[jeff]

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

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

[RE2PECT]

@demarcon- Yea he didn't get too deep into gov't. Luckily I had just finished a gov't/NFP class a few days before I started studying for FAR. That was the main reason I passed it my first try.

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

[Mike]

Question 1878 is about the sale of a partnership interest. It asks “What amount of ordinary income should Carr report in his Year 2 income tax return on the sale of his part­nership interest?”

I answered zero because it's not wages or inventory and is therefore a capital gain. This was marked wrong; the question pretends that this is somehow an ordinary gain. There have been several questions where it made clear that capital means basically everything except W2 wages or inventory. This question also includes the reference number 4654.01, which says “The sale or exchange of a partnership interest is generally treated as the sale or exchange of a capital asset.” and “The capital gain or loss from the sale or exchange of a partnership interest will be long term or short term depending on the length of the period in which the seller had owned the interest in the partnership. Generally, this holding period will include the holding period of any property contributed by the partner.”

[RE2PECT]

@Michael- Can you post the full question so we can see the scenario? I believe there can be an ordinary gain if the partner receives cash in an amount that's greater than their basis.

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

[HoosierCPA]

Test day! Hope everyone is doing well. Please be kind to me on the Sims today!!!

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

[demarcon]

@dtatham10 good luck again!!! You're gonna kill it!! Remember to stay calm and authoritative literature is your friend on REG 🙂

[cpaMD86]

Good luck @dtatham10 !

FAR: 9/3

[QueenCPA]

@demarcon

Your REG score is very impressive!!

My exam is in less than 2 weeks

I will appreciate any advice 🙂

[jack yassa]

@demarcon
When is your retake?

[adimaz]

Hi Everyone,

I’m taking REG March 10th. I took BEC on Friday, I have a feeling I will be taking it again 🙁 I just finished R1. Passive activity, self-employment, and ESO topics were a bit hard. I'm using Becker and Ninja MCQ. My plan is to do R1-R4 in 2 weeks, R5-R8 in one week and last week to review. Crazy I know but I have to give it a shot.

Any tips/ suggestions will be greatly appreciated!

Let's do this!!!!!!!!!!!!

BEC – 2/10/17

REG – 3/10/17

AUD – 51 retake Q2

FAR – 53 retake Q2

[jack yassa]

Question!
Partnership Interest expenses!
I downloaded form and it's included as a deduction
Now in a question the answers says —-> Treated as a sep stat item..

So which one is correct?

[demarcon]

@QueenCPA Know tax basis, individual and corporate tax, skim AMT to know the basics, and know your ethics and law. Those are really easy points that it's not worth skipping for. If you have an extra $100 it's worth buying the Gleim SIMS. They really help you know what to expect for the SIMS on exam day.

[J.A.]

Just joined this group to get some motivation. I was very hopeful about my BEC result but lost it scoring 71. My REG score expired now. AUD will expire on 5/5/17. I got to pass REG and BEC before that.

But just the thought of retaking the passed section is making me depress and exhausted. Past 18 months I have put so much effort and money into this that my mind cant get over it. After spending a week in doldrum if I should quit on passing CPA exam or should I further pursue it, I decided to retake REG on 3/10/17.

I am stating new job next week, given that I have been thinking if its possible to crack REG in 24 days?
What material would be great for this. I used only Roger in the past which is expired now and I will have to pay $600 again to re-purchase. Before i buy wanted to see what others in this group are using. Please share.

[HoosierCPA]

I feel like I just went 12 rounds with Tyson! I hate this reg exam so much. I can't figure it out

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

[Anonymous]

@dtatham10 What advice would you give to someone taking REG in 2 days?

[HoosierCPA]

Honestly. Probably not a great time to ask me how to prepare. What I want to say is study your ass off and prepare for Sims that you won't see in your prep course. I feel like I just got my 5th score somewhere in the 71-74 range. It's discouraging. I never walk into these reg exams feeling unprepared, can answer almost any question someone posts on here but yet when the exams come I lock up. Partially because it's foreign material and partially because it's my own fault, I let one bad sim ruin the rest of the Sims. I got caught up in what I felt was a manageable sim but my pride wouldn't let me just move on and pick it back up later instead I fought it and fought it and it threw all my time management off–from there on out it was rushing against the clock. I will say the Sims this time weren't nearly as out in left field as they have been in the past which is whats frustrating. I should have taken advantage of it! I got a DRS which wasn't crazy but a ton of reading and I had to go through it a few times to make sure I didn't miss any small details. All in all its a toss up–some of my sims could have gone either way. One I know I missed a few which is discouraging but nothing new! I wish all of you good luck! I'm going to step away for the week, I need to unwind and not think about this exam, because most likely I'll be picking this back up 2Q!

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

[Author]

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