[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/

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

[Anonymous]

coloradorit,

Yes, thanks, I am watching lectures and doing mcq's, but it's slow and I also am trying to do SIMs for taxation part at the same time.

audit totally sucked, especially because of my ESL thing. I spent ~ 5 months preparing and hated every second of it.

yeah I believe I mastered the land distribution, it's AR and inventory that's bothering me

[Anonymous]

so you are saying BEC was easy? I keep reading how hard it was for so many people here. I did love economics and cost accounting but don't remember much, it was so long ago. Looking forward to something easy for a change

[willpassby2014]

In addition to its charitable, religious, or educational purpose, an organization must show which of the following in order to be exempt from federal income taxation under IRC Section 501(c)(3)?

No part of the organization's net earnings will inure to the benefit of any private shareholder or individual.

The organization will not, as a substantial part of its activities, attempt to influence legislation.

The organization will not participate or intervene in any political campaign for or against any candidate for political office

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

BEC was largely my lower-level college classes. The other sections were my higher-level classes but in a much more intense way. I took roughly 2 years to study for AUD and was so unbelievably discouraged when other people said it was the easiest. If you love economics, that will take a huge load off your plate when studying BEC. Like I said, after the first two chapters or so (using Gleim, like you), I felt like I was wasting my time reading and stuck to the audiovisual … basically did everything BUT read the book, which is the most time consuming part for me. Everyone is different and everyone has different strengths, but for me, BEC was a piece of cake relative to the other sections.

To give you an idea, I started studying for BEC in October, but I was working through it really slowly (so hard to pick up those books on your free time). I had only had 10 chapters done by January 21, and then I found out about the changing requirements and finished the other 10 chapters before the end of the month, used a week or so to review, tested February 6th, and got an 85. I worked on it a TON during those days but half the material in a week is not something I could ever do for the other sections. I, too, was worried about the cost accounting but the cost accounting in BEC was easier than my cost accounting class. So long as you can remember standard price actual quantity (SPAQ). My cost accounting teacher had a fantastic story about spackle that had the whole class laughing and I'll never forget SPAQ because of that.

A CPA I work with moved here from the Philippines and said BEC was the hardest for her because, living out of the country, she wasn't familiar with a lot of the material. Everyone is different. But line up your BEC book next to your REG book, REG is 40% longer.

[Anonymous]

the last one sounds correct-er, although I also like A

[willpassby2014]

its all 3 together .

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

I'm taking the exam in 4 hours…what do I need to focus on? I feel like I have a decent grasp of everything, but I'm averaging 69% on the becker finals. 🙁

[willpassby2014]

i am getting couple of MCQ wrong this morning….i am frustrated. I got a question on Lobby expeses. I did not read….

Which of the following expenses incurred by a C corporation are not deductible and therefore must be reported as an M-1 adjustment on the corporate income tax return?

A.

$1,000 of in-house lobbying expense

B.

$3,000 paid to a professional lobbyist to lobby Congress

C.

$500 local lobbying expenses

D.

$5,000 travel expense incurred by a professional lobbyist to lobby Congress

On June 5, 20X1, Gold rented equipment under a 4-year lease. On March 8, 20X2, Gold was petitioned involuntarily into bankruptcy under the Federal Bankruptcy Code's liquidation provisions. A trustee was appointed. The fair market value of the equipment exceeds the balance of the lease payments due. The trustee:

A.

may not reject the equipment lease because the fair market value of the equipment exceeds the balance of the lease payments due.

B.

may elect not to assume the equipment lease.

C.

must assume the equipment lease because its term exceeds one year.

D.

must assume and subsequently assign the equipment lease.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

1st B? I remember answering this before, in house and local is allowed? Doesn't really make sense, does it?

didn't get to bankruptcy yet

[Anonymous]

Good luck Anita!

I wouldn't know, never took REG before

[Anonymous]

Well, completed all available ninja Agency MCQs while pretending to work at the same time! My score sucked (66%) but I am satisfied considering

[Anonymous]

I've been pretending to work too. But I'm completely useless and starting to feel like a nervous wreck!

[willpassby2014]

Great..Keep going.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

coloradorit,

I am using Roger and Gleim test bank and sims. I have gleim book, but it's very hard to read. I am mainly worried about the written portion for obvious reason. I probably should be worrying about bec yet, chances are I am taking REG in July

[Anonymous]

I think if you can do REG and FAR, you'll have no problems with BEC. Also remember that in BEC, the written portion is only 35%, not 40%, of your score. Don't worry about it yet, there is a ton for you to worry about now. The only thing I didn't like about BEC review is that you self-grade your written communications and there's no objective scoring. Of course, that's completely understandable, but I wished there was a way to get a second opinion on my writing. I think so long as you use the keywords they are looking for, that's half the battle. Just my opinion. The BEC written communications come out of left field and can ask questions from the other sections, so taking it last is great in that sense. Some of my BEC practice questions asked about chapter 11 and things I had never touched before (out of REG); also some questions from FAR and AUD.

[Author]

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