[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/

[Lamis]

@kewldewd don't give up, we do all fail, I failed REG once before , I know it's hard but it's going to be worth it, keep trying , I know failing an exam can be a big turn off to study again. But well it's easier now than before , get the report know ur weak areas focus on them , take new notes practice practice practice and u will pass. Did u read thread of mtyalo? He failed 4/5 times each section and finally he passed all 4 of them. Don't give up , u can do it 🙂

[Operation_CPA]

I will be back here for a retake as well. The most frustrating part is going to be waiting for our scores until December. It's weird because I felt pretty well prepared going into the exam (1st attempt), but I wasn't really tested on things I thought I would be tested on. I am ready to start studying again tonight and hit my weak areas first. Hoping for mid-October exam date.

Best of luck to everyone studying!

[Determined24]

Does anyone know how to access the NINJA MCQ from the NINJA SNIPER package ?

I bought the package and still not able to access the online mcq. Support told me to use my old login and I did that and it is telling me, the package is for Members only. I am so frustrated as I have been trying to get access since the purchase made from around 1 AM this morning. It's like I am dying to get access to the MCQ to start studying and nothing. The interval between emails to support is so long I can just give up. 🙁 :(.

[KimmmayBaby]

@determined24 are you going to ninjacpareview.com?

If so send screenshots and ask for further help. They should of sent an email with your login in credentials.

[KimmmayBaby]

Anyone have a handle on the debtor-creditor relationships and bankruptcy?

If so can we discuss these sentences from the ninja book?

“08 Debtors under chapter 7 are not eligible for bankruptcy relief. These organizations are covered by special statutes, and their liquidations are supervised by certain regulatory agencies.”

Uhm, what? Are they referring to the entities that are not able to file chapter 7 or anyone? I know chapter 7 relates to the liquidation of the debtor's estate, but I don't get what they mean. If the entity cannot file chapter 7, why state the are ineligible? The fact they cannot file already makes that point…what am I missing?

[Determined24]

Anyone else making flash cards ?

What strategy do you use to remember today what you studied on Monday?

[kikee_07]

@Lamis How did you pass REG???

This section is so frustrating 🙁

[Anonymous]

Hi guys,

I will start studying for REG on October 2nd and take my exam on November 21st. I am currently using Wiley (used it for AUD and got a 69) so I was thinking of also getting ninja MCQ – now i was wondering for those of you who are using both to study, what is your study strategy to study with both programs? I wish i could just purchase the MSQ but you have to purchase a package now.

Also any additional studying tips would be extremely helpful! I don't plan on failing an exam ever again 🙂

[pharaoh]

Murry created a $1,000,000 trust that provided his brother with an income interest for 10 years, after which the remainder interest passes to Murry's sister. Murry retained the power to revoke the remainder interest at any time. The income interest was valued at $600,000.

The income interest:

A.is a gift of present interest.

B.is a gift of a future interest.

C.is not a completed gift.

D.is a present gift to the brother and a future gift to the sister.

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

[pcunniff]

Pharaoh not a completed gift? This one is tough

[KimmmayBaby]

@Pharaoh, the answer is C. It isn't a complete gift because Murray can revoke the trust at anytime

[Gpop1228]

Frequent forum reader, first time poster.

I took FAR in May–Bombed (Only made it through half of Becker material).

Reg (Took early August) results came in a couple days ago annnnndddd….73.

I think the obvious move from here is picking back up where I left off with Reg.

I am using Becker and will definitely add ninja review when I start FAR prep in Nov/Dec, however, I am on the fence as to whether I want to use Ninja for Reg.

Reason being:

My failure of Reg in large part, is due to the fact that I did not cover the Bus. Law sections at all in Becker, and had a late night cram session in ethics.

My score report reflected this as I was deemed ‘weaker' in these areas (along with individual taxation—-probably because this was section 1 in becker and I had no time to review).

Those of you who are experienced with retakes; in your professional opinion, do you think that merely covering Bus. Law and Ethics, Re-reading/taking new notes on all Tax Related sections, and reworking all of the Becker mult. choice, will take me over the hump?

B-TBD
A-TBD
R-73, Nov.'17
F-55, Q1 '18

[Bokhead]

@Pharaoh Answer is A present gift. The brother can use the interest income anytime he wants for the next 10 years. The remainder interest income is not a complete gift because it can be revoked at anytime.

[pcunniff]

Does anyone understand self employment income/rules. Im trying to figure out a way to master this section because I got a sim on it twice now and messed it up both times. What is considered itemized vs business related or on schedule c??

Let me know!

[pharaoh]

I was thinking C as well but Ninja said A and here is the explanation

The cash transfer is a present interest because the recipient has immediate control and enjoyment of the gift.

IRC Sections 2503(b) and 2513

The question is #802

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

[Author]

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