[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

[Just3Letters]

That's pretty dang straightforward! Thanks csvirk! That works because the answer is B, 1 and 2.

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

[Anonymous]

is it B? becker uses the FAIDS x2 mnemonic for real defenses, and then everything else is personal. i'm not sure if there's any easier way to break it down.

Real Defenses (maker/drawer does not have to pay anyone) [FAIDS x2]

a) Fraud in the execution (tricked into signing)
b) Forgery
c) Adjudicated insanity
d) Alteration (material)
e) Infancy
f) Illegality
g) Duress
h) Discharge in bankruptcy
i) Suretyship defenses
j) Statute of limitation

Personal Defenses – cannot be raised against HDC (anything not FAIDS x2 mnemonic)

[Just3Letters]

You're right Dr Cash a Milli!

I've been so bad at mnumonics for REG. I only memorized the ones that have to do with AGI/AMT and other primary tax stuff. I'm just hoping my weeks of hard effort covers the other stuff!

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

[Just3Letters]

On a completely different topic, Becker emphasized that interest and dividend income is portfolio income rather than passive.

I've never seen a question relating to this in the THOUSANDS of MCQ I've been through. Any idea about how this would be tested?

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

[Anonymous]

yeah i really need to go back over AMT. i don't think i'm getting it. did you memorize the PANIC TIMME mnemonic for the adjustments?

also, i have a bunch of family in town for the weekend and they are all outside swimming and drinking margaritas, and i'm just sitting in my room plugging away at these MCQs…i bet they're jealous :^)

[Just3Letters]

Yeah! I EMBRACED HEFT for AGI adjustments, COMMITT for AGI deductions, PANIC TIMME for AMT adjustments, FACES for AMT credits, and PPP for AMT preferences

Lol. I'd rather study AMT in my little study cave any day before I go outside in the sun and drink margaritas with family and friends! My prize for (hopefully) passing REG tomorrow is all day Monday laying out on a lake and drinking Coronas with friends and potentially watching people blow themselves up

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

[Anonymous]

haha good call on moving your test up to before the 4th!

[Just3Letters]

We will see if it's a good choice on August 4! Did you change your test date?

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

[Anonymous]

nope. i actually delayed it a week when choosing the date originally because i knew the 4th would be a distraction and i thought i could use the extra study time

[CPA2BEE]

I wish I was taking REG tomorrow 🙁

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

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

[Just3Letters]

Ohhh July 5 is rough CPA2BEE!

I was actually initially scheduled for that date. My neighborhood is crazy loud on July 4 and I wanted to sleep before my test so I made the $40 switch.

I'll update everybody on my general feelings after the test. You got this! Only 3 days!

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

[Author]

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