[jeff]

Welcome to the Q2 2015 CPA Exam Study Group for REG.

“Death and Taxes” – Individual Tax for the CPA Exam

Posted by Another71 on Monday, November 24, 2014

Free NINJA: https://www.another71.com/cpa-exam-study-plan/

[Kate]

Hi Gabe!!! I am just starting R3 right now. I am moving so slowly….this material is so hard for me to wrap my head around (if it wasn't obvious by my questions…lol!)

AUD (2/3/2015) Pass
REG (4/24/2015) Pass
FAR (8/3/2015) Pass
BEC (10/25/2015) Pass

[Anonymous]

Sigh….its tough remembering all the adjustments to AGI and all the itemized deductions (and which are subject to the 2% of agi limit). I wish there was a logical explanation for which were what

[Kate]

@cprv19- my thoughts exactly. Or the fact that most of this stuff can be googled…..why isn't there a Google tab on the CPA? Haha, I mean, we have access to Google at work!!!

AUD (2/3/2015) Pass
REG (4/24/2015) Pass
FAR (8/3/2015) Pass
BEC (10/25/2015) Pass

[Svitlana85]

Who is here an expert on Like Kind exchanges? 😉

Per Ninja notes, it says that if there is a mortgage in a like kind exchange the formula for basis of new property is

Old basis

+boot paid

-gain recognized

-boot received

However, if the property has no mortgage, then the formula to figure out basis for new is the following

Old basis

+gain recognized

-boot received

-loss recognized

Why are we adding gain without mortgage and subtracting gain with mortgage? I need to understand the logic behind this.

Anyone?

CPA Excel/Wiley/Ninja Notes/MCQs

FAR Feb 2014 85
AUD Aug 2014 88
BEC Nov 2014 85
REG Feb 2015 71 Retake April 16, 2015

[Anonymous]

Yea those formulas are confusing. From my understanding, its:

Adjusted basis

+gain recognized (this is added cause u dont want to get tax twice since when u recognize it u get taxed on it)

+boot that you give other people (giving people money is a cost to u and basis is essentially your cost in the property)

-boot that people give you (they are giving u money so by having a lower basis u recognize that gain when you sell it)

=basis in property acquired

When non-qualifying property such as cash and mortgage liability is involved, gain is recognized to the lesser of gain realized or boot received.

Loss is not recognized until the property is sold.

[Anonymous]

Since I have no work or anything can I study for reg in 3 weeks. I plan on doing 7 hours a day. 147 hours for REG.

[Gabe]

Kate/cpr- in response to knowng adj to AGI, I found the best way to do it is print out a 1040 and visualize how it flows. That way you can actually SEE adjustments that are ABOVE the AGI line and go to the next page and see the adjustments below AGI.

Also, if you search on the forum there are a couple threads about ways to remember REG stuff..for instance.

For adjustments (excuse the profanity…:) ) :

Adjustments: SHIT IM ASS DOPE

Student loan interest

Health savings account

IRA

Tuition & fees

Interest withdrawal penalty

Moving expenses

Alimony paid

Self employed health insurance

Self employed retirement

Domestic production activities deduction

One half self employment FICA

Paid attorney fees–discrimination/whistle blower

Educator expenses

edit: here's the entire thread: https://www.another71.com/cpa-exam-forum/topic/reg-1040-mnemonics

CPA, CFE
CISA- Experience will be completed by August 2016

[okcpa2015]

I just got through all the course materials for REG. Anyone else is full review mode?

How are you planning to review?

FAR - 91
REG - 88
AUD - 98
BEC - 88

[Anonymous]

OKCpa2015: I'm working on my last chapter of Becker's review course (R4 for me). Once I finish that up I'll also be in full review mode. My plan is to work all of the Becker MCQ and Sims at least one more time and hit NINJA MCQ and Sims really hard as well.

I'm also considering buying NINJA Audio just to listen to at work. Even if I'm not actively listening, I figure I'll get some of the material sublimenially (or however that's spelled).

Finally I know some areas that I really need to review such as Like Kind Exchanges and rental income (particularly the mom and pop phase out rules) so I'm going to really go over those sections.

Gook luck with your review. When do you sit?

[Gabe]

@ok I am in full review mode. planning on doing MCQs on topics I am weaker on (been through Ninja and Wiley)…writing out notes, listening to audio at work. I just gotta keep it going until the 3rd. What about you?

@angel- same plan here. when do you sit?

CPA, CFE
CISA- Experience will be completed by August 2016

[okcpa2015]

I sit April 6th. I completely agree, I need to hit up all the things I know I'm weak.

The worst part about starting the review phase, which I learned from FAR, is the feeling of “Man I don't remember a thing” lol.

Found out you just got to push through and eventually it all comes back. Good luck to you as well!

FAR - 91
REG - 88
AUD - 98
BEC - 88

[Gabe]

@ok exactly lol. good luck to you as well

CPA, CFE
CISA- Experience will be completed by August 2016

[hunter32]

Going through the homework for Becker R3, feeling pretty dizzy

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[Anonymous]

I'm scheduled for May 1. I've found that a solid month for review has worked for me in the past.

[Holly]

Has anyone had a the problem of Becker's simulations percentage complete changing? I finish something and then go back and it's gone! What am I doing wrong?

BEC - 79
REG - 85
AUD - 5/27/16

[Author]

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