[jeff]

Trying something new…

[fnj_84]

@CPAski and @momto5 Thank you! It could be an old option on the SIMS.

[PassingTheCPA]

@snemc889, thanks a lot for your help, but the information updated on 22 august 2011 will be tested in the October/November window ?

[pia ach]

Hi ! I am planning to give my Reg in Jan 2013 using Wiley Exam review 2012 and Wiley problems and solutions 2012-13 .Should i purchase additional materials? Any advice?

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[sea2589]

how would this scenario regarding partnership basis be treated?

Billy transferred prop with AB of 50 k and FMV of 30K to partnership for 30% interest. The partnership later sold the property for 65k when the AB was still at 50K.

what is Billy's Gain or Loss as a result of the sale?

Do i net the built-in loss with the now gain of 5k for Billy?

[Sudad]

When Billy transfered the property to the partnership, the partnership owns it on the day of transfered not Billy. Basically, the gain on sale of $15,000 would increase the partners' basis based on their profit and loss agreement.

DONE!!!

[Sudad]

Opps, sorry! The total gain is not $15,000, it is $35,000 because the new basis of the property is the FMV at time of transfer. So, this 35K gain on sale will be distributed among the partners based on their P&L ratio. If Billy has 30% interest then his share on gain will be $10,500 (30%X35,000).

DONE!!!

[sonia324]

Regarding the question of contribution of property with built in loss

when a partner contrbutes with a fmv that is lower than the adjusted basi a built in lost exist at the date of the contribution. upon the subequent sale of that property the built in loss is specially allocated to the contributed partner. therefore, you need to first allocated the amount to bill and then distributed equal to the partners.

hope this helps!

FIN - 77 (November, 2011)
AUD - 80 (July, 2012)
REG- (October, 2012)
BEC -(November, 2012)

[sonia324]

amount of built in loss to the partner and then distrubuted equal to the partners**

FIN - 77 (November, 2011)
AUD - 80 (July, 2012)
REG- (October, 2012)
BEC -(November, 2012)

[Katydid]

Do any of you listen to podcasts related to tax to help reiterate some of the material? I found a website: taxtalktoday.com, its on iTunes as well. They discuss primarily individual tax info but I wanted to share the site just in case anyone was interested. Long podcasts: 1 1/2 hours + but they do discuss a lot of what's covered on the exam.

I also found a general report on partnerships on lexis nexis: https://www.lexisnexis.com/lawschool/study/understanding/pdf/PshipTaxCh1.pdf

B-74,84 (Expires 1/31/14)
A-79 (Expires 7/31/13)
R-72,83 (Expires 4/31/14)
F-80 No more expiration worries, I'm Done!

[Anonymous]

haha srope…. I've fully learned to accept “surprises” with this exam, especially after walking out of my last BEC exam. That thing came out of left field for me lol

[Anonymous]

I am taking REG in 3 weeks (10/11) but I have taken off from work and can fully dedicate myself to studying over these 3 weeks. I started yesterday (R1) and am doing R2 tonight. Do you think this is doable? I am using Becker 2012

Also does anyone that used Becker have any helpful notes or study guides they could send? Thanks and good luck to everyone studying!

[OTW2CPA]

Acronym to remember some of the adjustments to arrive at AGI on individual tax return – MOHAWKS:

M: moving expenses

O: one half of self employment tax

H: health insurance paid by self employed

A: alimony paid

W: withdrawal of savings penalty

K: Keogh, IRA, SEP

S: student loan interest, tuition, K-12 educator expenses

I know this probably isn't a difficult subject for tax gurus but every little bit helps.

FAR: 8/11 - 80
BEC: 2/12 - 74, 5/12 - 80
AUD: 8/12 - 79
REG: 12/12 - 80

**used Kaplan primarily
*used Wiley study guide as supplement for BEC
*used Ninja notes AUD and REG

[momof4]

I've completed all of the Becker lectures and I have a month to practice questions, write Ninja notes, and review the partnership and corporate tax issues. I'm busting out of here this testing window.

I can't thank the board enough for the 74.

BEC 84
FAR 80
AUD 85
REG 78

[momof4]

srope

I had considered testing October 1 as well but then I pushed it further out because we still won't get a score until Nov 5. Are you testing the first because the information will be fresher in your mind?

BEC 84
FAR 80
AUD 85
REG 78

[sonia324]

If I take the exam Saturday October 20th, do you think we would get the score by November 5th?

FIN - 77 (November, 2011)
AUD - 80 (July, 2012)
REG- (October, 2012)
BEC -(November, 2012)

[Author]

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