[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

[Anonymous]

I have all those three (along with NINJA combo). But Becker and NINJA MCQ are more than enough just like having an elephant for your dinner (1,600++ Progress tests & 1,900++ MCQs). NINJA Notes are great to read while listening to the audio though, with matching whisper “Aha, aha!”

Enjoy studying. REG is a beast!

[mariam almas]

@Amor D thank you and good luck in your BEC exam 🙂

AUD: 81 (Done)
REG: Currently studying
FAR: TBD
BEC: TBD

NH

[spyves83]

Kari Corp., a manufacturing company, was organized on January 2, Year 1. Its Year 1 federal taxable income was $400,000 and its federal income tax was $100,000. What is the maximum amount of accumulated
taxable income that may be subject to the accumulated earnings tax for Year 1 if Kari takes only the minimum accumulated earnings credit?
a. $300,000
b. $150,000
c. $50,000
d. $0

The answer is c, 50,000.

I get how they came up with 50,000, by deducting the $100k from the $400k then deducting the accum max of $250k; however, don't you add the federal tax expense to arrive at taxable income? I calculated the question by adding the $100k to $400k then deducting the $100k for “reasonable needs”, then the $250k for a $!50k subject to accumulated. thanks to anyone that can help!

[monikernc]

Got my REG NTS and scheduled for May 23. Now all that is left is preparation!!!! This is going to hurt.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Future Ninja]

@Amor D – thank you very much. I accept your deal. Took my time off and I'm back. Help me with REG and I'll help you with BEC. Get BEC first time around. Do not forget COSO framework and IT stuff for simulation. But I'm pretty sure you'll pass BEC with just MCQ.

Everyone who is reading this post. Thank you.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Andyred04]

When dealing with the MACRS conventions of personal property I understand that we use the MQ convention if >40% of our purchases for the year occur in the last quarter. My question is, do we apply the MQ convention to ALL purchases for the year, or only those that were purchased in the final quarter.

For example:

Company A purchases $5,500 of equipment on June 1, 20XX and an additional $4,500 of equipment on November 30, 20XX. Would only the $4,500 of equipment get assigned the MQ convention or the entire $10,000 of equipment purchased for the year?

FAR: 80 (Gleim, Ninja Notes, Ninja MCQs)
REG: 87 (Gleim, Ninja Notes, Ninja MCQs)
BEC: 87 (Gleim, Ninja Notes, Ninja MCQs)
AUD: 8/27/16

PA Candidate

[tickles]

Hi,

I encountered this question on Wiley. I am not understanding why only if CEP is negative would we have to allocate the CEP

$30,000 ($20,000) $18,000
AEP CEP distribution on 7/1

answer is :The AEP available for distribution on July 1 is $30,000 − (1/2)($20,000) = $20,000. As a result, the $18,000 July 1 distribution is a dividend, leaving $2,000 of AEP at July 1 which is then reduced by the remaining one-half of the $20,000 loss for 2014, resulting in an AEP deficit of $8,000 at the beginning of 2015.

but why when we are given a positive CEP, we don't need to do half of the CEP being available for distribution, it seems only if CEP is negative?

Does anyone have any insight on this?

Thanks

[Anonymous]

@Andyred04
the convention applies in the year of purchase and the year of disposition.
so it applies to all the item (personal property )you bought in that year

[Anonymous]

@Andyred04 the convention applies in the year of purchase and the year of disposition. so it applies to all the item (personal property )you bought in that year.

[SaveBandit]

R3 – Holy crap, this is painful

4 for 4

FAR 85
AUD 94
BEC 86
REG 90

[Andyred04]

I appreciate it Ano

FAR: 80 (Gleim, Ninja Notes, Ninja MCQs)
REG: 87 (Gleim, Ninja Notes, Ninja MCQs)
BEC: 87 (Gleim, Ninja Notes, Ninja MCQs)
AUD: 8/27/16

PA Candidate

[CPA2BEE]

Starting to study for REG here after the 3/15 deadline (today). I work in tax but I can tell this exam is going to be brutal – like we have to do all the computations that the tax software does for us lol. Good luck to all, I'll be checking in here often.

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[Tncincy]

Welcome to Reg, and you're right…..the software does the easy stuff, now we have to know where and when to apply the information. You'll do fine, post your questions. I'm sure someone will respond. It's funny that I was getting ready to log in to the mcq and opened the forum instead. They are both book marked. Well signing off to study.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[ChristieF]

Hey everyone! I'm here with you on REG – I'm scheduled for April 11th so the countdown is on. Trying to finish up reviewing tax and work on lots of MCQs. Good luck studying everyone!!

[Future Ninja]

@frostycpa. thank you. good luck to you too!

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Author]

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