[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/

[maj1028]

AAA is only for S Corps not partnership

[maj1028]

@samantha09 AAA is calculated the same way as S corp shareholder basis except that non-taxable income and non-deductible expenses are not included in the calculation. Instead these are put in a separate account which is the OAA other adjustments account. Hope this helps

[samantha09]

Thank you for that! and then that AAA ending balance helps determine what part of distributions are non taxable?

[joonpark1212]

Can anyone agree that the initial basis for Capital Accounts and Outside basis for a partner would be equal? Although it will differ down the road due to the adjustments that will be made on outside basis.

[mtaylo24]

@turbosandwichCPA, How is the hail mary attempt coming along?

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[HoldMyBeerCPA]

@mtaylo24: I'm running on fumes at this point.

If the exam were just on individual taxation, corporate taxation, and professional responsibilities I would say I have a pretty good chance at this.

I have no idea how I'll get through 2500 some odd MCQ/SIMS in the next 9 days, but if I do, I think I'll be able to pull off another miracle?

How goes it with FAR?

[mtaylo24]

I'm in hail mary mode too. What's the record on FAR attempts, 9? I usually have the luxury of studying at work, but this has pretty much been the worst working summer of my life. Fortunately, I still have a lot of FAR retained, just can't do the 2-300 questions a night like I used to. Good thing I have Monday off. I wanted to get a 93 like you, but at this point I'll just settle for a 75 lol. Test is next Friday.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[maj1028]

@samantha09 that ‘s correct. Distribution is tax free to the extent of AAA, then dividend to the extent of AEP, and any excess as capital gains.

@joonpark1212 not necessarily because outside basis would include partner's share in liabilities while capital account does not include share in liabilities.

[HoldMyBeerCPA]

Given my BEC score, I say my FAR score was a fluke. It should level out even more once I take REG. I took the last two days of next week off, as the work has been piling up. At this point, it can wait for all I care.

Any news on whether you were able to get an extension?

[mtaylo24]

@Turbo I'm sitting pretty until 11/30, so that gives me 2 cracks to pass the beast! Still want to be done though. Keep on cranking them MCQs, try to get it in with sims on your days off. I'm still trying to get Thursday off, at least a half day…we have the auditors in this week, and probably next week so they been harassing lol. Its gonna be a crunch!

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Amandeep]

I took Reg on 08/24 and not sure yet whether i have any chances of passing.I studied for 10 weeks and prepared all material from becker. I did well on MCQ`s because all the questions i got i studied past few days ago but sims was very hard. .Out of 5 sections I can say i aced almost three sections.I dont have any clue about sims. But when i came out of exam i was feeling horrible.When somebody asked me about my exam how it goes. i don't know what to say. This is worst feeling in the world when you studied so hard and you still not sure about passing. Now i am confused studying for next exam.I am feeling so demotivated.Is there anybody who have same experience?

[Lamis]

@amadeep Feel sorry for u , but usually people who feel that they failed the exam , there are more chances That they passed. Hopefully this is the case for u
Good luck

[Paolita]

Hi everyone,

I wish all of you luck taking the REG test. I am planning on taking my REG exam next week. I failed it once and it was before they implemented the new changes. I'm actually studying with becker and the first time around I was strong in MCQ but Weak on simulations. This time around I'm studying everything like I never did before and focusing more on applying concepts in simulations however I'm considering buying either a supplement from either becker or ninja to reinforce simulations. Any advice? My course will expire in two months so I don't have so many chances to take this test and honestly I don't want to retake it again. For those that passed REG in Q2 any advise is greatly appreciated

[samantha09]

Can someone explain how to do the first SIM (depreciation) from the AICPA practice exam? I have all the depreciation info down but don't understand how to apply it with the MACRS tables in the resources

[Anonymous]

Hey guys! Does anyone else find it difficult to have to learn the current tax code, only to (hopefully) have it changed by (hopefully) next year? Struggling to not think this is a waste of time 🙁 Just wondering if anyone else is feeling the samesies.

Good luck studying!

[Author]

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