[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for REG. 🙂

[aatoural]

I found helpful the MCQs from GLEIM on the recourse and at risks amounts. It went into more detail than Becker.

I was focusing Securities Acts, ethics, and CPA liability during Monday and Tuesday. I am very weak on the Acts still. Today I want to focus on AMT for both individual and Corp and then move into Estates, and trusts which I am also weak on.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[HoosierCPA]

Trusts are annoying. In fact most the B-law material is annoying. Contract law and commercial paper are annoying as well. I cannot stay focused through the final 4 chapters! IT'S ALL ANNOYING AND BORING!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[aatoural]

To me that Becker's chapter 8 is a “no comments” area. Just when you thought you had the most random material in the BEC exam, Becker shoots this chapter 8 in REG>

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[HoosierCPA]

Yeah I agree, just a bunch of random material. You really just have to take a step back and look at the big picture topics, know the general rules, don't kill yourself over the small details and go with it.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[HoosierCPA]

Tricky!!!

A $5,000 promissory note payable to the order of Neptune is discounted to Bane by blank endorsement for $4,000. King steals the note from Bane and sells it to Ott who promises to pay King $4,500. After paying King $3,600, Ott learns that King stole the note. Ott makes no further payment to King. Ott is:

a.An ordinary holder to the extent of $0.
b.A holder in due course to the extent of $4,000. — CORRECT
c.A holder in due course to the extent of $5,000.
d.A holder in due course to the extent of $3,600.

Explanation
Choice “b” is correct. Because the note was endorsed in blank, the note can be transferred by delivery alone; so,Ott became a holder of the note when King delivered the note to him. To become a holder in due course (“HDC”), Ott had to take the note for value, in good faith and without notice of any defense or claim on the note. Where, as here, the holder pays part of the agreed upon value and then receives notice of a defense or claim, he is considered an HDC in proportion to the consideration paid toward the agreed-upon price. Here, Ott paid $3,600 of the $4,500 agreed upon price; so, he is an HDC with respect to $3,600/$4,500 (4/5) of the $5,000 note: $4,000.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[aatoural]

Yeah, I remember the first time I did that question I was caught on that trick. But I've learned that with these type of questions in commercial paper I do a quick write down as I read it of the parties involved and the transfer-ability of the instrument as it moves along (bearer or order) and who qualifies as HDC. I have been getting better results since then, and I can do the questions within the 1.5 min they like to estimate per question.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[aatoural]

Sol and Julia Crane, both age 48, are married and filed a joint return for 2016. Sol received a distribution of $80,000 from his employer’s pension plan. In addition, Sol and Julia earned interest of $3,000 in 2016 on their joint savings account. Julia is not employed, and the couple had no other income. On January 15, 2016, Sol contributed $3,000 to an IRA for himself and $3,250 to an IRA for his spouse. The allowable IRA deduction in the Cranes’ 2016 joint return is
A. $3,250
B. $3,000
C. $0 CORRECT
D. $6,250

I don't think I quite understand this.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[HoosierCPA]

@aa what's the explanation for that question? I'm not sure either.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[aatoural]

The allowable deduction for contributions to an IRA is limited to the lesser of $5,500 or compensation. Compensation represents earned income and does not include distributions from pension plans or interest income. Therefore, since compensation is $0, the allowable IRA deduction is limited to $0. Note that the maximum amount otherwise deductible is $5,500 for Sol and another $5,500 for the contribution for his spouse.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[cpaMD86]

I've already forgotten all of the tax detail I review in the lectures…well at least the majority. I should be done with the lecture by the end of the week. Then I'll start on the MCQ while reviewing the book…or using the book to answer the questions. Looking back it doesn't feel that it should be too difficult, but man…it sure does feel overwhelming sometimes..more than FAR.

FAR: 9/3

[WAGN5R]

So, I sit for REG on Friday. I haven't felt as lost or unprepared for any of the other exams as I currently feel for REG. Seriously, how do you remember all limits, phaseouts, etc. for all the different credits?? And I cannot keep all the basis straight…

Any pointers? What material is best to try and cram in before Friday? I need some sort of cheat sheet.

[or1on23]

Just got my NTS, and want to schedule for late March – is it really this crazy with the exam changes that there are no available test slots – or has Prometric just not released dates that far out?

TY!

[WAGN5R]

The latest you can schedule in March is the 10th. The rest of the month is blacked out.

[Potat0eHead]

Hey or1on23,

To schedule an exam for BEC and REG in April (new exam), you have to do it on or after March 11th. Not sure exactly why they make it a rule. Expecting to have a big traffic.

Check out the following link in regards to that from NASBA website:
https://www.nasba.org/exams/cpaexam/examfaq/when-to-schedule-bec-or-reg-cpa-exam-sections/

[bravesfannc]

Hi @WAGN5R,
The way that I remember the limits and phaseouts is that my wife will go through my notes and quiz me on them. She does this each evening as soon as she gets home from work and a couple of times on the weekends.

FAR - 84 - 11/14/15
AUD - 76 - 2/6/16
BEC - 73 - 7/13/16
REG - TBD

[Author]

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