REG Study Group Q1 2015 - Page 142

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  • February 24, 2015 at 11:08 pm #653170
    Anonymous
    Inactive

    I thought Wilson was preparing the tax return and the amount of expense he saw on the return he prepared was less then on some computer generated list he entered it from ?

    OK I should just move on

    February 24, 2015 at 11:29 pm #653171
    lauren725
    Member

    “Wilson discovers that the schedule’s deductible investment interest expense is less than the amount paid by the taxpayer and the amount that Wilson entered into the computer. After analyzing the entire tax return, Wilson determines that the computer-generated investment interest expense deduction is correct.”

    the investment interest expense can only be deducted up to the amount of investment interest income, so that is what the tax software is recognizing

    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 24, 2015 at 11:33 pm #653172
    Anonymous
    Inactive

    I get the interest expense thing, I don't get what Wilson is doing and what he is comparing to what. Never mind, I just need to stop obsessing about things like this

    February 24, 2015 at 11:54 pm #653173
    FIFOisbetterthanLIFO
    Participant

    So…I think I had pretty much the worst testing experience anyone could. My computer froze throughout the entire exam. During the MCQs, after I would click an answer or move onto the next question I sporadically experienced 5-10s delay sometimes more. Don't know how much total time I lost during the MCQs, but it sucked. My computer had to be completely rebooted 2 times during SIMs (probably lost 5-10 mins during SIMs). Eventually, I was moved to a different computer and finally, after 4+ hours in the testing room (obv exam is supposed to be 3), I made it to the end.

    As far as how the SIMs went I thought that 4 out of 6 were fair. One SIM did not have clear directions so I either did it completely right or completely wrong. The other one that wasn't fair click in the blank – I am HOPING its pretest because I swear it didn't have the right answers there to select..since I was crunched on time I did this one last and ended up just randomly guessing 2/3s of it.

    Found my research question pretty easy so that's always nice. Didn't see a whole lot of Biz Law (felt like 5%), however, doesn't mean anything for anyone else's test.

    If I had to grade myself, I felt like overall I'm in the 70-80% range. Considering the hell I had to deal with I would give myself a pass. 🙂 Honestly though, if I don't pass, I will raise hell with the AICPA over the issues I had today. I most definitely lost time due to computer issues and the test experience itself sucked x10 because I kept losing my spot in the AL every time they rebooted or moved me. I will fully expect and request a retake on them if I fail. I plan on writing them about it so maybe they will find my score and save us all the trouble by giving me a 75! haha.

    FAR - Passed (82)
    BEC - Passed (76)
    AUD - Passed (89)
    REG - Passed! (81)
    AICPA Ethics

    Licensed CPA

    February 25, 2015 at 12:04 am #653174
    Anonymous
    Inactive

    @FIFOisbetterthanLIFO You need to complain to the AICPA now. A post was done about a week or so back where someone had a similar experience and he found out you only have 5 days from the date of the exam to make a formal complaint to the AICPA or they just disregard it entirely. If you're going to raise a stink, do it now otherwise they won't even hear you out.

    February 25, 2015 at 12:13 am #653175
    NJPRU
    Member

    @FIFO I'm liking your post because of your score range not because of what happened. lol wanted to make that clear! I hope you kicked it's ass regardless of what happened! When I retook AUD, my computer froze as well and needed a reboot. Received a 87! Good luck!!

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

    IM GOING TO BE A CPA!!!!!

    February 25, 2015 at 12:30 am #653176
    FIFOisbetterthanLIFO
    Participant

    Angel thanks for the heads-up. I was going to do it soon, but now I will do it right away. I was actually just researching how I should go about it…do you know if I should submit it to the state board or go directly to the AICPA?

    Thanks for the good vibes NJ. I will hope that happens for me as well. How did you feel about your AUD SIMs? I was freezing during them even when time was running. Reboots weren't as much of the issue for me.

    FAR - Passed (82)
    BEC - Passed (76)
    AUD - Passed (89)
    REG - Passed! (81)
    AICPA Ethics

    Licensed CPA

    February 25, 2015 at 2:24 am #653177
    Anonymous
    Inactive

    i wonder how's everybody doing on Becker practice exam? I just took the first MCQs and scored 71%,71%,71%.

    February 25, 2015 at 2:31 am #653178
    NJPRU
    Member

    @FIFO – When I first took the AUD exam, I received a 73 because I was weaker in the SIMS and comparable in the MCQs. When i took the retake, I exceeded the MCQs and Comparable in the SIMs. Because of my computer glitch, 10 min deducted from my exam and I became a nervous wreck. Was not the best experience I ever had.

    @coocooper – I received an 83%, 87%, 83% – I think getting anything above a 70% is good! Keep practicing and refine your notes. You'll do great!

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

    IM GOING TO BE A CPA!!!!!

    February 25, 2015 at 3:29 am #653179
    Anonymous
    Inactive

    anjanja,

    This is a little late, but other than the passive income rules the interest can be lower because it was used to purchase tax exempt bonds (municipal) making it unallowed to be deducted.

    February 25, 2015 at 4:10 am #653180
    Anonymous
    Inactive

    Can a corporation only use a total of 25K sec 179 deduction for the corporation as a whole or can they deduct the 25K limit on each of the individual personal properties in the business?

    Another question what are the safe harbor rules for paying federal taxes. I always mess up the 90% 100% and 110% rule on the prior year and current year tax for individuals and corps.

    February 25, 2015 at 4:11 am #653181
    jeff
    Keymaster

    NINJA Book for REG is here: https://www.another71.com/cpa-exam-forum/topic/ninja-book-for-reg

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

    February 25, 2015 at 5:42 am #653182
    reg_mackworthy
    Member

    best of luck to everyone taking REG! just noticed I put more than twice as many hours into REG than FAR.. truly the hardest test I have ever taken

    February 25, 2015 at 6:13 am #653183
    thelonewolf527
    Member

    Second time through Becker's 1st final exam for Reg

    79%, 79%, 71% on the MC

    100%, 60%, 60%, 80%, 78%, and 67% for the Sims. So better than my first time through definitely. That still averages to a 75-76

    AUD - 08/04/14 - 83
    FAR - 11/29/14 - 80
    REG - 02/26/15 - 89
    BEC - 05/30/15 - 86

    DONE!

    February 25, 2015 at 1:09 pm #653184
    terryharm
    Member

    Good Luck this week/weekend to all of my study buddies… I will be looking for those passing scores in early March..

    BEC: 81
    FAR: 75
    AUD: 81
    REG: 85

    PA license Pending..

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