REG Study Group October November 2013 - Page 198

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  • November 22, 2013 at 9:32 pm #482226
    Kenada
    Member

    When a member of the AICPA prepares a taxpayer’s federal income tax return, the member has the responsibility to

    A. Argue the position of the Internal Revenue Service.

    B. Take a position of independent neutrality.

    C. Verify the data to be used in preparing the return.

    D. Be an advocate for the entity’s position

    Which one would you pick and why ?

    FAR 05/27/14; 786/110 - Done !

    November 22, 2013 at 10:06 pm #482223
    teeteenounouche
    Member

    D: because memeber is supposed to be an advocate of the client, you don't have to verify all data but make reasonable inquiries when information appears incorrect or incomplete

    Florida:
    AUD: 73, 81! Thank you Lord!
    BEC: 73, 77! Thank you Lord! and WTB
    REG: 71, 82! Thank you Lord! and A71
    FAR: 72, 78! Thank you God and my Mommy in Heaven!

    CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

    November 22, 2013 at 10:06 pm #482229
    teeteenounouche
    Member

    D: because memeber is supposed to be an advocate of the client, you don't have to verify all data but make reasonable inquiries when information appears incorrect or incomplete

    Florida:
    AUD: 73, 81! Thank you Lord!
    BEC: 73, 77! Thank you Lord! and WTB
    REG: 71, 82! Thank you Lord! and A71
    FAR: 72, 78! Thank you God and my Mommy in Heaven!

    CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

    November 23, 2013 at 2:26 pm #482225
    monifaj
    Member

    I am getting conflicting information regarding losses in a complete liquidation for a corporation. The Wiley book says that a corporation recognizes a loss in a complete liquidation (the ninja notes say the same). When I did a SIM in the Wiley Test Bank it says that Sec 332 liquidation doesn't recognize a loss. Could someone clear this up for me? I am taking the exam Monday. Thanks!

    November 23, 2013 at 2:26 pm #482231
    monifaj
    Member

    I am getting conflicting information regarding losses in a complete liquidation for a corporation. The Wiley book says that a corporation recognizes a loss in a complete liquidation (the ninja notes say the same). When I did a SIM in the Wiley Test Bank it says that Sec 332 liquidation doesn't recognize a loss. Could someone clear this up for me? I am taking the exam Monday. Thanks!

    November 23, 2013 at 4:11 pm #482227
    Anonymous
    Inactive

    Anyone take a Becker final exam yet? I wasnt sure if i should because when i did that with FAR I failed miserably and it shot my confidence (i ended up passing in the real one) but I went ahead and took the final exam #1 and got a W-A score of 63%!! So yeah feeling terrible and depressed right now because I was scoring in the high 70s-low 80s in the MCQs. But this exam seemed brutal. So much stuff that hadnt been covered as deeply in the material. Maybe this is how the real exam will be too so I get why they do that, but man, i am feeling depressed. 4 days to go…

    November 23, 2013 at 4:11 pm #482233
    Anonymous
    Inactive

    Anyone take a Becker final exam yet? I wasnt sure if i should because when i did that with FAR I failed miserably and it shot my confidence (i ended up passing in the real one) but I went ahead and took the final exam #1 and got a W-A score of 63%!! So yeah feeling terrible and depressed right now because I was scoring in the high 70s-low 80s in the MCQs. But this exam seemed brutal. So much stuff that hadnt been covered as deeply in the material. Maybe this is how the real exam will be too so I get why they do that, but man, i am feeling depressed. 4 days to go…

    November 23, 2013 at 6:40 pm #482230
    Igotthis
    Participant

    Hey my Reg Study Buddies.

    Sorry been MIA lately since I have buried myself into the book (literally at times since I fell asleep on it one night). I just wanted to pop in to say GOOD LUCK to everyone!! I actually pushed my exam till tomorrow from Thursday since I felt like I needed a few more days of studying. Still not feeling completely confident but I am gonna go in thinking I got this! I am gonna pass this!

