REG Study Group Q1 2015 - Page 106

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  • February 10, 2015 at 2:00 am #652623
    Gabe
    Participant

    @BEACPA honestly, I was so mad they put R8 last (it's one of the longest, dryest chapters ever…that includes all of the Audit textbook)…so I skimmed through and slammed MCQs. For what it's worth I scored “Stronger” on Business Law and Ethics…but in the end it's whatever works for you. I couldn't concentrate for that long and I felt it was a waste to spend 2-3 days reading the chapter.

    @NJ I'm with you…I can pay for my mom's medical expenses all day long, but they wouldn't be deductible because she is not a dependent/doesn't pass GI test. I don't have the sim in front of me…maybe it was social security she received and not GI?

    CPA, CFE
    CISA- Experience will be completed by August 2016

    February 10, 2015 at 5:39 am #652624
    Anonymous
    Inactive

    I am planning on taking the REG CPA exam at the end of April, but I have the 2013 Wiley book. Would that be ok to use or has the REG exam changed too much since then?

    February 10, 2015 at 3:33 pm #652625
    lauren725
    Member

    Gabe – I am glad you got your report back and that is really good that you got stronger/ comparable on those subjects and can narrow down your weak areas. I am glad you got stronger on blaw and can focus mostly on the tax and sim practice. I know you can pull this off!!

    NJ – that is strange! I just looked at that SIM and my notes and I guess I did not pick up on that. I agree with you and the rules that apply. Good catch!!! I would not stress too much, you know the rules 🙂

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    February 10, 2015 at 4:13 pm #652626
    BEACPA
    Participant

    Gabe,

    Thank you for you input! I'm going to just listen to the lecture and slam the MCQs as oppose to reading BLAW. If there's anything I should spend time reading – it would be taxation.

    Cheers…

    FAR - 2/28/14 PASS Praise be to God!
    AUD - 7/5/14 PASS Praise be to God!
    BEC - 11/29/14PASS Praise be to God!
    REG - 2/28/14 PASS Praise be to God!

    February 10, 2015 at 4:18 pm #652627
    lauren725
    Member

    BEACPA – I am sorta in the same boat. I have reviewed the tax material one time through but still have to finish most of R8. I plan to, but want to make sure I have tax down first. I think R7 and R8 review will be next week and then I will tie it all together. You can do this!!

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    February 10, 2015 at 4:22 pm #652628
    Gabe
    Participant

    @Lauren thanks! and @BEACPA you got this 🙂

    CPA, CFE
    CISA- Experience will be completed by August 2016

    February 10, 2015 at 7:11 pm #652629
    Anonymous
    Inactive

    I took the Becker practice exam 1 and i got a 20/24 on the first two sections and a 18/24 on the last section. I felt that the second section was difficult and the 3rd was easy, but I made a lot of stupid mistakes. I also got lucky with some of the questions because I was able to make educated guesses. I got 3 out of the 6 Sims completely correct, did not get the research one, and made one or two mistakes on the other 2 sims. Overall, I thought the practice exam was a lot easier than I expected it to be. I also realized I still have a lot to study for Business Law and will be hitting it hard with the time I have left

    For those who used Becker, how did you feel the Becker practice exams were compared to the actual exam. I finished my practice exam in 2 hours, so I have a really good feeling the actual exam will be much harder. Plan on doing the second one tomorrow

    February 10, 2015 at 7:19 pm #652630
    Anonymous
    Inactive

    Kent Corp. is a calendar-year, accrual-basis, C corporation. In 2014, Kent made a nonliquidating distribution of property with an adjusted basis of $150,000 and a fair market value of $200,000 to Reed, its sole shareholder. The following information pertains to Kent:

    Reed's basis in Kent stock at January 1, 2014 $500,000

    Accumulated earnings and profits at

    January 1, 2014 125,000

    Current earnings and profits for 2014

    including the effects of this distribution 60,000

    What was taxable as dividend income to Reed for 2014?

    A. 60,000

    B. 150,000

    C. 185,000

    D. 200,000

    February 10, 2015 at 7:21 pm #652631
    Gabe
    Participant

    @cpasucks looks like you're in good shape. I feel like Becker was on par with the exam.

    CPA, CFE
    CISA- Experience will be completed by August 2016

    February 10, 2015 at 7:21 pm #652632
    lauren725
    Member

    D. 200,000

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    February 10, 2015 at 7:23 pm #652633
    s2sylvir
    Member

    ^For those answering the above question, I just want to point out where it says “Current earnings and profits for 2014

    including the effects of this distribution 60,000″

    You do not adjust current E&P for gain on the distribution. So your dividend is 185k.

    There's another question that just says current E&P is 60,000 (in which case you adjust for the gain on distribution of property).In that case, dividends is 200k.

    BEC - PASS (79)
    AUD - PASS (63, 71, 74, 74, 83)
    REG - PASS (88)
    FAR - PASS (58, 89)

    Becker for all + FAR 10 Point Combo

    February 10, 2015 at 7:24 pm #652634
    lauren725
    Member

    well that's confusing if that is the case!

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    February 10, 2015 at 7:36 pm #652635
    Anonymous
    Inactive

    Yes, its 185,000. s2sylvir is right. I also fell in the same hole and selected 200,000.

    February 10, 2015 at 7:41 pm #652636
    lauren725
    Member

    Good question cracked. I don't like it, but I guess that is what this forum is for. LOL

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    February 10, 2015 at 10:15 pm #652637
    Hello928
    Participant

    I am little confused about partnership basis and Partners Basis.

    Partnership Basis should be Adjusted Basis + Gain Recognized by Shareholder? Does Non-Recourse Debt also increases the basis?

    Below is the question from Pearson Book (Federal Taxation Book-2013)

    Stella acquired a 25% interest in the STUV Partnership by contributing land having an adjusted basis of $32,000 and a fair market value of $100,000. The land was subject to a $48,000 mortgage, which was assumed by STUV. No other liabilities existed at the time of contribution. What is Stella's basis in her partnership interest?

    Partners Basis should be 0

    Gain Recognized should be 4000 by Stella

    How about partnership Basis? Should it be 32,000 or 36,000?

    Thank you and I greatly appreciate your help!!

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