[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for REG.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

[Key522]

@hokinizeu I also do not understand how REG is a 3 hour test. Someone told me the MCQ are not that difficult. I hope not. I will be taking REG on January 9. I originally had it schedule for November 30 but I didn't think it was enough time.

BEC Feb 2015 68 - rematch Apr 2015 - 84
FAR July 2015 77
AUD Oct 2015 74 Feb 2016 71 April 2016 85
REG Jan 2016 67 July 2016

[RashmiRaghu]

Thanks a lot hokinizeu.

[If I can, u can too!]

@Key522 74 on Audit, ouch. sorry you got that score. oh man, oh man. you were sooooo close! you will get it next time!
Yeah, it is better to reschedule to take when you're ready. i've rescheduled like 4 times during my cpa journey.

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[Claudia408]

@hokinizeu, thanks for the assurance. There are so many little details to remember, I think conceptually it's not that hard, but I feel like REG is memorizing rules for every scenario. Which at this point I'm still trying to commit to memory bc there's too much so I spend my time flipping through my book a lot.

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[If I can, u can too!]

@Claudia408 what's helped me is recording my own audio of formulas/notes and listen on my way to/from work. i took good notes on blaw so i didn't have to review much on it close to the exam time.

keep plugging, you CAN and you WILL do this!

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[WheresMy75]

I am officially preparing for the upcoming testing window. Does anyone have any suggestions on how to understand the AMT calculation. I keep getting confused on what is an add back and what is an actual deduction? Also, is it important to know the exemption amounts and rates since it is used to get the tentative minimum tax amount?

[Claudia408]

@hokinizeu – thank you for the encouragement. i really hope i'm not going to slow in trying to understand individual and corporate tax. do you think this is “the meat” of what i should know and if get these fundamentals the rest i can pick up on quicker?

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Claudia408]

can anyone help with this problem? i'm not really clear on cap gains/losses for corp. in this problem i subtracted it and got 185,000 which is wrong, but the answer should be $205,000. the problem also made it sound that they did have a loss and not gain.

Jagdon Corp.'s book income was $150,000 for the current year, including interest income from municipal bonds of $5,000 and excess capital losses over capital gains of $10,000. Federal income tax expense of $50,000 was also included in Jagdon's books. What amount represents Jagdon's taxable income for the current year?

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[mcohen1993]

@claudia408

You take the book income and immediatly add back the federal taxes paid. Then see there was nontaxable interest, so it needs to be taken out. The capital losses have to be added back in (since they were included for book but are not for tax, they are carried back 3 forward 5 years.

150K + 50K – 5K + 10K = 205K

For a simple M-1, the capital loss is an loss item recorded for books but not deducitble for tax. For M-3 it would be temporary. Taxes paid is permanent, same category I believe. The interest here is income included for books, not included on return. It is permanent as well. I forsee either an M-1 or a simple M-3 scenario being a possible SIM.

REG: 91!!
BEC: 80!!
AUD: TBA
FAR: TBA

In the order I plan to take the exams.

[If I can, u can too!]

@Claudia408 yes Tax is 60% and Blaw is 40%. Blaw is asked in the MCQ along with some Tax stuff. Tax is further tested in the SIM; i don't think Blaw is tested in SIM. You need to be able to know how to research based on the situations described in the SIM, most of the SIM should be covered by your material but there may be 1 or 2 SIM you must search the IRC. i suggest you familiarize yourself with the IRC's in the ninja SIM. do all ninja SIMs or SIMs in our material you will find these to be critical in understanding the concepts, which in turn will help you pass.

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[Claudia408]

@mcohen1993, thanks for the help! I am using Roger and this section was like okaayyyy…and I feel like I need a list of what these adjustments should be exactly… unless that list really is knowing what is temporary and what is permanent on the books?

@hokinizeu, thanks! I hope we both pass audit TONIGHT!!! (well for me i'll know tomorrow bc I'm in Cali)

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Claudia408]

@mcohen1993, thanks for the help! I am using Roger and this section was like okaayyyy…and I feel like I need a list of what these adjustments should be exactly… unless that list really is knowing what is temporary and what is permanent on the books?

@hokinizeu, thanks! I hope we both pass audit TONIGHT!!! (well for me i'll know tomorrow bc I'm in Cali)

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[shakil127]

I finally passed Regulation. I should have passed few months ago but I did not pass because I did not study the material. It took me three try. Even after this third try, I was sure I failed. I have no idea how I passed. First time I failed because I did not study very well Corp taxation, Partnership, Estate tax & property transaction. I did study some business law using Becker final review since I ran out of time. I was trying to pass Auditing at the same time and for Reg I was just taking chances. That was back in May. Then after passing Auditing, I was so happy that I did not feel like studying much to study for Reg in Aug and ended up with a 64. This time around I tried to study and complete all Becker questions. I do my study in my own slow pace. I can only do 30 to 40 questions a day the most. Anyway, this time around I did 90% of all Becker tax questions and 50% of the business law questions. I had significantly more tax questions this time in the exam than last exam. Last time I had almost 50% business law and professional responsibilities. Professional responsibilities is a very important chapter. It covers not much material, but you may see many questions from there. I seriously thought, I failed the exam. I probably had at least six to ten questions on each test let flagged as unsure or no idea. I seriously was praying for a higher score than 66 thinking that would at least, indicate my progress. But I think the difference, this time was that I knew where each question came from and which chapter unlike the first two time. My testlet went from hard to easy and even easier. My last test let had one line easy questions and I was sure that I failed. My suggestion is that definitely master the tax portion but also take the business law seriously. My simulations were not easy either. But I can tell Becker simulations helped me. I can remember two simulations I was able to get even 50% right because of my practice with Becker. I did not even finish all Becker simulations. I think I was very fortunate to pass the exam knowing I did not do well. Do all the simulations and try to understand why. It seems like for regulation quality study time is more important than quantity in my experience unlike Auditing. Three days before the exam, I started using the Becker Final review.

BEC-77
AUD-66,72,82
REG-66,64(Q3 2015),80 (11/30/2015)

[shakil127]

I took Regulation three times. Never saw a Blaw simulation.

BEC-77
AUD-66,72,82
REG-66,64(Q3 2015),80 (11/30/2015)

[marqzho]

I passed 🙂

REG 90
FAR 95
AUD 98
BEC 84

[Author]

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