[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

[terryharm]

@BEACPA nicely said.

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

PA license Pending..

[Gabe]

Thanks everyone!! Congrats to everyone that passed and good luck to those taking it at the end of February- hoping to see you in the “I Passed Reg” section next score release!!

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

[tacocatCPA]

Question for everyone: I have two different courses I'm using to study for reg. 179 deduction: $25,000 or $500,000? The two different courses have conflicting answers. Taking the exam Monday and want this straightened out before then. Thanks!!

[s2sylvir]

@tacocatCPA

Use: 25k with 200k phase out

The 500k was the 2013 rules!

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

Becker for all + FAR 10 Point Combo

[lauren725]

So sorry to hear Gabe. I know you will rock it next time. You have a great study ethic and I know will get it done next window.

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]

Thanks @Lauren! Good luck to you at the end of February. I am sure you will rock it!

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

[PasstheCPA7]

@ s2sylvir – Congrats on your pass! You did really well. However, I am a little confused. You ended up skipping the entire business law and still passing? How is that possible? Can you shed some light? Did you skim or anything in blaw or do any homework questions?

What blaw topics would you say are a “must know?”

Thanks and congrats again!!!

[PasstheCPA7]

@ s2sylvir – Congrats on your pass! You did really well. However, I am a little confused. You ended up skipping the entire business law and still passing? How is that possible? Can you shed some light? Did you skim or anything in blaw or do any homework questions?

What blaw topics would you say are a “must know?”

Thanks and congrats again!!!

[The_AmYam]

Gabe – good luck next time! I thought the sims were SO HARD this time around. I guessed big time on some. They were a killer. You're almost done – hang in there! I think your studies might go a lot faster next time around and you can really spend time just honing different topics.

I passed, one down – three to go! I needed the pick-me-up today, I'm having a really hard time getting motivated for FAR. So much material!

REG - 81
FAR - 79
AUD - 94
BEC - OCT 15

[Gabe]

@The_am Congrats!!!! You're gonna ROCK FAR in April 🙂

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

[Anonymous]

Individual Lark's Year 2 brokerage account statement listed the following capital gains and losses from the sale of stock investments:

Short-term capital gain

$ 6,000

Long-term capital gain

14,000

Short-term capital loss

4,000

Long-term capital loss

8,000

In addition, two stock investments became worthless in Year 2. Public Company X stock was purchased in December, Year 1, for $5,000, and formal notification was received by Lark on July, Year 2, that it was worthless. Private company Section 1244 stock was issued to Lark for $10,000 in January, Year 1, and was determined to be worthless in December, Year 2. What is Lark's Year 2 net capital gain or loss before any capital loss limitation?

a.

$3,000 net capital gain.

b.

$7,000 net capital loss.

c.

$2,000 net capital loss.

d.

$8,000 net capital gain.

Is the 10,000 not a capital loss because it came from a private stock or because the stock was issued instead of sold/exchanged

[s2sylvir]

@PasstheCPA7

I only studied Chapters 1-5 in Becker, 6-7 were 0% progress for me. I listened to the lectures on Chapter 8, then decided I didn't care for it lol…. When I got to the exam questions with blaw, I just picked B or C, depending on how I felt after reading it (do NOT do what I did lol). Keep in mind, it's also my 3rd busy season as a tax associate, so a lot of the tax questions came intuitively for me. On the flip side, you can see I struggled heavily with audit…

Here's a breakdown for those curious (please let me know if it's not allowed to post these?? I'll remove):

Ethics & Legal Responsibilities (15-19%) Stronger

Business Law (17-21%) Weaker

Federal Tax Process (11-15%) Stronger

Taxation on Property Transactions(12-16%) Comparable

Taxation on Individuals (13-19%) Stronger

Taxation on Entities (18-24%) Stronger

Multiple Choice (60%) Stronger

Simulations (40%) Stronger

Last question: I would say know the Business Structures on Chapter 8… Otherwise I have no idea where the other blaw questions came from.

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

Becker for all + FAR 10 Point Combo

[s2sylvir]

For the SIMs:

To be honest, by the time I got to SIMs my brain was fried. I tried to remember so much that I ended up remembering nothing (in my opinion). So instead of basing my SIMs answers on memory (this may or may not work for you guys) I went to the authoritative literature, read what it said, and answered the SIMs based on those guidance.

I didn't care whether it agreed to what Becker taught me previously or not (and I didn't bother trying to make sense of what I was reading), I just applied the authoritative literature as it was stated to the SIMs problems and went with it. If it told me to divide X number by 10 I went with it no questions asked (of course the literature is not so straight forward).

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

Becker for all + FAR 10 Point Combo

[Anonymous]

@s2sylvir, can you stay around so I can pinch you?

LOL, just kidding. Congratulations on passing REG that easy. I skipped BLAW too and so I scored only “half” the total score.

Seriously, please stick around so you can help us with some of the most confusing questions about tax? I am averaging only 60+ on taxation MCQs. Yesterday, I posted a question about SS Benefit here and no one has answered it just yet.

Thanks,

[Anonymous]

@cpasucks23 – What is the answer to the question? Is it A? The $10000 loss from the 1244 stock can be claimed against income. The limit for deducting 1244 stock losses is $50000.

[Author]

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