[jeff]

Trying something new…

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[srope]

I'm testing Oct. 1 because the information will be the freshest and because I start work the 3rd.

FAR-85
BEC-84
AUD-77
REG-74,86

[NYCPAin2012]

@srope im taking reg the 1st and start work on the 3rd also! i was supposed to take reg in august before far but couldnt handle it all and pushed it back. would you recommend putting the most of my last minute effort towards corporate? or was it really just a mix of all the tax topics. also, are you a umd grad by any chance? your name is similar to someone i graduated with

B 7/27 - 81!
A 7/10 - 79!
R 10/1
F 8/30 - 77!

[srope]

Ha no UMD grad here, from Ohio. As for REG, a lot of my focus has been primarily on corporate and partnership taxation along with exempt entities and such. I would focus a lot on contract law and the business law portion in general as well. I was hit from all over with questions though. Just depends on the areas you feel comfortable and where you see you need improvement.

FAR-85
BEC-84
AUD-77
REG-74,86

[tuwanda]

Regulation – Capital Asset – I used this theory to help me understand the difference between capital and non capital assets. If you own stock and sell it, the gain or loss is considered either a capital gain or a capital loss. The stock is an investment and not used in a trade or business. (I am excluding the 1244 special tax convention). If the property is used in a trade or a business then it is not a capital asset it considered a business asset because it is used to make money in a business. Property is capital(investment) or non-capital(used to make money in a business) based on how is it used by the taxpayer.

Does this make sense?

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[Anonymous]

@tuwanda Those are very good points to differentiate. I think another confusion is, if I understand it correctly, personal property is anything other than real estate. So, furniture would be personal property to a business (assuming it is used in the business) and be a noncapital asset. The same furniture could be held as personal property to an individual (not used in a business) and be a capital asset.

Am I understanding this correctly?

Furthermore, to the business, the furniture would be depreciate over 7 years and be subject to 1231/1245 rules if held for more than 1 year. The business will recognize ordinary gain (Section 1245 gain) up to however much was depreciated (accumulated deprecation) on the furniture. Anything over accumulated depreciation is capital gain (Section 1231 gain).

Again, this is my understanding. If I am wrong, I disclaim any liability 🙂

[momto5]

Thank you both for the extra explanations about capital / non-capital assets. I am looking forward to a time when those words will automatically conjure up the correct meanings instead of having to always think methodically through them. I appreciate the time you took to explain.

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

[Anonymous]

@ momto5

You are very welcome. The more I get to explain to someone else, the easier I can remember it! I am actually feeling a little bit more confident now that I am done all the material and now starting a review. My biggest fear is getting into the exam and feeling how I felt on AUD, completely lost despite knowing the material!

[Anonymous]

Anyone have a mnemonic for remembering separately stated items on the K-1 for partnerships & s-corps? They're slightly different, but generally the same. Or do we think that is unimportant in the grand scheme of things?

[srope]

A K-1 is a believable simulation along with a few minor MC. It's good to know the separately stated items there, as for S Corp…probably not so much.

FAR-85
BEC-84
AUD-77
REG-74,86

[Anonymous]

delsol1989, am scheduled to take REG on the 8th as well!!.

How are u feeling,am not yet done with my materials and am super stressed out.Wht review materials are u using.I use wiley.

Gud luck to all of us.

[CPA_Runner]

Taking REG on 10/16…almost done with all the law stuff for the second time…onto my favorite subject of tax. Hopefully the second time reading through the tax books goes better.

What's the best plan of attack for REG as far as the last week before the test goes? On the first two I gave myself a week or so to just “review” and go through practice question after practice question. It seemed to help tie all the topics together. Does anybody have any other methods that work well?

AUD - 80 (05/23/2012)
FAR - 75 (08/09/2012)
BEC - 81 (12/05/2012)
REG - 71 (10/16/2012); 70 (02/12/2013); 78 (04/08/2013)
Ethics - 98

[Tony]

Hey Mike.

Well seems like your plan is working. You should do the same for the REG as well. You should focus on professional responsibilities and individual tax stuff.

Finished!!!!! on 3/10/2015

Reg - 83,71,81(Expired)
Aud - 78, 67, 68
Bec - 80, 73, 72
Far - 76, 72, 60

[Anonymous]

@10YRS

Good luck with your exam, may we pass on the 8th!

I'm using Bisk and I just finished my materials Friday and still feeling shaky. I left 2 weeks for review. Reviewing business law this week and tax next. So far I only reviewed contract law, did 60 questions of the 130 or so that Bisk has and got a 90% but unfortunately I don't think I'll be in the 90's on everything.

How is Wiley? I'm thinking about using Yaeger for REG if I fail. I'm not a fan of Bisk for REG.

[Katydid]

I am so sick of REG. This is round 2 and I'm having such a hard time getting back into the swing of things. I have been on R3 Forever! And any exchange of property from any type of entity makes me want to cry. Formation, liquidation, taxation. death and taxes. death and taxes. good grief.

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]

LOL @ katydid… HEARD THAT. Keep at it though. You are getting so close!! Just think of how great it will feel to say “suck it REG” once you pass 🙂

[Author]

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