[jeff]

Welcome to the Q4 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/

[pharaoh]

it is not tested

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

[rwglapalma]

Is there any way to choose SIMS in Roger? Everyone reporting out of REG says they are getting hammered by DRS so I want to get a few in before I test on Sunday

[anonymous20000]

Hi everyone! Does anyone have suggestions on how long to study for the new REG exam? I was thinking 9 weeks and I have Becker; is that sufficient time? Also, does the Ninja MCQ reflect the new exam well – should I purchase it? Thanks!

[almostCPA]

@anonymous20000 I don't think there's any software out there that reflects new version. I personally use Ninja MCQ and Gleim for simulations, but neither of them has MCQs that look like exam day ones. Why I like Ninja is because they do a good job including only topics that are actually tested on the exam day eliminating bunch of unnecessary cr_p that you don't need. So if I was you, I'd get the ninja MCQs and then use Becker to dive into the topics you'll see on McQs. Also, practice tons of simulations, DRSs (a must!); don't memorize anything, study till the point when you really understand what you are talking about. 9 weeks is a bit too much I think, but if you study from complete scratch that might be the perfect amount of time for you. Good luck!

[LCros]

Hello Everyone:

For B-Law, do we have to know the fine amounts or the amount of jail time?

Thanks,

[juliejlhe]

Hi All

I've been trying to understand the topic of Special Netting Procedures for Long term capital and loss.
Is there any good example I can use to have a better understand?

[CC]

I sat today for REG. The test was fairly representative of what I saw in Becker/Ninja. Of course there were still several of the typical CPA exam questions that were from left field. SIM topics were all covered in my review in some form or another just presented differently. Judging from others comments it may have been a bit different version testlet for them. I feel in limbo score wise, could go either way but the test seemed fair compared to a lot of the earlier reviews I have seen on here. Can't imagine having to take this test without a tax background though, def. helps out. Fingers crossed for a 75 and best of luck to everyone else!

[Anonymous]

Hey guys, this is a pretty basic question but I'm not agreeing with what one of the simulations is coming up with. I'm doing a Becker module on Tax credits. Here is the scenario summarized:

Married couple, 2 kids. One parent works, the other is a full-time grad student. Total AGI for the year is $50K. They spend $5K a year on daycare for their 2-year old. The simulation shows that they qualify for the Child and Dependent Care Credit, but I thought you only qualify if BOTH parents work. Am I missing something?

Thanks in advance for the help!

[cmrn89]

@ElleCee that is the general rule, that both parents work; however, an exception to this rule is if one of the parents is a full-time student or physically/mentally incapacitated.

I'm on the same section in Becker. Go to pg. R2-40 and review 2.2.2 Earned (Work) income requirement

[Anonymous]

@cmrn89 Thanks so much! I apparently completely missed the wording in those parenthesis. I feel better now 🙂 Good luck with your studying and exams!

[rwglapalma]

I take REG in 3 1/2 hours. Wrote and re-wrote ninja notes, did 3000+ mcqs and at least 50 sims. Took the AICPA sample exam. I think 60 days is too much time to study for REG. Whether I pass or fail, I feel like I would have done better if I had taken it 2 weeks ago. Good luck to everyone testing today, at least we'll get our scores back relatively soon!

[juliejlhe]

Hi Ninjas

Got one question here:

Why Inheritances and proceeds of lawsuits for physical injuries is excluded from income?
Isn't inherirance taxable ?

Thanks all in advance!

[teejaypark]

Question: Barron offers in writing to sell her 13,000‡acre cattle ranch to Reese for $5 million, the offer to remain open until March 15. On March 1, Goad offers Barron $5.8 million for the ranch. Reese hears of this offer on March 11 and faxes his unqualified acceptance of Barron's offer. Barron's offer to Reese.

A) Is revoked if Reese, before accepting, learned that Barron has sold the ranch to Goad.
B) Can be withdrawn any time prior to March 15.
C) May be withdrawn only in writing.
D) Cannot be withdrawn since it is a firm offer involving the sale of land.

Answer: A

Could someone explain their reasoning or process of elimination for this question?

Common law cause it's real estate. Is Reese's acceptance unqualified because he knew that Barron had accepted Goad's offer? Any differences in the situation if any of the three had been merchants vs non-merchants? Since if Barron was a merchant, wouldn't his first offer to Reese have to stay open until March 15?

Kinda all over the place with this one.

Thanks in advance.

[kenckang]

hi i just started studying reg. is it very important to know every single percentage? for example: A tax return preparer who prepares a return or refund claim that includes an unreasonable position must pay a penalty of the greater of $1,000 or 50% of the income derived by the preparer for preparing the return.

[almostCPA]

@kenckang I had a simulation like that on the exam! You can research authoritative literature for the exact max imprisonment time and max fine amounts.
In terms of other % like limitations, thresholds etc, yes definitely know them.

[Author]

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