[jeff]

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

[aatoural]

@norseman88 – OMG! I would have had a heart-attack. Can you complain to AICPA? I believe you can file a report “within reasonable time” (just to make fun of REG). Mine was in the SIMS but I did do recheck every single one in the same way as you.

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

[norseman88]

@aatoural I had a heart attack the first time it happened because I had just completed the last MCQ in the first sim was was going to hit the submit button when it happened. Luckily, all of the answers were there, but I was freaking out that they would be gone.

I complained in the feedback section at the end of the exam, saying it crashed twice and got me out of rhythm + cost me time to review the answers. I was so out of it by that time though (after sitting there for over 4 hours with reboot time) that I didn't write a ton. It's probably a good idea to file a complaint, but I would assume that costs $ or you won't even receive a response.

[aatoural]

I don't know that much. I do know somebody else had filed a complaint as well for something that happened but nothing costing money. But something should be done because I don't think is fair that that might cost you a passing score.

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

[HoosierCPA]

I can't refer back to a specific thread but I do recall someone saying they posted a complaint, like @aa said, it has to be within 72 hours I believe. The AICPA gave them a free retake as a way of trying to make it right. I wonder how that would work if it was your last opportunity before an exam dropped off, I would imagine they would extend your 18 months to allow you 1 more retake.

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

[norseman88]

I just sent off an email to NASBA to see what they will do. I should have sent it immediately following the exam but I was so frustrated and just wanted to think about anything other than regulation. That and traveling coast to coast every week for work didn't help my timeliness. We'll see what they come back with. Crappy thing was with the addition of 40 minutes of reboot time, I had to hit the bathroom before the sims, which cost me about 10 minutes of exam time, not to mention time of reviewing answers after reboot.

[NwOWolfPak]

Are C-Corp's taxes still due on March 15 ? or is it April 15 for those taking it in Q1.

[JMG]

Kickin back and enjoying a well deserved beer after my exam today, feeling pretty good about it overall. Nothing caught me off guard, a lot of the heavy stuff I was stressing over didn't even show up on the exam. I zinged through the MCQs in a little over an hour, anything I wasn't sure on I guessed and moved on. Testlets got progressively harder, kind of like easy-medium-hard. The sims were pretty straight forward, nothing too complicated or lengthy. But I will say that the AL was my lifeline in there, helped me out on quite a few topics. Finished the exam with 13 minutes on the clock. And now the long wait until release day…

[wakefern58]

Hey @JMG – Enjoy the next couple days, you deserve it. Seems like your exam experience went well for the most part. Can you share with me your study process/tips for REG or any chapters you heavily focused on. Test is coming up in a few weeks so the insight is greatly appreciated.

[JMG]

@wakefern58 as others in here will also attest, there's no shortcuts with REG. You really have to put in the time and effort to get through all of the material. I put in almost 10 weeks of studying and i still wasn't super confident going into exam day. But I will also say it's impossible to learn and retain everything, so just focus on the big topics and don't get too hung up on specifics. One thing I would have done differently is I would have spent more time knowing my way around the AL, it will definitely get you through some tough situations if you manage your time well. Work the MCQs until you are blue in the face. Good luck!

[thebigguy1992]

n December 1, Year 4, Jim Miller placed in service office furniture (7-year life), which cost $28,000. Jim did not elect Section 179 expensing or bonus depreciation. The office furniture was the only asset purchased during the year. What amount can Jim claim as depreciation under MACRS for Year 4?
Correct A.

$1,000
B.

$2,000
C.

$4,000
D.

$7,000
You are correct, the answer is A.

First-year depreciation under MACRS is based on double declining balance. A 7-year life would yield depreciation of 2/7 the first year. Because the purchase was made in December, the mid-quarter convention is used and 1-1/2 months of depreciation is recorded. Depreciation is $1,000 ($28,000 × 2/7 × 1.5/12).

can anyone tell me why its 2/7 depreciation for the first year..? wouldn'tt it be 1 since its the first year?

[cpaMD86]

@thebigguy1992

Double Declining Balance.

FAR: 9/3

[Azsensation14]

@JMG- What is this “AL” you keep mentioning? I am taking my first REG in 3 days and now I'm freaking out because I'm looking through my Becker going “AL”…….. It's going to drive me nuts. LOL Agency Law??? 😀 !!!!

[HoosierCPA]

@Azsensation haha it's the authoritative literature. It's the IRC code when you get to the sims. If you have a rule that you may be foggy on there are times you can search it in the internal revenue code and get clarification. I have done it and it can be helpful.

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

[JMG]

@Azsensation14 yeah as Dtaham pointed out, it's the same tab you use to look up the research questions. It's also available to you during your other sims. But again as I pointed out, manage your time well if you decide to use it. I totally blanked on a few things and luckily I was able to find them quickly in the AL and so it definitely helped out. Good luck on your exam!

[Azsensation14]

ooooooh ok!!! Thanks guys Hahahaha…. I frankly don't know if I will have enough time to search “AL” but I'm sure desperate time calls for desperate measures!!

I'm going to be focusing on Fed Taxation and estate trust gift for next 2 days (def using PTO to do so) and then retake the practice test couple of times… really hoping for another 75 magic. Ha.

Cheers to you JMG for getting it over with!!

I'll def keep that in mind when I get to the SIMs. 🙂

[Author]

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