[jeff]

Trying something new…

[Sudad]

@sonia

I think the cut off is when they received your exam not when you take it. So if you want to get your score by Nov 5, you just need to make sure that they receive your exam by Oct 20. If I were you, I will take the exam 2 days before the cut off date to make sure they receive it before the cut off.

DONE!!!

[momto5]

Does anyone know if we need to have each type of MACRS property memorized? For instance, do we need to know that office furniture is 7 year property and automobiles and computers are 5 year property, or will the exam give us that information?

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[sonia324]

Thanks Sudad!

@momto5, i think we will need to know that information. I have not taken this exam yet, but none of the reg homework problems give us that information so i dont think the actual exam will either.

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

[Sudad]

momto5

I'm just wondering what study materials do you use? You have such amazing high scores!

DONE!!!

[Sudad]

momto5

I'm not sure either, but my best guess they will give those info on the exam.

DONE!!!

[Sudad]

@ sonia

you're welcome!

So, I guess we have to memorize the MACRS sched?

DONE!!!

[sonia324]

i think so, the sample questions on becker does not give that information so I am assuming the exam won't either.

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

[momto5]

Well, it doesn't seem really clear to me. I mean, 3 year mentions racehorses and old horses and tools. 5 year and 7 year give better examples, then 10 year gives no examples, 15 year mentions sewage treatment plants and telephone distribution plants, and 20 year mentions sewer pipes.

I am guessing maybe we should just work on knowing the difference between 5-year property and 7-year property because those are the two main classes that give good examples and are examples of more common business property?

@Sudad – thanks – I use Becker but do try to read over NINJA notes once or twice.

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[momof4]

I have a problem with the definition of capital asset and personal property.

Why is machinery and equipment used in a trade or business considered personal property and equipment and machinery not used in a trade or business considered a capital asset?

That seems backwards to me. Also when we expense an item via depreciation over a long period of time we call it capitalizing it…..which would be the equipment and machinery used in a trade or business.

Can anyone help me with this?

Thanks.

BEC 84
FAR 80
AUD 85
REG 78

[momto5]

Goodness, I thought I was the only one that struggled with this! Thanks for putting it into words.

I have also mixed this up because of the “capitalizing” of assets in business.

I have tried to think of a capital asset in terms of personal “capital gains” instead; something we own personally or hold for investment that we could sell and have a capital loss or gain on. If it is used in business, then it is a business asset (or non-capital asset). I think personal property is all property that is not classified as real property (meaning land and buildings), so that can be a capital asset or not. I have to keep referring to page R1-48 in Becker to keep it straight. I agree, very confusing!

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[sonia324]

CHAPTER 5 – CONTRACT LAW….ughh!! i am having such a hard time getting the information to stick. I think I am going have to move on and come back if i have time. Saw the lecture, did all the homeworks and reviewed why i got some questions wrong but dont feel comforable with the material.. Any advice?

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

[sonia324]

CHAPTER 5 – CONTRACT LAW….ughh!! i am having such a hard time getting the information to stick. I think I am going have to move on and come back if i have time. Saw the lecture, did all the homeworks and reviewed why i got some questions wrong but dont feel comforable with the material.. Any advice?

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

[momof4]

Momof5,

I think the only reason I will remember this is because it does not make sense to me. Geez to call anything used in business a personal asset makes my engine come to a grinding halt. What a ripe question for examiners. We'll get it because we studied. : )

BEC 84
FAR 80
AUD 85
REG 78

[momof4]

sonia324

My advice is repetition it is the only thing that works.

BEC 84
FAR 80
AUD 85
REG 78

[sonia324]

@ momo, thanks!

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

[Author]

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