REG Study Group Q1 2015 - Page 147

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  • February 26, 2015 at 7:22 pm #653245
    Anonymous
    Inactive

    @NJ and @Gabe,

    Thank you very much on the above explanation. They are very helpful.

    @ NJ: when's your exam?

    February 26, 2015 at 7:31 pm #653246
    Gabe
    Participant

    @coo I believe everyone is sitting either tomorrow or Saturday 🙂

    which, by the way, good luck to all my Q1 folks! I'm sure you'll CRUSH it!

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

    February 26, 2015 at 7:45 pm #653247
    NJPRU
    Member

    @Gabe – I just sent it to you via fb messager

    @coocooper – I sit on Satuday. ahhhhh

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

    IM GOING TO BE A CPA!!!!!

    February 26, 2015 at 7:50 pm #653248
    pia ach
    Member

    @NJ i understand it better after reading your explanation than viewing the videos.

    Can someone please summarize the basis of the diff entities C corp V/s S Corp V/s Partnership.

    Finally done!!! Experience-pending. Ethics- Pending.
    Reg 78 / 73/82.
    Aud 74/89.
    BEC 72 /78.
    FAR 74/ 73/ 82.

    February 26, 2015 at 8:15 pm #653249
    PasstheCPA7
    Participant

    Hi guys, taking REG on Saturday and I wanted to ask an important question that can rather be misleading:

    There's a Becker sim: Becker REG 1 Sim #1, Direction #2 and the sim is asking us what is INCLUDED as part of gross income? One of the questions was: Loss of $25,000 on a rental property that the taxpayer manages part-time (taxpayer's modified AGI is $110,000).

    My question is this – After doing all the calculations, we come up with a $20,000 loss that is reported. But, why is Becker showing a positive $20,000 loss? Notice how the $20,000 is NOT a negative ($20,000). Is this some kind of mistake? Remember that this $20,000 loss would be deducted on Line 17 reducing gross income. So, I am not sure at all why they are showing a positive $20,000.

    In other simulations, how do I know what the examiners want? It's very confusing and misleading. We can get the entire sim incorrect if we don't do this correctly.

    Please help!!

    Thanks

    February 26, 2015 at 8:20 pm #653250
    PasstheCPA7
    Participant

    Another example of my question above is: Distribution of $2,500 from a traditional IRA (no known exception exists). Becker is showing a positive $2,500 in the “Included in Gross Income” column. It makes no sense. This $2,500 should REDUCE your gross income by $2,500 and thus, it should be ($2,500), NOT a positive $2,500.

    Anyone else come across this?

    February 26, 2015 at 8:30 pm #653251
    Gabe
    Participant

    I cannot see the SIM because I do not have Becker, but in the directions does it state losses need to be negative? In short, yes, SIMS can be poorly worded or you feel not enough information is given. You just have to do your best at interpreting what they want. Make sure to read the entire SIM and directions.

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

    February 26, 2015 at 8:37 pm #653252
    PasstheCPA7
    Participant

    @ Gabe, it's very poor. All the directions say is this: From the information provided, determine the amount of gross income to be reported on the individual income tax return and indicate the amount excluded from tax (if any).

    Any thoughts?

    February 26, 2015 at 8:58 pm #653253
    NJPRU
    Member

    @PASS – I got the majority of the questions wrong in the SIMs in the second practice exam because I put 0s in for separately stated items instead of leaving them as blanks. I also got negatives wrong by putting the negative sign as well.

    I don't think they would count any of that against us if the answer is right. Unless you don't follow the directions, if it doesn't actually reference what you should do, I would do it on what you think is right and call it a day. No need to worry about it. 🙂

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

    IM GOING TO BE A CPA!!!!!

    February 26, 2015 at 9:50 pm #653254
    PasstheCPA7
    Participant

    @ NJ, are you sure? I just don't want to get something wrong for something I know I understood. You know?

    February 26, 2015 at 10:02 pm #653255
    Gabe
    Participant

    @pass definitely don't worry about it. What you stated was correct, those were losses.

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

    February 26, 2015 at 10:04 pm #653256
    Gabe
    Participant

    Ok I am writing out general rules for distributions on post its…

    Corp distribution

    liquidating- rec. G/L as if sold at FMV. if liab is greater, use that.

    non liquidating- ???

    Pship distribution

    liquidating- ONLY $ triggers gain (must be > AB)

    non liqudating- ???

    any help? Thanks!

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

    February 27, 2015 at 12:05 am #653257
    Anonymous
    Inactive

    https://www.wiley.com/WileyCDA/Section/id-404805.html

    Have you all seen this article before?

    February 27, 2015 at 12:20 am #653258
    funtiks
    Participant

    I studied god damn blaw for 2-3 weeks and was scoring in high 70s. Took 1 week off blaw to review tax and now i cant remember anything from blaw….SHIT!!!

    my examis tomorrow and im scoring 50s on blaw

    FAR - 76*, 73, 85
    BEC - 69, 72, 78*, 80
    AUD - 72, 71, 90
    REG - 71, 74, 85

    AFTER 3 YEARS I'M DONE!!!

    February 27, 2015 at 12:26 am #653259
    lauren725
    Member

    ^No need to bring the big guy into this. He can only help you! 🙂

    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!

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