    @Audrey, Usually I add 10-15 points to my becker final exam since I know they are a lot harder than the actual exams. So don't feel depressed!

    November 23, 2013 at 6:40 pm #482235
    Igotthis
    Participant

    Hey my Reg Study Buddies.

    Sorry been MIA lately since I have buried myself into the book (literally at times since I fell asleep on it one night). I just wanted to pop in to say GOOD LUCK to everyone!! I actually pushed my exam till tomorrow from Thursday since I felt like I needed a few more days of studying. Still not feeling completely confident but I am gonna go in thinking I got this! I am gonna pass this!

    @Audrey, Usually I add 10-15 points to my becker final exam since I know they are a lot harder than the actual exams. So don't feel depressed!

    November 23, 2013 at 6:40 pm #482232
    Igotthis
    Participant

    Hey my Reg Study Buddies.

    Sorry been MIA lately since I have buried myself into the book (literally at times since I fell asleep on it one night). I just wanted to pop in to say GOOD LUCK to everyone!! I actually pushed my exam till tomorrow from Thursday since I felt like I needed a few more days of studying. Still not feeling completely confident but I am gonna go in thinking I got this! I am gonna pass this!

    @Audrey, Usually I add 10-15 points to my becker final exam since I know they are a lot harder than the actual exams. So don't feel depressed!

    November 23, 2013 at 6:40 pm #482237
    Igotthis
    Participant

    Hey my Reg Study Buddies.

    Sorry been MIA lately since I have buried myself into the book (literally at times since I fell asleep on it one night). I just wanted to pop in to say GOOD LUCK to everyone!! I actually pushed my exam till tomorrow from Thursday since I felt like I needed a few more days of studying. Still not feeling completely confident but I am gonna go in thinking I got this! I am gonna pass this!

    @Audrey, Usually I add 10-15 points to my becker final exam since I know they are a lot harder than the actual exams. So don't feel depressed!

    November 23, 2013 at 9:12 pm #482234
    PennsylvaniaNights
    Member

    Tuesday marks my first attempt at REG, I passed BEC in August so I was feeling extremely confident up until today. I am bouncing between WTB and Becker for practice sessions, I am doing them in 24 question groupings since that's what the testlets will be on the exam and I can try and monitor my time so I will be prepared for the time management. What is killing me are the SIMS!!! Wiley has 40 sims available and I plan on doing them all at least one more time between today and the test, if I can get through them all I am then going to try and redo the Becker ones too. Of course with practice sessions of mcqs thrown in there…..I feel like Dory in finding Nemo..”just keep swimming, just keep swimming…..”

    November 23, 2013 at 9:12 pm #482239
    PennsylvaniaNights
    Member

    Tuesday marks my first attempt at REG, I passed BEC in August so I was feeling extremely confident up until today. I am bouncing between WTB and Becker for practice sessions, I am doing them in 24 question groupings since that's what the testlets will be on the exam and I can try and monitor my time so I will be prepared for the time management. What is killing me are the SIMS!!! Wiley has 40 sims available and I plan on doing them all at least one more time between today and the test, if I can get through them all I am then going to try and redo the Becker ones too. Of course with practice sessions of mcqs thrown in there…..I feel like Dory in finding Nemo..”just keep swimming, just keep swimming…..”

    November 23, 2013 at 9:56 pm #482236
    mags603
    Member

    Good luck Pennsylvania!

    Question to the group: Can anyone explain how to calculate DNI for estates to someone in very simple lay terms. I am getting ridiculously confused. thank you!!!! xxo

    November 23, 2013 at 9:56 pm #482241
    mags603
    Member

    Good luck Pennsylvania!

    Question to the group: Can anyone explain how to calculate DNI for estates to someone in very simple lay terms. I am getting ridiculously confused. thank you!!!! xxo

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