[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

[Lou]

Hello Everyone… I took the exam last night. It was tough but not too bad. A couple of document review sims with several documents. I don't remember having too many ethics or blaw questions. Probably around 4 total for these. Good luck to everyone still studying!

[jtvande]

Just got a 74 on my Roger Practice test. Got every SIM wrong except the research question. Only missed 9 out of 76 MCQ. NINJA is trending 59?! Feedback is all over the place. Just going to keep grinding I guess. The SIMS are killing me!

[pharaoh]

I think these softwares count the whole SIM as wrong if you have one mistake in it, at least in Roger. I don't know how it is in Ninja. I think and I hope the real exam takes it by each answer separately

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[jtvande]

I am hoping for some partial credit also! I am terrible at SIMS.

[Holly]

Both Becker and NINJA give partial credit on SIMS

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

[StayMelo2]

For those who have taken the exam (mine is Thursday 7/20, fingers crossed), how much higher learning do you think is involved from AUD, BEC and FAR? I know they mentioned that the new exam will have some carryover, but just looking to see how that was on REG.

Thanks!

[brokeonbecker4]

Hi, y'all!

I'm almost done with Becker REG lectures and MCQ the first time around. I test mid-August, and I'm starting to panic already. I do dedicate about 8 hours a day, 7 days a week (planning on about 5 total days off or I'll go crazy). I'm starting in audit in the fall, and REG is really overwhelming to me. Do y'all have any tips that helped you grasp the material better? I took FAR, AUD, and BEC all in Q2 and Q3 so I think the score delay is officially getting to me too.

[KingTut]

Is anyone else getting totally destroyed by the AMT / ACE calculations? For some reason I felt like I had a grasp on this (full-time tax staff), but obvious-arently not the case.

[Holly]

@KingTut I feel like I'm getting destroyed by everything. I'm trying not to freak out.

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

[wakefern58]

I'm in the same boat as all of you guys, just trying not to freak out either! We just gotta keep going and we'll be pleasantly surprised!

[wakefern58]

Question about C Corp formation if anyone could help me out! Appreciate it so much.

James contributes equipment to a C Corp with a NBV of 140,000 subject to a 60,000 mortgage. The FMV of the property is 260,000. Assuming James does NOT meet the 80% control test (only 10% control after transfer and no others in transfer group), what is his gain recognized on the contribution?

i don't know how to treat the liabilities in a contribution where the 80% test is NOT met. My answer is was 260,000 fmv + full 60,000 liabilities relieved minus NBV of 140,000 = 180,000 gain recognized by Jim. Is this wrong?

Thank you so much guys!

[Holly]

@wake I don't think he has any gain. There is no cash and liabilities do not exceed basis.

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

[pharaoh]

@wake – When you don't meet the 80%, it is treated as a sale, since you don't have “control”. So it is considered sold for FMV and the gain is FMV – NBV.

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[oreoblast]

@kingtut I was overwhelmed by AMT as well. I just took the exam yesterday and did not have a single AMT question. Hopefully you will not have too many!

[Holly]

@pharaoh wouldn't that get you the gain realized, but he asked for recognized?

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

[Author]

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