[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

[Gabe]

@BARF I'd suggest Ninja or Wiley for REG

@jstay- ~7 weeks. It was kind of awkward because I did not pass in January then couldn't re-take until April..which is a lot of time, but I've been plugging along. My Becker expired so I went through all of Ninja (MCQs and Sims) and all of Wiley (MCQs and Sims) that a friend let me use. Hopefully it's my last one!

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[Anonymous]

@jstay I like Becker better than anything i've used so far. I haven't really tried Ninja. They do have an extension plan, but you have to apply way in advance and long story short I have until june. I've taken REG before and i'm just going to do a whole bunch of questions for the retake. With FAR however, I think I will need something that has good lectures, which is what I like with Becker.

@Gabe, I think I have REG covered. what would you recommend for lectures for FAR?

[Anonymous]

My exam is two weeks from tomorrow (April 16, day after tax day). I feel pretty good. I honestly feel that I could take the exam now if necessary but I'll make the most out of my two weeks. Ideally I want to run through every single Becker question one more time and practice a few more sims. This is actually the phase where I scale back on NINJA MCQ and instead focus on my weaker areas. I'm trending 81 to 82% right now which is where I feel I should be.

I know that there is a lot of debate on this but I'm one of those people who doesn't study much the day before or the day of the exam. My exam is at 9am so I wouldn't be studying anyway but I don't think I”ll be studying too much the day before. My reasoning is that if I don't have the material down by that point, I'm not going to. And the material I do feel comfortable with I don't want to second guess myself that close to exam day.

I feel that this is the exam I studied the hardest for. FAR was an extremely intense two months of study but I don't really feel I studied quite as hard for it as I did REG. AUD I studied the least for. I was so burnt out on FAR that I had a really hard time staying motivated for AUD. I think my score reflects that but at least it was a passing grade (during a quarter where the pass rate was around 42%). Once I got my passing score for AUD, that remotivated me for BEC. As weird as this sounds, It also helps that I drastically underestimated BEC. Everyone calls BEC the “easy” exam and, almost immediately, I realized this wasn't the case. That was good because I developed some really good study habits as a result which I've taken into REG. I've studied like crazy for REG and feel that I've got a good foundation. I think it's all going to come down to the actual exam at this point. But right now I'm just ready to be done.

[jstay]

Angelwatch, seems like your on track to pass! best of luck in two weeks, keep plugging away.

Also, yeah I studied the hardest for FAR but I want to study just as hard, if not ahrder, for REG…I really want this done before summer. Also, I want to try and do around 6,000 MCQ (atleast) because I did that on AUD and felt good with it.

We'll see what happens after tax season cause that's when im kicking into high gear

[Gabe]

@angel feel exactly the same way. definitely studied the most for REG. Feel pretty comfortable. I sit Friday at noon, but usually just listen to audio/look at notes on weak areas before I go in. Also, go on a run to clear my mind.

@jstay happy studying to ya!

@barf wiley has some good lectures. short, to the point.

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[stoleway]

@Gabe.

on the partnership G/L question you asked, your assumption is correct! Always remember that partnership do not pay taxes(pass through entity) and the figures we report in 1065 is just for informational purposes and cross-referencing for IRS.

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Gabe]

@stoleaway thanks!

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[Gabe]

The CSU partnership distributed to each partner cash of $4,000, inventory with a basis of $4,000 and a fair market value (FMV) of $6,000, and land with an adjusted basis of $5,000 and an FMV of $3,000 in a liquidating distribution. Partner Chang had an outside basis in Chang's partnership interest of $12,000. In the second year after receiving the liquidating distribution, Chang sold the inventory for $5,000 and the land for $3,000. What income must Chang report upon the sale of these assets?

A.

$0 gain or loss

B.

$0 ordinary gain and $1,000 capital loss

C.

$1,000 ordinary gain and $1,000 capital loss

D.

$1,000 ordinary gain and $0 capital loss

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[Anonymous]

Answer B?

[Holly]

C

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

[Gabe]

Answer is C. Can you explain the calc HR?

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[Holly]

As distributed: used NBV because of a complete liquidation

$4,000 – Cash

$4,000 – Inv

$5,000 – Land

Basis $12,000

Cash <$4,000>

Remain $8,000

Inv <$4,000>

Remain $4,000

Land <$4,000> Get the remaining basis only

When sold:

Inventory sells for $1000 more so ordinary gain, the land sales for $1000 less so capital loss.

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

[Gabe]

I think I'm just confused….so even though their basis in the partnership is $0, they can still sell the land/prop because they were distributed it?

AUD: 84
BEC: 76
FAR: 81
REG: 4/3/15

OK Candidate

[Holly]

He can sell the property because it is his as of the distribution. After the distribution, the basis no longer matters and the property is his to sell or do whatever he wants with the property.

Edit – the basis of the partnership

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

[Peterman25]

I'll take 74 of these cupcakes please. Mmmmkay? Thanks.

Which of the following is not a way to reduce a taxpayer's taxes?

A. Pay taxes on April 15

B. Reduce taxable income

C. Apply tax credits

D. Increase tax deductions

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[Author]

Replies