[jeff]

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

[heliosmusic]

[LIZZ]

Wiley focus notes.

I think the Wiley focus notes are great. I used the Becker book/videos/flashcards. I know its all the same information but some times looking a the info organized a little different helps the topic stick. I try to stay away from the mnemonics but if you like them Wiliey has a few clever ones especially for business law.

FAR - 05/2015
AUD - 75,11/2014
REG - 07/2015
BEC - 09/2015

[RE2PECT]

@financelady- How many pages are the Wiley notes? I was considering purchasing them, but can't find many reviews on here to see if it's worth it.

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[LIZZ]

Hi,
it's 200 “FLASH CARDS” so maybe about 30 pages. I have a few pages scanned I can email them to you if you like to see. = )

Ohh DO NOT get the Kindle/Electronic version it SUCKS just stick w the paper copy.

FAR - 05/2015
AUD - 75,11/2014
REG - 07/2015
BEC - 09/2015

[RE2PECT]

That would be great! 🙂 chris@bricklayers1ny.org

I already have Ninja notes and flashcards so not sure if it's worth buying.

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[HoosierCPA]

@teal thanks! Wow the forum got active after I went to bed! Must be some west coast people! Or night owls–1 of the 2 lol.

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

[JMG]

Hows everybody dealing with studying and the holiday this weekend? Hopefully we can all take a little break and enjoy some quality time with our families!

[HoosierCPA]

@JMG I agree, ratchet back your studying and enjoy your holidays! I plan on brushing through a little but I won't sacrifice time with my family.

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

[JMG]

@dtatham10 same here, and I'm definitely going to treat myself to some nice craft beer this weekend!

Side note, this ones got me a little confused:

Parent company X and subsidiary company Y file a calendar-year consolidated federal income tax return. Company X reported a $120,000 tax loss, which included a $10,000 dividend from Y. Company Y reported $140,000 of taxable income, which included $30,000 of dividends received from less than 20%-owned stock investments. Neither company took into account any applicable dividends-received deduction. What is the group's consolidated tax loss for the year?

Incorrect A. $(1,000)
B. $(4,000)
C. $(11,000)
D. $(20,000)

So the 10K dividend from Y to X is eliminated from income to X, but still deducted from Y's income?

[HoosierCPA]

Is the answer C?

The intercompany dividend is 100% eliminated so the $120k loss becomes $130K loss.

Company Y's dividend from a less then 20% is included but you still need the DRD. So you need to lower their income by $21k (30k * 70%). Company Y now has income of $119K

$130K loss netted with $119K income brings you to an $11k loss

**EDIT, I understand what you're asking now…hmm I didn't look that far into it. Now I'm kind of wondering why it's not as well! lol**

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

[RE2PECT]

@JMG- I'm going to try and get some studying done in the morning on Christmas Eve and Christmas Day. If I don't, it's not the end of the world. I stayed home on Thanksgiving because my exam was a couple days later, but I plan on fully enjoying my son's first Christmas!

I'll be enjoying some craft IPA's as well 🙂

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[JMG]

@dtatham10 yeah the answer is C, I think I got it now. I didn't take into account that the elimination of the dividend increased the loss for X Corp.

[HoosierCPA]

@JMG ok I just started to overthink it! Glad you understand.

@re2pect there will definitely be a few beers drank by me this weekend.

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

[Anonymous]

Thank you guys for the feedback. I will look into the IRS and taxadvisor websites. I use Becker self study and Ninja Notes. Just last week bought Gliem Reg material . I will use Gliem for SIMS.

Thanks again 🙂

[HoosierCPA]

So I've been working through Becker flashcards and am trying to “trim the fat” and eliminate all the cards I either know or don't find necessary. There are quite a few in chapter 2 over Credits. I'm not too up on the credits besides what's a refundable credit and some other small misc items. Do you guys think its necessary to memorize all the minor details in credits? Based on my experience I would say no lol

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

[Author]

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