REG Study Group Q1 2015 - Page 153

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  • March 2, 2015 at 5:56 pm #653335
    NJPRU
    Member

    @PASS – I really don't have any more information for you than what I learned with Becker and looking through the IRC and I hate to say this, but sometimes it's better to bite the bullet and listen to the “rules” rather than tinkering with whys and ifs especially with this stuff. I really wish I could answer you better! I'm sorry. 🙁

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

    IM GOING TO BE A CPA!!!!!

    March 2, 2015 at 6:21 pm #653336
    Anonymous
    Inactive

    hi guys.

    I was just looking avaliablity for my next exam and see that they have opened dates in MARCH!. when did that happen? I am so mad.. i wish i knew so i could have gotten few more days to study.

    March 2, 2015 at 6:28 pm #653337
    PasstheCPA7
    Participant

    @ NJ – thank you.

    Another question I had was this: In a Partnership, why is it that a partner's share or percentage of the partnership’s liabilities INCREASES his basis? I am not sure I am following that. The reason why I ask that is because whenever we think of “increasing basis” – well, we increase basis for the good things such as: Putting assets in or income. We never increase basis (based on bad things). So, not sure why the partner's basis would increase (due to his share of his partner's liabilities) he has.

    Anyone want to explain this?

    March 2, 2015 at 7:11 pm #653338
    Gabe
    Participant

    @CPA I am assuming they added those last minute because of the snowstorms..that happened a few months ago as well. They added dates in a “dead” month but didn't announce it.

    @pass- think of it this way: more liability= more responsibility= more vested in the partnership doing well. That's how I think of it as a “good” thing. Does that help?

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

    March 2, 2015 at 7:58 pm #653339
    PasstheCPA7
    Participant

    @ Gabe – thanks! Yep that works. Didn't really think of it that way. Appreciate it.

    March 2, 2015 at 8:02 pm #653340
    Gabe
    Participant

    When do you sit @pass?

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

    March 2, 2015 at 8:05 pm #653341
    PasstheCPA7
    Participant

    You know – I was supposed to take it on the 28th. Then – last minute, I saw the 1st week of March being opened up. So, I'm taking it on Thursday now (3/5). Definitely needed those extra days. It's my last exam. So, trying to wrap it up!

    Worst case scenario – I'll just take it again in April.

    Are you taking it 4/3/15 for sure? I could never wait for my result that long! I always tend to schedule my exam towards the end!

    March 2, 2015 at 8:20 pm #653342
    Gabe
    Participant

    @Pass ahh good luck!! Yeah I normally take it at the end of a window but I will be out of the country for a majority of April, so I figured might as well take it while everything is still fresh. I sat for the first time at the beginning of January and didn't make that 75!

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

    March 2, 2015 at 8:24 pm #653343
    PasstheCPA7
    Participant

    @ gabe – Thank you! And yeah – that's smart. Just take it while it's fresh in your head.

    Any tips on what topics you suggest hammering or mastering the last few days?

    March 2, 2015 at 8:39 pm #653344
    Gabe
    Participant

    Know basis inside and out…that seems to be a big topic in MCQs and SIMS…and like kind exchanges.

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

    March 2, 2015 at 8:43 pm #653345
    NJPRU
    Member

    Honestly, I have no idea what to do with myself. We are officially slow at work and now I cant study during my free time. I cant wait until 7 dayyyyyyyyyyyyyyyyysssssssssssssssssssssss!

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

    IM GOING TO BE A CPA!!!!!

    March 2, 2015 at 8:44 pm #653346
    Gabe
    Participant

    @NJ ahhhhhhhhhhhhhh

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

    March 2, 2015 at 8:44 pm #653347
    NJPRU
    Member

    @PASS – Know Basis, Know the separately and non-separately stated items on the K-1 and also I would know Taxable income vs Book income as well. On my exam, I had a lot of ethics, and a good chunk of B-Law in there as well (some may say that R8 isn't important, but it was on my exam). Good luck!

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

    IM GOING TO BE A CPA!!!!!

    March 2, 2015 at 9:15 pm #653348
    PasstheCPA7
    Participant

    @ NJ – thanks for all your help! Rooting for ya to pass!

    March 2, 2015 at 9:24 pm #653349
    PasstheCPA7
    Participant

    @ NJ – When I was studying S Corps in Becker, they seem to stress the Separately and Non-separately items a lot. It came up a lot in the Passmaster software homework. How do you remember which ones are separately stated? Do you have a mnemonic you created to remember which items were the separately stated or which items were the non-separately stated?

    Thanks.

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