[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for REG.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

[Future Ninja]

@Ano – I was surprised with my score. Stronger in SIMS but comparable in MCQ, ended up 74 last quarter. I answered a lot of zero from my last SIM specially the at-risk rules SIM. You'll never know for this exam. I just don't know how exactly they score us. Well, we have to put up the fight, never say give-up. I hope and pray we will make it this quarter. I'm done with all Gleim mcqs average at 67. I'm reviewing MCQ's, do plenty SIMS and taking non-stop notes, comparing Individuals versus Corporation versus Partnership and other entities. Best of luck to both of us and the rest of the Q2 REG group. Taking REG in 10 days time.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

@ Future ninja
I also had the problem on the same question ,Wiley doesn't have a single question at partners risk basis .
Did you find any question at partners risk basis and on home sale exclusion on gleim?
If you have then please share with us.

[itsanaccrualworld]

Sup my ninjas. I take REG on 4/16, which basically leaves me 5 more days to study. I watched all becker lectures and completed all the homework for it. Since then i've been doing non stop MCQ sets of 30 for the tax sections and getting anywhere from 50s to 70s. (Have completed about 1950 MCQ's). Really starting to think about possibly moving my test back a bit. Any tips on how to review/practice from here on out?

I've been doing sets of new tax questions as well as trouble questions. B-law ive got a good understanding of. If the average trending score needs to be around 80, im not feeling to confident. Anyways, any advice is helpful!

FAR - 75
REG - 69, September 16
BEC - 80
AUD - 69, October 16

[Future Ninja]

@Ano – i can share my notes for those as well. hold on. i will post mcq for partners's basis in a little while.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[monikernc]

I am having a terrible time with determining the basis of property transferred to and from partnerships and corporations, and the gains. Any suggestions on resources that will help on this topic? Using ninja book and mcq with textbooks. What else? Thanks.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[If I can, u can too!]

monikernc, i memorized below formula.
New basis of property rec'd = Adj basis of property given up – Loss recognized – Boot rec'd + Gain recognized + Boot paid

and for Loss (or gain) recognized, i would write out a JE to get the amount. hope this helps.

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[Anonymous]

@ monikernc There is Roger video on youtube he explains very well the partner basis.check all his free video.

[monikernc]

thanks for the responses.
i think i have it then get a new mcq and it throws different rules for partnerships than corp's, for just property, then with boot. property going in versus property going out… it goes on.

hokinizeu – is there really just one formula? because there seems to be a dozen. is this supposed to be simple?

is REG a mile wide and an inch deep, as i have heard BEC described, or will exam throw really in depth treatments and calcs for mcqs and/or sims?

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[mtaylo24]

Yeah you can add or subtract things to the basis formula forever and ever….

Partnership's basis = Cash contributed + AB of property contributed + any gain recognized or contributed property or services + share of partnership liabilities – liabilities assumed by partnership

Shareholders basis = Cost + Share of income – boot received – distribution – share of loss + gain recognized

Property = Cost (mortgage, cash payments, down payments, etc) + improvements – depreciation + boot given – boot received

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[If I can, u can too!]

@monikernc i've heard of 2 versions of this formula (per Becker), the one i posted for you was the one that made the most sense to me. and yeah, i didn't feel REG was as in depth compared to AUD; i only solved like 1k problems on NINJA and all SIMs and that was enough to pass.

you do need to be familiar with IRC's however, especially Subtitle A – Income taxes section (SUBCHAPTER A – Determination of Tax Liability (§§ 1 to 59B) & SUBCHAPTER B – Computation of Taxable Income (§§ 61 to 291) specifically) b/c they'll throw in a situation where a research is required.

https://www.law.cornell.edu/uscode/text/26

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[monikernc]

Thank you hokinizeu. I think the trip up is the realized gain. Or when gains are realized. That is causing me the most confusion. I have even thought of buying becker just for this one part but really do not want to do that.

I will check out the roger videos. For sure!

When will your license be official?

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[If I can, u can too!]

moniker, the key is knowing the journal entry and knowing the “recognized” gain/loss. any gain recognized is lesser of the realized gain or the boot received. let me know if it's still confusing, i can dig up some examples.

thanks for asking. i haven't rec'd the official certificate yet but they've already issued my license number.

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[monikernc]

I am so happy for you. Reg is a beast! But it is my last so i will get through it. I want to move it up but haven't started bus law yet. I can wait if it means a pass. Thank you. If you have time to find examples, please post a few.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Future Ninja]

@Ano – as promised.

Partnership Basis question:

Strom acquired a 25% interest in Ace Partnership by contributing land having an adjusted basis of $16,000 and a fair market value of $50,000. The land was subject to a $24,000 mortgage, which was assumed by Ace. No other liabilities existed at the time of the contribution. What was Strom’s basis in Ace?
A. $0
B. $16,000
C. $26,000
D. $32,000

ANSWER: A zero

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[monikernc]

hokinzeu – the question future just posted for ano is typical of what i am struggling with. how can strom have a 25% interest with no basis?

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Author]

Replies