each.

@mo3athn GoodLuck

@ Lou, great advice to that0neguy.

[Author]

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