[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Post by Another71.

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

[lauren725]

NJ – for the AAA question, I think that is correct. I know it does not include contributions by the partner but I think includes everything else that flows to them from the S Corp's activity. I will let you know if I see a question on 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!

[lauren725]

Are you already on Chapter 3 review?? Kicking some AAAs

sorry had to!

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!

[s2sylvir]

@lauren725

Haha! Good one 😀

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

Becker for all + FAR 10 Point Combo

[NJPRU]

bwahaha!! that was good!

Just finished up R3 MCQs tonight. I'll be working the two SIMs I didn't originally do (there are 3 as you know) tomorrow night and then working on progress tests for R3 and then R1 through R3 between tomorrow night and Saturday morning.

Rest of my game plan works like this:

Some time in there, I'm going to start compiling a list of what I'd like to call “one-offs” which are things that aren't normal to me but are “special rules” that you NEED to remember, such as the Mom and Pop rule and the 1244 worthless stock rule. If above all else, I want to be able to drill those into my head and keep repeating the “normal” stuff.

I should be done with R4 by Sunday night and moving on to R5 Monday (thank goodness i'll have off) and will start doing progress tests on all the tax chapters come early mornings next week.. Then finally through to R8 by next Friday night.. Practice exam next Saturday. After that, it's all progress tests times infinity.

Sorry for the long explanation.. As you can see, I am a very meticulous person. lol

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[lauren725]

Love the game plan!! I have Monday off as well thankfully so I hope to be through R6 review this weekend and then will spend a lot of time on those R3-4 SIMS. I may get to R7 this weekend but I doubt it so next week will be R7 and I think this one will take me a few days. After that I have to finish R8. So hopefully I will be “done” with all the material by the next weekend. I'm going to have to stay on top of it though.

I have been spending an hour everyday going a progress test on 1-4 and then some ninja mcq. I would love to be able to do more ninja questions but will keep doing some everyday and see if I can squeeze more in the last week.

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!

[Anonymous]

I am still trying to dig the mystery of the concept of separately and nonseparately stated income items. But just as most people are suggesting to keep going and digging, so I am getting there one bit at a time.

I am scrutinizing the forms 1065, S-K and K-1, what goes in here and there. Also, I am trying to tie S-1231, 1245, and 1250 together.

I saw 1231 and 1250 gains under K & K-1. What about 1245? Where do we put it?

[Anonymous]

What is the S. 179 rules for THIS quarter?

Do we use the 25,000 depreciation with a phaseout at 200k?

And do we still use the 50% bonus depreciation (if the question asks for bonus)?

[NJPRU]

@Amor – I think there was a problem in the S Corp MCQs where they state that gains/losses from 1245 belong in ordinary income. Try the last couple of questions.. sorry I don't have my material open right now!

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Gabe]

Yep 1245 is ordinary.

Also, because I don't feel like digging around through this thread:

Does anyone have good notes for liquidating vs non liquidating distributions for partnerships AND corporate distributions? I've been getting the two mixed up and that is what I struggled with on the exam.

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

[lauren725]

Sunni – yes the 179 limits are $25,000 and the phase out starts at $200,000. This is the rule for the test until July changes I believe.

Gabe, I don't have many other notes other than repeating the few pages becker has on the topics. I think they do a really good job explaining partnership nonliquidating/liquidating. The corp rules are a little more confusing to me personally but I think repetition of the questions is probably the best practice.

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!

[Gabe]

@lauren- thanks. I'll look over those and make some more notecards 🙂

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

[lauren725]

Like kind exchange RECOGNIZED gain rule:

My understanding is that gain is not recognized unless boot is received – which in that case the recognized gain is the lesser of the realized gain or boot received. ok moving along…

The rule gets a little fuzzy when mortgages/ liabilities come into play. Is this the only time boot “paid” is calculated into the recognized gain? When liabilities are received and given as boot? in that case you net them I believe. anyone have more clarification?

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!

[lauren725]

^^ I know Jeff goes over this in ninja audio but I obviously haven't grasped all of it yet 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!

[Anonymous]

@Lauren, when you said “liabilities are received and given as boot”, did you mean liabilities are assumed {Boot Paid} or liabilities are canceled {Boot Received}.

You are right to net them. I watch out for boot received to determine recognized gain and stick to the rule:

Recognized Gain [RCG] = Lesser of Realized Gain [RLG] or Boot Received.

[lauren725]

Thanks. Ya I have seen a few questions that show items other than liabilities paid from the taxpayer and these items are NOT cancelled out with boot received so there is no gain recognized. That is why I am confused on the liabilities/mortgages being netted and want to make sure that is the only case that this holds true.

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!

[Author]

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