[jeff]

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

[HoosierCPA]

Going through a sim on schedule k-1 separately vs non-separately stated items. There are a few items they show as separately stated on the k-1 I am not sure about..they have contributions, keogh, medical insurance. Aren't all of these items left off the k-1 and included in AGI (keogh and medical insurance above the line deductions and contributions itemized deductions???). I didn't think these items were included on the k-1.

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

[Josh]

Hi, REG group. My exam is currently scheduled February 27th @ 8 a.m. while I await results from FAR and AUD that ultimately affect whether I'm re-taking BEC or starting all over again.

[RE2PECT]

Hopefully you pulled it off aatoural!

@dtatham10- Since we're basically in the same boat, how have you been studying lately? Are you doing random sets or focusing on certain topics as you go? Since I went through Ninja for the second time last week, I've been a little erratic with what I've been reviewing. Some days I'll focus on a specific area like corporate distributions or I'll do comprehensive sets. Haven't done any Gleim sims recently because I'm trying to wait till I get closer to my exam before doing them for the third time.

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

[HoosierCPA]

haha @re2pect I'm pretty sure we are the same person. Based on prior posts, prior exam scores, family situation, and study habits lol! I'm exactly the same way. I've gone through all the becker questions once and since I've become somewhat sporadic and have no structure. Right now I've been focusing in on Corporate tax sims..both Gleim and Becker and will try and work a set of 30 mcq progress test questions a day. I will do 30 progress tests on the first 4 chapters then the last 4 chapters the next day and just go back and forth. This far out I always have a similar mindset as you..i don't want to go through all the good material until closer to exam time so I won't have time to forget it. I'll either do my first practice exam this coming weekend or the following, haven't made up my mind yet.

It gets difficult studying this long..my confidence works like a roller coaster, one day I”ll think I'm ready to sit then a day or 2 later I will be in panic mode (which is where I”m currently at).

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

[RE2PECT]

@dtatham10- Hahaha I guess you're my CPA doppelganger. Totally hear you on feeling ready one day and second guessing the next. I think it's more our nerves and not wanting to be stuck taking the new exam. If you looked at my Ninja scores you'd tell me to move my test up to tomorrow, but then if you checked my Gleim scores you'd tell me to push it back as far as you can lol.

I've actually been more calm this time around and trying not to push myself too much. I don't stress as much about not studying a certain amount of hours a week like I used to. I was definitely burnt out last time and don't want that to happen again.

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

[HoosierCPA]

@re2pect yeah there is definitely a science in putting in the right amount of hours. Some people can study 40 hours a week and not be burnt out one bit while others can only handle 20-24 hours a week (me!). Overall the material I'm comfortable with but sims I just can't seem to prepare enough for.

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

[NwOWolfPak]

https://gyazo.com/d916d7e709510076f5440fba5020b347

I have a week to bring this up.

[aatoural]

Sorry guys crazy!!! Day. Im exhausted. Anyhow

Dtat- yup. That is exactly what I mean. And do not forget dridtributsble net income deduction is lesser of actual distribution or DNI LESS TEAX EXEMPT INTEREST. They love the trick. 😉

Thank you re2pect. I am just gonna move on to FAR and be positive abiut it.

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

[HoosierCPA]

@aa that's hilarious I was literally doing a sim on that exact situation when I read your post. I actually had forgotten you take out the tax exempt interest!

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

[HoosierCPA]

So DNI is basically everything besides capital gains/losses…and DNI represents how much a trust or estate can deduction when distributing to a beneficiary.

I just can't grasp why tax exempt interest is included in the calculation but then you deduct it back out when doing the “income distribution deduction”

–It's really weird that you brought this up @aatoural because I was going to post this question regardless! lol…I guess what is the difference between DNI and “Income Distribution Deduction”??????

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

[Namstut]

@aatoural, I will see you on the other side! We really do not have much time!!!!

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

[aatoural]

@dtat – my personal analysis of it is that okay tax exempt income is income regardless of tax treatment right. However, for tax purposes you need to know which items are you able to deduct, since tax exempt interest is not considered for tax purposes it is unfair to have it as part of your income distribution deduction determination. Thus, we take it off for that specifically. I don't know if that make sense, but is how I explained it to myself.

@Namstut – yes we don't.

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

[HoosierCPA]

@aa thanks!

Working through the becker sims. There are a series of 25 scenarios. You are asked to calculate the proceeds, basis, gain/loss, short or long term, and amount to be reported on tax return.

“Taxpayer (TP) purchased 500 shares of Southwest Energy Corp. for $10/share on 7/15/05. TP sold the 500 shares on 3/2/08 for $7/share. On 3/31/08, the taxpayer purchased 500 shares of Southwest Energy for $8/share and has not resold as of 12/31/08.”

Answer:
Proceeds: 3,500
Basis: 5,000
Gain/Loss: -1,500
Long Term
Reported on Tax return: 0 (Wash Sale)

I'm wondering how I would know to put the $5,000 basis? I understand how they got it but I took it a step further took the repurchase price of $4,000 and added back the disallowed loss to make the basis $5,500?

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

[Pawn Maker]

@aatoural, I hope you nailed it! And good on you for not getting all flustered when you had that error…I didn't even know that could happen…

I too felt better this time around. This was my first retake of an exam and it was crazy how different the sims were. It seemed like the MCQs were fairly similar but man they must have a huge variety of sims to choose from. Good luck to you and Namstut on FAR.

[norseman88]

@aatoural I had my exam error out twice (2 different testlets) during the exam, the prometric people had to come to my computer and do a hard reboot both times. Each reboot took about 15 minutes and when the computer restarted and exam relaunched, I spent time going through the MCQ to verify my answers hadn't changed. That resulted in me not completing the last sim which was one I knew how to do. Pretty frustrated about that.

[Author]

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