[jeff]

Trying something new…

[occams_razor]

@Mr.Nicewatch

I would suggest that you don't rewatch the videos if you've taken diligent notes on them. It would almost be a waste of your time and a huge redundancy. I would suggest going over your notes, doing multiple choice questions until your head hurts and you want to cry, then do 30 more. Go over what you continually get wrong and take notes on any quesiton you get wrong. Try not to memorize the answer to a specific question but try to repeat the process of finding the answer. Busy season is tough but if you're already through a lot of the study time, you might be able to schedule the test earlier or make a more intense review of the stuff over the next few weeks. Good luck!!

AUD - 79!
REG - (67,69-without NINJA and Wiley Test Bank) 84!(with NINJA and Wiley Test Bank)
FAR - 75!
BEC - 83!
Every test I passed, I used Ninja Notes. Couldn't have done it without them!
I am done!!!

[sonia2010]

Appearing for REG tomorrow! This is my 3rd attempt. I thought I cracked it the 2nd time but ended up getting a 74!! After that I didn't know how to approach this exam! I took a good break for about a month before I re-started my preparation for REG. And today on the eve of my exam all I can say is I'm so full of all the rules, exceptions, deductions, phase-outs and the minute little details that I'll probably be able to answer any question you ask me in the middle of the night! Damn! I hope it will all come together on test day…

But I'm dreading the SIMS!! Don't know what kind of curve ball the exam is going to throw at me! I'm using Becker and Wiley and hoping that it'll get me past the “75” at least this time around else I'll go mad!

All the best to all the folks preparing for CPA!

REG – 62 (Feb '12), 74 (May '12), Oct '12 ??

BEC – Nov '12

FAR – sometime in 2013

AUD – sometime in 2013

[Katydid]

Good Luck Sonia. You'll do well.

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]

Does anyone have advice for the Research SIM?

I usually don't struggle with them because there is some sort of hint in the question as to a keyword I could search for. In the latest Becker Final Exam I took, the research question was, “In the current year, Mr. Carlin received a refund of state taxes that he deducted on Schedule A in 2002. What code section and subsection addresses how Mr. Carlin should treat the receipt of the refund?”

The answer was Section 111, Subsection a. This states, “Gross income does not include income attributable to the recovery during the taxable year of any amount deducted in any prior taxable year to the extent such amount did not reduce the amount of tax imposed by this chapter.”

Oh my. I think the only word that could have gotten me there through a search would be “prior”. But not sure I would have EVER come up with that on my own.

[momof4]

bitchycpacandidate

I would search for state tax refund….but I don't know if it would work.

BEC 84
FAR 80
AUD 85
REG 78

[momof4]

So do corporations only have two rates: the ordinary tax rate and the capital gain (same for short or long term)? It seems that way due to the netting….or have I been at this too long today?

BEC 84
FAR 80
AUD 85
REG 78

[Anonymous]

@momof4, I know, that's what I searched for… nothing came up because that section doesn't have the words “state” or “refund”. It was a REALLY hard research question. Glad they put it in there though, I always think the research questions are pretty easy. It gave me a glimpse of how difficult it *could* be. I think I would have only been able to find that section the slow way of browsing through the topics.

[MrsB]

Hi everyone! I am joining the REG group today. I took BEC on Friday so I am crossing my fingers that this will be my last exam. I am taking REG on November 30th.

F 80
A 86
B October
R November

[Hedge30]

Hey I was wondering if anyone could help me figure this out as Becker wasn't clear for me. So when determining the basis of property distributed to a partnership for stock, if the stockholder recognizes any gain does the partnership add that to the property's basis like for C-corps? Also, if the stockholder recognizes a gain because of an excess of a liability, does that gain get added to the property's basis for the partnership?

Hopefully this makes sense, if not I can try to reword it. I haven't really seen any questions on it in the Becker materials but I been wondering what the answer would be in case I somehow see a question asked when I take the exam

FAR - 92
AUD - 87
REG - 91
BEC - 86

[Anonymous]

I'm not sure about the first question… but I think for your second question, if there is an excess liability so much so that the liabilities the other partners assume is greater than the property contributed, that's when a partner recognizes a gain. But because you subtract the liabilities the other partners assume, your basis drops down to zero (because it can't go less than zero).

I'm looking at the example on R4-4, but in the 2011 version.

Tim is a 1/3 partner, he contributes property with a basis of $100,000 and a mortgage of $225,000. 2/3 of the mortgage ($150,000) is assumed by the other partners. This gives him a gain (boot) that is taxable and drops his basis for the property to zero.

Hope that helps!

[Hedge30]

Hey I think I wrote my question poorly 🙁

I meant what would the partnership's basis be in the property because of a gain/excess of liabilities, not the partner

FAR - 92
AUD - 87
REG - 91
BEC - 86

[Anonymous]

@hedge30

Property contributed to the partnership has the same basis as it had in the contributing partner's hands (a transferred basis). No gain or loss is generally recognized by the partnership upon the contribution. (got that out of the wiley book)

[Anonymous]

Good morning everyone! I am scheduled to take my REG on 11/21. I took a week off from studying (took my BEC on 10/1). And now I am refreshed and ready to tackle this beast. Lets do this!!

[momof4]

Do you agree with me?

The primary difference between basis for a partnership and an S corp is third party debt. Third party debt (debt owed by the S corp to an outside Party) does not increase basis for owners. Only loans made directly from the owner to the S corp will increase basis for that owner. All debts increase basis for partners in a partnership.

Correct?

I think Kaplan has this incorrect on a slide. The Journal of Accountancy and Becker have it as listed above.

BEC 84
FAR 80
AUD 85
REG 78

[fquong]

Hi all, I'm new to this site. Never liked going on here because I always get discouraged from study after seeing how people do on these exams. After getting an email about an online study group, I decided to give it a try. I have my first exam scheduled for Oct. 27th. I'm taking REG first. I've been studying using Becker for about 2 months now and just doing questions after questions. Good luck everyone!

REG - 10/27/2012
BEC - JAN
AUD - TBA
FAR - TBA

[Author]

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