[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

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

[csvirk]

All of the following statements are correct about listed property except:

A.
it must be used in business more than 50% in order to be a Section 179 deduction.

B.
straight-line depreciation must be used when the business use does not qualify the use of MACRS.

C.
it must be used in business at least 50% or more in order to claim MACRS.

D.
listed property includes passenger automobiles.

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[Just3Letters]

Good morning everyone! I still haven't had my first cup of joe yet :/

@CSvirk, is it A?

I think listed property just means business property. You can use MACRS with personal property. Therefore, B, C, and D don't make sense to me. Could be wrong though. I still need coffee!

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[csvirk]

Moring @Just3 A is wrong. I selected A also but Correct Answer is C.

“IRS Publication 946 discusses the rules pertaining to the business-use requirement of listed property. Listed property includes cars and other property used for transportation, property used for entertainment, and certain computers. If the property is not used predominantly (more than 50%) for qualified business use, the taxpayer cannot claim the Section 179 deduction or a special depreciation allowance. In addition, the taxpayer must figure any depreciation deduction under the modified accelerated cost recovery system (MACRS) using the straight-line method over the ADS recovery period”

This Explanation is Confusing.

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[Just3Letters]

Ugh, what a stupid way to wake up! I just didn't read the “all are correct except” part.

Going back to sleep now. Just kidding. I wish.

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[csvirk]

So MACRS depreciation can claim by individual also?

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[sancasuki]

I got an email 2 days ago from Wiley saying:

We're excited to announce the July 2016 Wiley CPAexcel Course, Test Bank and printed product updates are now available! All updates align with recent AICPA changes to the CPA Exam, including the addition of Document Review Simulations.

As a course customer with Partner Until You Pass access, you have free and unlimited access to the online updates. As a bonus, you now have complimentary access to the CPA Test Bank with an additional 4,400 MCQ’s, 150 traditional Task-Based Simulations and 10+ Document Review Simulations (DRS). Please log in to you account for access.

[CPA2BEE]

I neeeeeeed this test to be over with already! For the first time ever, for any exam, I am trending in the 90s. 92% trending, 87% average. I think it is just because I have done probably over 8,000 NINJA MCQs at this point haha. I've reset the data a couple times but I think its in that ball park.

I'm gonna read the Becker book on my weak areas over the weekend and keep cranking MCQs. Anyone else have any other tips for maybe one last boost?

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[Spartans92]

CPA2BEE, kind of off topic but what did u do differently second time for FAR? I got somewhere in the 60's too the first go. If u dont mind sharing. Thanks.

BEC- PASS

[Anonymous]

@CSvirk – I've never cried while studying for an exam – not even close – but I got so frustrated this morning I shed a few tears because I can't seem to apply what I've learned if 24 hours go by – plus it didn't help that I couldn't sleep last night and woke up every hour – I need to be alert.

Basis is killing me – partnership – corp – gain loss -which when – fmv. WT*!*. I undersand it, just fine, and then I stare at teh question the next day not knowing what strategy to pick.

Feeling a bit sorry for myself right now, not like me, I keep trying to calm myself down and just keep at it. Not much else I can do.

[Bear-Bear]

I'm feeling super nervous about the SIMS only. I feel like I'm going to absolutely crush the MCQ. But thinking about how much of this test is just luck of the draw regarding which SIMS you are dealt…yeah.

[CPA2BEE]

@Spartans FAR was actually the only exam I didn't use NINJA. I just started from scratch all with Becker – took new notes, did all the HW again, took the practice tests again, etc. I focused mainly on common stock transactions and Govt/NFP cause those were for sure my weak spots. But that one was all Becker both times.

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[Spartans92]

Thanks mate! 🙂 Hope you all have a great July 4th for those in the States!

BEC- PASS

[Anonymous]

I'm only nervous about the SIMS because people last window said they were horrible. I was supposed to seriously practice DRS today, but I'm so out of it from no sleep. I have been doing the SIMS in Gleims book and haven't felt they were that bad.

BTW does anyone know why NINJA Mcq's keep giving you the same questions, even though you got them right. I'm in the adaptive phase.

And yes I'm still running for the person who passed reg with the lowest trending score. (fingers crossed).

Plus it looks like a bomb went off in my house.

[csvirk]

CPA2021

Click on “New Question” from the drop down where it says “All Question”. REG is indeed the toughest section among the 4.

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[sancasuki]

Today starts my review phase. Just finished all the reading and questions in CPA Excel. When I did FAR last time I did the Ninja MCQs by category and that seemed to work.

I wonder what order I should do the REG ones in. I'm thinking Tax>Ethics>Business Law. The business law questions seem to be way overrepresented in Ninja just as it is in CPA Excel. 39% of the questions even though business law is 19% of the test.

[Author]

Replies