[jeff]

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

[jack yassa]

Thanks a lot guys i think i got it now!
Lots of details!

[RE2PECT]

@dtatham10- Thanks, I can't believe it's been a year already! He's already trying to get his hands on everything. Been starting to childproof our place, but he still finds a way to get into things lol.

I think his birthday came at a good time because I was starting to lose focus. Maybe a couple days off will help get me motivated again.

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

[HoosierCPA]

@re2pect it goes fast! I felt like it was just yesterday I was in the hospital while my wife was in a 18 hour labor all while trying to study for my FAR exam which was less then a week away!…now I have 2 children and guess what…I”m still taking these damn exams! lol

Yeah I think it's a good break for you, you've been at it for awhile. Taking a weekend off, regrouping and then grinding it out for another few weeks is probably the best strategy!

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

[jack yassa]

@dtatham10
Quick question 😀

do you know how to determine whether the “Gift” is long or short term?

[HoosierCPA]

Gifts assume the date of whatever basis you take on. Typically a gift will assume the donors basis…so donor purchased property yr 1 for 20k and on year 10 the property was worth 100k and the donee subsequently sells the property in year 10. The donee assumes a basis of 20k with a date of year 1…when they sell in year 10 its treated as long term.

Now the curveball in this is IF the donor pays the gift tax on the additional value..so the 80k increase in value (100k-20k)…the donee in this case would assume a basis of 100k and have acquisition date of yr 10 with the subsequent sale taking place in year 10…then it would be a short term transaction.

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

[jack yassa]

@dtatham10
Thanks a lot man, i do appreciate all your efforts.

[HoosierCPA]

Man I can't keep stock options straight! Reading through my becker cards and its like reading Japanese!!!!

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

[jack yassa]

@dtatham10

What's the hardest part of all?

[HoosierCPA]

@jack I don't know where you want me to start…which ones are taxed, how much is taxed, all the nitty gritty details. It's just a small area in the grand scheme of things but I just can't get it to click in my grain.

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

[jack yassa]

@dtatham10

LOL im talkin talking about the exams itself man

Which harder REG vs FAR?

[HoosierCPA]

I'd rank them BEC, AUD, FAR, REG…from easiest to hardest. REG by default takes the cake because I have spent an entire year on the damn thing (off and on). FAR I passed first try but it was a ton of material and unlike REG the only thing that probably saved me was the sims. AUD I failed once but it didn't have a ton of material so it was easy to reinforce the second time around. BEC had difficult material, that's why this 2nd quarter I think it's going to get scary, the reason that was so easy is you can basically ace the written section if you are good at structuring your memo.

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

[RTHOMAS]

Hey guys can someone who already took regulation break down the format? Like were there more theoretical questions or computational and the break down? My Regulation exam is on the 27th and this material is so much lol.

[jack yassa]

@dtatham10

Don't tell me that :/ i will be taking it all in Q2.

[jack yassa]

@aatoural
Did you found an explication for your questions?
Sol and Julia Crane, both age 48, are married and filed a joint return for 2016. Sol received a distribution of $80,000 from his employer’s pension plan. In addition, Sol and Julia earned interest of $3,000 in 2016 on their joint savings account. Julia is not employed, and the couple had no other income. On January 15, 2016, Sol contributed $3,000 to an IRA for himself and $3,250 to an IRA for his spouse. The allowable IRA deduction in the Cranes’ 2016 joint return is
A. $3,250
B. $3,000
C. $0 CORRECT
D. $6,250

[jack yassa]

Becker REG4-TESTLET3-Q3
22. Taxpayer sold land she owned for 4
years with a basis of $60,000 to her
brother for $40,000. The brother sold the
land for $25,000 6 months later.

What's the basis and why?

[Author]

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