REG Study Group Q1 2017 - Page 57

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  • January 22, 2017 at 8:37 pm #1446081
    aatoural
    Participant

    @namstut – thanks, I don't remember anymore. i stopped studying around 3 because couldn't concentrate no more.

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

    January 22, 2017 at 8:51 pm #1446086
    HoosierCPA
    Participant

    @namstut I scheduled for Valentines day! It's the cutoff date to get in the Feb 23 score release.



    @aatoural     I hope you had a good weekend of studying! I've been MIA most the weekend, been getting my studying in early (5am-8am). Good luck tomorrow!



    @JMG     I was hoping someone had an answer to that DRD question–I'm still thinking its 11k…

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

    January 22, 2017 at 9:22 pm #1446090
    NwOWolfPak
    Participant

    Anybody else feel like they are starting to memorize the questions during their final review. Took REG back in December with 5 weeks of studying, using Becker and Ninja MCQ and scored a 68. My weakest part was SIMS. I take my test next Tuesday and I have been doing MCQ's nonstop between Becker and NINJA. At this point I can just glance at a question and just immediately zone on in on the correct answer. I'm afraid I'm not really learning the material.

    January 22, 2017 at 9:51 pm #1446101
    Namstut
    Participant

    @dtatham10 LOL! That is a nice Valentines present for your spouse! I bet she can't wait for you to be done! 🙂

    AUD 7/6/16 Passed
    BEC 9/3/16
    FAR TBD
    REG TBD

    January 22, 2017 at 9:54 pm #1446102
    Namstut
    Participant

    @NwOWolfPak I would go through all of the Becker SIMs before your exam to make sure you really know the material.

    AUD 7/6/16 Passed
    BEC 9/3/16
    FAR TBD
    REG TBD

    January 22, 2017 at 10:00 pm #1446108
    HoosierCPA
    Participant

    @namstut YOU HAVE NO IDEA! She was ready for me to be done last V-day! lol

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

    January 23, 2017 at 8:30 am #1446192
    JMG
    Participant

    Well my final review this weekend did not go as well as I had hoped, but ready to just have this off my plate for now. I've been studying since November but I feel like busy season has really taken me a step backward, especially in the last two weeks. Regardless, I'm going out swinging and hopefully pull off that sweet 75. My next exam won't be until the new exam window, either BEC or REG retake, or both. But for now just looking forward to having my weekends back lol.

    January 23, 2017 at 8:40 am #1446198
    RE2PECT
    Participant

    Good luck aatoural & JMG! You put the time in and hopefully you get an exam that plays to your strengths. You never feel fully prepared, but trust that you've prepared yourself enough to handle whatever they throw at you. If you feel lost on something just remember whoever else takes your exam most likely feels the same way.

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

    January 23, 2017 at 12:06 pm #1446302
    wakefern58
    Participant

    For the Dividend Received Deduction for the investee corps who are owned by 80% or more of the investor corp, there is a 100% dividend received deduction. Is this 100% deduction allowed regardless if its greater than the 100% of taxable income? In other words, the 100% deduction does not consider the % of taxable income as the 70%/80% deductions do right?

    January 23, 2017 at 12:19 pm #1446320
    HoosierCPA
    Participant

    @wakefern58 the DRD is allowed even if it reduces taxable income to a loss. There is curveball. You need to take the lower of the taxable income * DRD deduction % or DRD deduction HOWEVER, if original DRD brings taxable income to a loss you take the full DRD even if it's not the lower amount. Becker has a good example on R4-pg 15. I'll try and summarize it for you

    Scenario 1:

    Gross Income: 250
    Dividends Received: 100
    Deductions: 200

    Taxable income before DRD: 150

    DRD: 80 (100 * 80%)
    TI DRD: 120 (150 * 80%)

    Take the lower DRD or TI DRD: 80

    Scenario 2:

    Gross Income: 250
    Dividends Received: 100
    Deductions: 260

    Taxable income before DRD: 90

    DRD: 80 (100 * 80%)
    TI DRD: 72 (90 * 80%)

    Take the lower DRD or TI DRD: 72

    Scenario 3:

    Gross Income: 250
    Dividends Received: 100
    Deductions: 280

    Taxable income before DRD: 70

    DRD: 80 (100 * 80%)
    TI DRD: 56 (70 * 80%)

    Take the FULL DRD because it brings your taxable income to a loss!: 80 (80-70 = 10 loss)

    **All situations fall under 30% ownership which is 80% DRD.

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

    January 23, 2017 at 12:48 pm #1446338
    aatoural
    Participant

    Thank you guys!!!

    Exam went a tiny bit less uncertain than the first time around. First testlet was VERY straight forward. The second testlet was terribly difficult but I was able to catch a few tricks (hopefully enough lol). Third testlet was medium. The SIMS were very long but each was independent of each other. Not like last time that if you missed something everything would be wrong. One of them was very hard, too much wording so in that one I hope is a pre test. The others were good and bad and the research was pretty straight forward I think. I hope I can get the sweet score.

    Ohh! I almost have a heart attack, with 30 mins left my test went into an error in the system. I thought I hd to re-take the exam, but luckily it got fixed and everything went back how I had lefted. I felt like fainting when I saw those red letter saying something had gone wrong and there was and error.

    @dtat and @jmg – we are together on this for Feb 23! Fingers crossed.

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

    January 23, 2017 at 12:50 pm #1446341
    aatoural
    Participant

    @Namstut – I am moving one with you to FAR for better or for worse.

    i'll stay around see how everything is going here thu.

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

    January 23, 2017 at 12:53 pm #1446348
    HoosierCPA
    Participant

    @aa sounds encouraging! Just reading your experience stresses me out! Regardless of how ready I am just the fact that this is my last chance before the changes is making me freak out! I hope we can finish this out before 2Q!

    I was meaning to ask you but never got on here over the weekend..did you ever find good material to study estates? I know you and I were talking about how Becker didn't touch up on it much.

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

    January 23, 2017 at 12:58 pm #1446359
    aatoural
    Participant

    What I did was all the mcq's in GLEIM it helped clarify some. The first time around is confusing, but read Becker and then do them. It will clarify concepts Becker only touches on. Do try to memorize what is part of gross satate vs the income tax for state/trust.

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

    January 23, 2017 at 1:12 pm #1446369
    HoosierCPA
    Participant

    @aa thanks. Let me make sure I understand correctly–what goes on gross estate vs final income tax return for the descendant? Similar to what we've talked about in the past?

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

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