[jeff]

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

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Azsensation14]

@dtatham10- thanks!! I def will.. I wish I could borrow your brain, just for 3 hours. Like…. for real.

[RE2PECT]

@dtatham10- I figured there'd be some kind of twist to them. Those scenarios seem pretty subjective as far as what's considered as adding to basis and what can be expensed immediately.

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

[Farhan125]

Taking my REG on Monday. Not sure what to expect/study for biz law.
That stuff is no fun.

Down goes my dream of becoming a corporate lawyer 🙁

[RE2PECT]

The holding period of property acquired by a partnership as a contribution to the contributing partner’s capital account
A. Depends on the character of the property transferred.
B. Begins with the date of contribution to the partnership.
C. Includes the period during which the property was held by the contributing partner.
D. Is equal to the contributing partner’s holding period prior to contribution to the partnership.

Is it me or are C & D asking the same thing?

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

[JMG]

So I decided to keep working Ninja MCQs while I'm waiting on my release date in case I have to retake next quarter, just to keep things fresh in my mind. My first post-exam set of random MCQs and I scored a 56%, talk about a major memory dump!

Did Jeff announce any changes to the MCQs for the new exam?

[Anonymous]

JMG, aside from REG do you have anymore sections left to pass?

[Azsensation14]

Just took my exam!!!!
THAT- made me realize how unprepared I was.
Multiple choices were ok (didn't ace on them or anything but nothing crazy hard), but the SIMS… were a nightmare.
Research question was pretty simple- others went deeper than I would have liked to… Definitely had seen them in Becker though, just didn't expect it to go in that deep.

Good mix of Blaw and theory questions.
Guess i'll be taking it again in April. LOL.

[JMG]

@Amor D this was my first, so technically I have yet to pass all 4. Hoping to have all parts passed by September. Fingers crossed!

[Anonymous]

Why would you repeat reviewing for REG now when you cannot take it until April? What if you passed REG?

I would cram studying for AUD or BEC so I can take it at the end of the testing window, 3/10.

[JMG]

Unfortunately I'm working busy season right now, so it's not possible to take any other exams this window, I won't even have one free day to cram. Unless you think getting in one small set of MCQs a week will pass BEC or AUD?

[Anonymous]

Fair enough.

There’s a great advantage of keeping it fresh and focusing on one section at a time.
But be sure to study and target REG topics that overlap with the topics of the next section you plan to take. Who knows you pass REG so if that happens, you just continue studying for your next CPA part.

[HoosierCPA]

@azsensation sounds like you have a shot! I know all too well about the dang sims. They may end up being the death of me!

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

[HoosierCPA]

So I'm working through a sim calculating gain or loss…

Scenario 1:
Gifted Stock: FMV $10 Basis: $16
Sale Price: $14
Gain/Los: $0 — Because the sale was between the FMV and Basis

Scenario 2:
Gifted Stock: FMV $26 Basis $16
Sales Price: $22
Gain Loss: $6 — Recipient assumes the donors basis

**I guess it's either way too early or I'm going crazy but I had both of these as no gain or loss because they landed between the FMV and Basis!

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

[HoosierCPA]

On the same note. I missed this, I understand the answer after reading the explanation and I had actually thought of it before I placed my answer but…

“Sold 500 Shares of XYZ Corp stock at $20/share. Green purchased these shares two years prior at $22/share. Three weeks prior to the sale, Green purchased 100 shares of XYZ stock at $18/share”

Answer: 800 loss. $1,000 loss MINUS the $200 disallowed loss due to the wash sale rules.

**ok I understand that. What I don't understand is “Green purchased THESE shares two years prior”…I read that and assume the 500 shares were purchased 2 years ago and 3 weeks prior an additional 100 shares were purchased totaling 600 shares of XYZ owned and 500 shares subsequently sold. Can anyone take my side on this one!? I showed a $1,000 loss because I didn't think the wash sale rules would apply.

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

[isoceles]

@re2pect They are slightly different and it's best illustrated with an example. Suppose the contributing partner purchased property 6 years ago, and contributed it 2 years ago to the partnership. So the contributing partner held it for 4 years before contributing to the partnership.

The question is asking about the holding period for the partnership:

C) is saying the holding period is 6 years (i.e. 4 years of the partner holding it and 2 years of it being part of the capital account).

D) is saying the holding period is 4 years (i.e. only the 4 years the partner held it BEFORE contributing it).

[Author]

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