[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/

[pcunniff]

Hmm sounds like because it’s revokable it wouldn’t be. Would have gotten that question wrong for sure.

[Lamis]

@kikee lol , I was surprised too that I passed! What's funny is that I got in Becker's mock exam 1:82 & mock exam2 :82 and in the real exam I got 82 as well
Just don't skip any area ,try to understand everything everything and practice ninja MCQs and sims
Good luck

[Karrie]

@pharaoh and @pcunniff the wording of the question is tricky – they are tricking you because they are saying only the REMAINDER interest is revokable (not a completed gift) but the question is asking about the Income interest, which IS a completed gift. I remember that question tripping me up to when I was studying. Hope that helps.

[pharaoh]

@karrie I can't tell you how many times i read this question and I didn't catch it until you pointed out ……Grrrrrr on my side and thank you

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

[KimmmayBaby]

@Karrie….maybe I need to move my test back then….because I was just sure.

[Wanna be COP]

Hi, everyone, i got a question regarding to off the book question.
example: I(homeowner) hire a Contractor to repaint my house. Contractor asks for $1000. then I said will help you out in exchange for $100 discount. contractor agreed. at the end of the job, I give contractor $900. is this count as off the book job? thank you in advance.

[andjela]

@elletaylor – I relied on Wiley only for REG and failed twice. Going with Ninja this time around. Wiley MCQs will help you prep well for Business Law portion of REG and that's about it. Ninja MCQs helped me pass FAR and I'm hoping the same will happen w REG

[CoachEmUp]

Do we think we need to really know the AMT inside and out? I just don't see the value in grinding over it for 1 or 2 MCQ's. I think knowing the basic adjustments and preferences should suffice. Anyone with experience on the test think differently? Thanks.

[nardo]

Can anyone help me understand what's the difference between a registrant and issuer in terms of SEC law?
Thanks :3

[teejaypark]

How deep/detailed does the test go for bankruptcy and securities regulations issues? I'm looking at the exemptions for transactions and securities (WileyCPA) and they really dive into the specifics.

[Matt]

@CoachEmUp

With AMT I just know as much as I can, while keeping in mind other individual tax phaseouts that are more likely to come up.

The different preference/deferral items are definitely important and some things like the corporate exemption amount we all should know, however, at a certain point it becomes insanity.

FAR 74

[ayusdream]

Hi everyone, I am new to this forum. I just want to share some tips on how I study. I m using roger's review course and so far it helped me pass Far on my 2nd try. I am working full time but studying only 2 hours a day, and 5 hours or so on weekends. I made flash cards for the definitions of the terms and conditions for specific items to read on my commute to work, and I copied and pasted the solutions of all the mcq I did wrong in a word doc and printed it and read it while I m working out in the gym afterwork, or whenever I am not able to do mcq with a computer. Although the process might be slow, but I think it really helps to memorize some of the things. I am taking reg in Oct 11 and I been studying since beginning of Sep. I have a hard time focusing to study in front of a computer after a long day of work. Wishing everyone best luck!

[Operation_CPA]

Confused … if anyone can help that would be great.

Question: Which of the following types of conduct renders a contract void?

A. Duress through physical compulsion <– Correct answer, yes.
B. Duress through improper threats
C. Undue influence by a dominant party in a confidential relationships
D. Mutual mistake as to facts forming the basis of the contract

I understand why A is correct, but why is D wrong? In the lecture Olinto clearly states that if both parties to a contract are mistaken as to a material fact regarding the contract, the adversely affected party can avoid the contract. Next to mutual mistake he wrote = VOID. What am I missing? Thanks.

[pharaoh]

@operation_CPA In Roger, Mutual mistake makes the contract “unenforceable” and allows it to be rescinded. So I guess it goes more as voidable

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

[pharaoh]

Which of the following disclosures is not required when filing Schedule M-3 of Form 1120?

A.Disclosure related to whether the return is a consolidated or nonconsolidated return

B.Disclosure related to whether the income statement was certified audited or nontax basis

C.Disclosure related to whether or not the income statement has been restated in the previous seven years

D.Disclosure related to whether or not the income statement has been restated in the previous five years

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

[Author]

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