[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]

April 16. Two weeks from today.

I WAS planning to sit May 1 but that's just too damn long. I feel pretty good right now and I feel that I could give it a solid attempt if it was tomorrow (or even today). But I'll use these two weeks to focus in on trouble spots and to work some more of NINJA's sims.

[jstay]

nice, yeah I wish I could move it up but I know I cant kick my studying into overdrive until after 4/15 so that will give me a solid month of hopefully just pounding out MCQ. I did over 6,000 mcq for AUD and felt good about that exam so hopefully around the same number for REG will do the trick

[Peterman25]

I feel the same way as Angel. I'm scheduled for 4/20. Feel good about a lot of things and could probably take the test today, but definitely want to improve my trouble areas.

I dunno if this is good about 4/20:

Its 420 day..haha (stoner laugh)

Its my dad's bday

its hitlers bday

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

AZ license - Official 8/20/2015

[Anonymous]

@angel how many questions have you done in ninja? And how did you attempt the sims in Becker? I remember the first time I looked at the Becker sims and said WTF I was so lost

[Anonymous]

In my opinion, it's a big balancing act. On one hand there's no reason to take an exam until you feel ready. On the other hand, there's a point where you just need to take it or risk forgetting stuff.

When I originally scheduled, May 1 seemed like a good date because of where I was at with the study material. Once I hit my review phase though, I realized that was too far back. So I figured I'd get in on te first score release window. I just don't want to think about the worst and not passing though. I probably wouldn't pick it up again until June since the earliest I could retest is July. Hopefully that won't be an issue. I really want to put the whole exam behind me once and for all.

[Anonymous]

I'm not sure off hand how many NINJA questions I've done in total. My strategy has been to do them in 30 question blocks. After 30 questions I would take a short break before doing another block. Most nights I'd average 90 to 150 questions.

I think one of the tricks for this exam's sims is to just be really familiar with the Authoritative Literature. So that's how I've approched them. I try to use the AL to answer my questions and not go to a book. I won't have a book on exam day but I will have the AL. Once you figure out where the main topics are, it gets a lot easier to find the section which pertains to your issue. Needless to say that the AL is a powerful tool but you also can't spend all day looking up an answer since you're on a very strict time limit. So it helps to be familiar with the AL so you can quickly get to the section you need.

Becker sims are just awful though. I can't tell you how many parts I missed simply because I didn't understand the question. Just too vague. I'm liking NINJA's sims a bit more but I think part of that is because I've gone through all of Becker's so I have a better idea of what they're looking for.

[Gabe]

@angel- feel the same way. Ready to be done and there does come a point where it's not productive to keep studying because you start forgetting stuff. Hopefully this will be over for both of us come May

@cpa I know you didn't ask me but I did all of wiley's MCQs (~1100) and SIMS (~90) and all of Ninja MCQs (total attempts ~4800) and all the sims (~65). I feel way more prepared than I was in January. Wish you all the best!

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

OK Candidate

[Anonymous]

Decker sold equipment for 200,000. Equipment was purchased for 160,000 and had A/D of 60,000. What amount is reported as ordinary income under code sec 1245?

A. 60,000

B. 40,000

C. O

D. 100,000

I picked b because I thought 1245 was lesser of depreciation taken or gain recognized. Answer is A.

I don't really understand the definitions of 1245 and 1250 and when to use them. Can someone clarify?

[Sandia]

@ Angel – what do you use to be familiar with AL?

Thank you and good luck – I sure you will pass REG ….

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[Troblin]

@ cpa. Good question. I am confused by the 1245/1250 distinction as well.

FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

Date I Got My Life Back!: 8/4/2015 🙂

[NJPRU]

@Gabe – again, best of luck tomorrow! I look forward to your post in the experience thread. 🙂

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Gabe]

@cpa Yes…

Sale price $200

AB 100 (160-60)

= $100

ordinary income of $60k

1245 prop= machinery and equip used in biz > 1 yr

1250 prop= real estate that is NOT 1230 prop (e.g. warehouse)

1245 gain= ordinary up to accum depreciation, excess is 1231 G (LTCG)

1245 loss= n/a

1250 gain= LTCG (1231 gain)

1250 loss= 1231 loss= ordinary

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

OK Candidate

[Anonymous]

Becker's Sims has the AL included in it. So I just load up Becker, pick a random Tax sim and I've got the AL there.

[Troblin]

Can someone explain this MCQ?

Paul Pappas owns all of the stock of an S corporation which had previously been a C corporation. The S corporation had the following balances at the beginning of its tax year:

Accumulated adjustments account $ 8,000

Accumulated earnings and profits 10,000

Paul's stock basis was $20,000 at the beginning of the tax year. The S corporation made a distribution of $19,000 to Paul during the year. What amount of the distribution is taxable to Paul?

A.

$0

B.

$8,000

C.

$10,000

D.

$18,000

FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

Date I Got My Life Back!: 8/4/2015 🙂

[Sandia]

b?

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[Author]

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