[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]

@Operation_CPA the difference between the two questions is that the guaranteed payment was already subjected from revenue in the first question and it wasn't yet in the second question. The $5k distribution wouldn't be income because it is assumed it is a return of basis that was already taxed; the $10k is a payment made regardless of profit and loss, basis so it is considered wages kinda.

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

[Holly]

I'm assuming there's no way to filter the practice exam in NINJA to exclude the topics no longer tested???

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

[gguzman]

@xyz I do not remember which parts Becker asked to emphasize in the book either. I did purchase the final review. they said it is specifically designed to reinforce your understanding of the topics that are heavily tested.

Here are is how the course is broken down, maybe it will help you pick out what is the most heavily tested:

R1-1Ethics Prof responsibilities, federal tax procedures
R2- BLAW
R3-Federal taxation of Property Transactions
R4-Federal Taxation of Individuals
R5- Federal Taxation of Entities

Now that I am typing this out it seems like everything! I hope this helps a little.

[pharaoh]

Why this is not a counteroffer?

On July 1, Silk, Inc., sent Blue a telegram offering to sell Blue a building for $80,000. In the telegram, Silk stated that it would give Blue 30 days to accept the offer. On July 15, Blue sent Silk a telegram that included the following statement: “The price for your building seems too high. Would you consider taking $75,000?” This telegram was received by Silk on July 16. On July 19, Tint made an offer to Silk to purchase the building for $82,000. Upon learning of Tint’s offer, Blue, on July 27, sent Silk a signed letter agreeing to purchase the building for $80,000. This letter was received by Silk on July 29. However, Silk now refuses to sell Blue the building. If Blue commences an action against Silk for breach of contract, Blue will:

A.win, because Blue effectively accepted Silk’s offer of July 1.

B.win, because Silk was obligated to keep the offer open for the 30-day period.

C.lose, because Blue sent the July 15 telegram.

D.lose, because Blue used an unauthorized means of communication.

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

[Operation_CPA]

@gguzman @Holly

Thank you for the help. This makes sense now.

At what point does all of this click? This exam has by far been the most frustrating for me MCQ wise. So many little details. First time through on Becker I'm ranging anywhere from 50%-60% and feeling overwhelmed with how much material there is. I sit in about a month + one week and hope to be starting chapter 6 Monday / Tuesday latest. Just need to keep pushing through…

[Holly]

@Pharaoh asking a question isn't a counteroffer

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

[Holly]

What I'm reading online for section 179 isn't what's in my book. One says $500,000 and the other says $510,000. Anyone know?

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

[CPA so close, so far away]

$510,000 for section 179. Phased out dollar for dollar for additions of 2,030,000.

[Holly]

I sure hope that's what it is because that's what I've learned, but everything else is saying that's not the case.

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

[jguy621]

I thought it was 500k and a phase out of 2,010,000. Did this change?

[passantsalama]

I know it is against the exam policies to say the exam questions but for who already took the exam.
I want to know the weight for AMT, employee stock options and the estate and trust questions
Are the questions harder than becker or the same level?

[Holly]

It's both against exam and ANOTHER71 policies. Jeff can get in trouble and could have to shut down the site.

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

[BBHYX]

@gguzman thanks for the list, but those topics are very broad and pretty much the entire book haha. Do the chapters have subsections? Any extra large subsections? Any numbers specifically they said we should memorize?

[gguzman]

@xyz
R1
A: Ethics and Responsibilities in Tax Practice
B: Federal Tax Procedures
C: Legal Duties and Responsibilities
R2
A: Agency
B: Contracts
C: Debtor-Creditor Relationships
D Gov't Regulation of business
E: Business Structure

R3
A: Acquisition and Disposition of assets
B:Cost Recovery
C: Estate and Gift Taxation

R4
A Filing Status and exemptions
B:Gross Income
C: Passive activity losses
D AGI
E Tax Comp & Credits
F: AMT

R5
A:Differences between Book and Tax
B: C Corps
C: S corps
D: Partnerships
E Estates and Trusts
F: Tax Exempt Organizations

[CPAIN2K17]

@holly looks like $500k for 2017 https://www.section179.org/

https://www.irs.gov/publications/p946/ch02.html

[Author]

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