[jeff]

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

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

[stina71223]

@isoceles: Thank you for your reply. As I got further in the questions I did get a similar explanation in the solutions and understand now.

[CPA788]

@re2pect – dang, your MCQ and SIM output is impressive. You got this. I'll hop on the Wiley trial this week. Maybe only 2 more weeks of studying for us! (pending my AUD score on 2/23) Thanks!

BEC - 74, 77
FAR - 72, 71 (retake 7/29)
REG - 69
AUD - Q4 '16

CA Candidate

[RE2PECT]

@CPA788- It's probably overkill, but I'm trying to be done with this exam and have my life back. I don't want to be a guinea pig for the new exam and have to wait until August for my score.

Good luck with your AUD score. Hopefully March 8th will be good news for both of us!

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

[CM]

@RE2PECT I remember we were together in the BEC threats and I'm really glad you passed. I had to retake it 2 more times,and I'm praying I passed it on Jan. 21th. I'm currently studying for REG (exam date – March 10), do you have any suggestions for me? I feel like the material is not as hard as the other tests, but I have never passed an exam on the 1st try, so I'm a little bit worried. I really don't want to have to take in the 2nd quarter as my FAR exam expires on 8/20 and that don't to be going through the headache of contacting the board to see what they'll do with me if I don't pass and don't know the score until August 16th or whenever they decide to release the scores.

Anyways, I'm praying for you to pass REG and be over with this crazy journey.

FAR: 78 (5x)
AUD: 80 (3x)
BEC: 9/07/2016
REG: 12/06/2016

Failure is never an option.

"Faith in your own powers and confidence in your individual methods are essential to success." Roderick Stevens

[RE2PECT]

@Carolina- I hated studying for BEC. I knew it would give me the most trouble before I even started studying for the exams. Hopefully you passed this time!

Since I haven't passed REG yet I'm not sure I'm the best person to give advice, but I'd make sure you know basis inside and out for corps, partnerships, and property transactions.

Blaw is so much information, but I'd try and know the main concepts for each topic. Try and remember all the important terms like types of endorsements for negotiable instruments (qualified, special, restrictive, etc).

I would try and know ethics and professional responsibilities really well since it's almost 20% of the exam and doesn't contain a lot of material. It could be easy points if you have that down.

Not sure what review course you're using, but I would practice as many sims as you can. Some people don't believe in practicing sims, but they test your knowledge on the subject in a different way than mcq's. I didn't practice many due to running out of time and was completely blown away when I saw them on my exam.

Thank you for the prayers :). I'm going to need every one of them lol.

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

[Anonymous]

Guys anyone knows how long Prometric website maintenance will take I need to reschedule my exam on 14th Feb after two days and the website is emporarily unavailable due to scheduled maintenance.

[thebigguy1992]

On 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?
A.

$1,000
B.

$2,000 C.

$4,000
D.

$7,000

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 someone explain why the depreciation is 2/7 for the first year under DDB, and not 1/7? i thought it would be 1 not 2 since its the first year..?

[CM]

@RE2PECT Thanks for the advice.

I'm using NINJA and I don't like the NINJA SIMS. I believe the format needs some update, but I'll practice as much as I can. I might supplement my studies with the Roger's REG Cram online course if I have time.

FAR: 78 (5x)
AUD: 80 (3x)
BEC: 9/07/2016
REG: 12/06/2016

Failure is never an option.

"Faith in your own powers and confidence in your individual methods are essential to success." Roderick Stevens

[thebigguy1992]

An individual entered into several exchanges during the current tax year. Which of the following exchanges is classified as a like-kind exchange?
A.

Partnership interest for partnership interest
B.

Common stock for common stock
Correct C.

Apartment building for unimproved land
D.

Manufacturing equipment for factory building

anyone know why the answer is Apartment building for unimproved land….? I'm getting confused on like-kind exchanges and cant figure out why that is a like kind exchange. i know partnership interest for partnership interest can never be a like-kind exchange, but I'm not sure the reason for all the other answers.

[isoceles]

@thebigguy “Double declining” means take straight line and double it. Straight-line for a 7 year property would be 1/7th of the property each year. However, because it's double declining (aka 200%), you take 2 * (1/7). You also adjust for mid-quarter convention in this problem because >40% is placed in service in the last quarter.

What might be confusing is the half-year convention tables. If you look at the half-year convention table for 7 year MACRS, you'll see 14.29% which is 1/7 as a decimal. However, this is half year…if it was the full year it would be 2 * 1/7.

Make sense? It took me a bit to understand this but at some point it just clicked. I would recommend looking at the tables for the first few years and trying to recreate them for different classes and times (e.g. mid-quarter, half-year, etc.)

[isoceles]

@thebigguy Like-kind exchanges cannot be for property held for personal use, inventory, stocks, bonds, notes, etc. Like-kind means “same class of property”.

Common stock fits into these exclusions. The equipment and factory building are two different classes of property.

I would memorize the things above in terms of exclusions. I would also memorize the partnership piece. If anyone has any good advice on conceptually understanding please chime in!

[norseman88]

I'd keep my focus on partnership, corporation, property taxation including basis for each side. Know individual taxation for deductions to AGI and deductions from AGI. Make sure you know thresholds for corp and individual tax (Charity, medical, etc.) Remember the 30% AGI charitable contribution for appreciated property and items held less than 1 year. B-Law and contract law, work the questions the day before the exam. Once should do.

AUD – 90
BEC – 88
REG – 84
FAR – March

[HelloCPA]

@ash21 contact prometric 1-800-580-9648 connect to the admin line not candidate line since they're closed weekensd

https://www.prometric.com/en-us/contact-us/Pages/default.aspx

[sweazy]

Hey guys, Ive got 7 days before the test. Im overall for Tax at 74.4%, trending more recently near 80%. I feel reasonable regarding each topic and I will keep refreshing every day. My question now is regarding B-law and ethics. Am I right in assuming the consensus among this board (when short on study time) is to focus on Ethics, Contracts, and Agency? As in, dive deeper into those, and then just have a general understanding of things like commercial paper, dodd frank, bankruptcy? For example, knowing the calc for the means test and the difference between Attachment and Perfection?

BEC: 77
AUD: 67, 85, 87
FAR: 74, 74, 79
REG: ___

[Anonymous]

Guys any ideas I have 16 full days before REG exam my exam is on March 10th. Can anyone help me with a plan to finish the most important topics.

Thanks

[Author]

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