[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

[Anonymous]

[Anonymous]

Hi everyone,

I want to give many thanks for this website and those who answered my questions in Q1. I wish I had discovered this website for the prior 3 sections.

Passing REG (Esp on the first try) is special for me aside from it being the last section. I struggled in tax during school. I know I would've done worse in those courses had it not been for a classmate who distributed his excellent notes. Tax was my least favorite subject and I was fearing the worst that REG would make me loss my AUD credit.

I probably put more focus into learning this section than the other previous sections. Don't become discouraged from Individual/Corporate Taxation. After going through those topics, I thought “How the hell am I gonna pass?” It'll make sense if you continue to practice the questions periodically to refresh your memory.

My REG journey took me 2.5 months though I probably could've taken it a few days earlier. Anyway, a great way to learn the material is to answer the questions people have here. Don't be ashamed if your answer is wrong and don't be ashamed to post a “stupid” question. Plenty of good people here who understand the struggle and will gladly help out.

Definitely practice SIMs (my exam ones were all calculation) and I'm sure this has been said many times before but the best way to learn material is to explain it out loud. It could be to anyone or to yourself.

Again, thank you Jeff for creating this forum and others who have helped me along the way. It feels great that the effort I put in ended up with the highest score out of all 4 sections especially for someone who despised tax beforehand.

Good luck to all studying this quarter. Just remember, the exam is difficult but definitely not impossible. As Roger says, “If you study, you will pass.”

[Mouzam Ali]

@CantStopWontStop – Congrats buddy. Amazing that you have completed your CPA journey. I look forward to that day for myself now filled with emotion & joy. With still 3 hurdles to cross.

Taking Reg in April. Would appreciate if you could give some insight into how you felt about your exam ? which topic you felt was most tested and definitely any advice & tips would be welcomed.

Thanks.

BEC - 80 (6/9/15) - Roger+Becker
AUD - 69,61 - Roger
REG - 4/3/16
FAR - *****

Running out of 18 months soon.
Pursuing CPA since 2012. Started giving exams only in 2014 Q4.
Used Becker earlier now switched to Roger CPA Review.

[Anonymous]

@pracap check this website you have to sign up for this then it will show some sample question based on the at-risk basis

https://www.accountingweb.com/tax/irs/basis-but-no-deduction-a-look-at-partnership-at-risk-rules

I also posted the same question couple of times, I really wanted to look some more practical question based on at-risk basis.
If you find something new then please post it.

[SaveBandit]

Question on 179 elections. This one is from Becker SIM 1-8.

For each item below from the current year of Glaxo Inc, indicate the amount of a deduction under the Sec 179 election using 2014 rules. Treat each item separately.

5. Equipment in the amount of $35,000 was purchased and placed into service during the current year. Taxable income before the 179 deduction was $94,000. No other personal or real property was purchased during the year.

Answer: 25,000

The equipment will qualify for the Sec 179 deduction. Limitations exist when there is a loss or when qualified purchases exceed $2M during the year. There is also a max cap of $500k on the Section 179 deduction. It is the max cap that is the limitation here.

Huh? We're nowhere near the max cap of $2M. I don't get where they are pulling these numbers from. I thought it was $35k.

4 for 4

FAR 85
AUD 94
BEC 86
REG 90

[jlp0369]

@SaveBandit I had problems with the same EXACT sim. The Becker book wasn't helpful either. After about 30 minutes of trying to figure it out I eventually gave up so any insight would be greatly appreciated!

FAR: 87
REG: 90
BEC: 74(ouch), retake 7/16/16
AUD: 96

[Andyred04]

You guys may be using outdated material. For 2015 the Section 179 deduction is a maximum of $25,000. The phaseout is dollar for dollar on equipment purchases over $200,000 for the year.

That's per the REG Ninja Notes which are effective until June 30, 2016

FAR: 80 (Gleim, Ninja Notes, Ninja MCQs)
REG: 87 (Gleim, Ninja Notes, Ninja MCQs)
BEC: 87 (Gleim, Ninja Notes, Ninja MCQs)
AUD: 8/27/16

PA Candidate

[Martin]

Are you guys separating taxes from Ethics and Blaw? I just finished the first 4 chapters of tax with an average of 85% (becker and Roger), should I go back and do simulations and cumulative exams or start studying law and ethics?

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[Anonymous]

@mouzam thank you! I felt OK going into the exam. Felt more stronger about the individual tax portion than any other section. Leaving the exam I had the worst feeling out of all the sections. I was almost positive the SIMs would've caused me to fail especially on one topic I didn't thoroughly study for. I thought I had scored between the 70-75 range.

The MCQs weren't too bad. I went Medium-Difficult-Medium. My memory is becoming hazy, however I remember being tested on Individual tax, corps, p-ship and tax basis, estate tax, wash sale, accountant liability, and Security Act 1933/34 and bankruptcy distribution. I think I even saw 1 or 2 questions very similarly worded to the practice MCQs in my review course.

When in April will you be taking REG? Have a strong foundation on tax bc that's 60% of the exam and basically all the SIMs (unless someone here had a diff experience). However don't underestimate Biz law. It sucks that's it's a thick section yet only comprises 20% of the exam.

Roger's review course unfortunately doesn't come with an app for Android users so I downloaded a CPA Review app to practice MCQs whenever I traveled. If you have Becker, they probably have an app for both operating systems. Making note cards is a good idea too to carry around but it's more useful when you can apply it to questions so keep practicing those.

Good luck on your studying. Like I said in my previous post, definitely utilize this forum and try to use the search option first if you have a question because you may encounter an answer to your question.

[mfbc23]

@SaveBandit The explanation in question 1 is not saying that when there is a non liquidating distribution, the basis of the partner is the basis of the property distributed. It is saying that in this particular question, where it is asking for the partner's basis in the property, the partner's basis would equal the adjusted basis of the property. You cannot use this logic on the second question because the second question is asking for the partner's basis in the partnership which is the partner's original basis – cash distribution – property's basis.

AUD: 83 (Aug. 2015)
FAR: 78 (Nov. 2015)
REG: TBA
BEC: TBA

[Martin]

CantStopWontStop, you think Becker prepared you better than Roger? Im also using both Roger for the hard chapters and Becker for everything else.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[Tncincy]

No clients today :-((, so I have time to study the rest of the day into the evening…….(it must be true, be careful what you ask for, you just might get it.) Getting ready to study then,,,,so exciting

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Andyred04]

At least that will give you some free time this evening that you don't have to study!

FAR: 80 (Gleim, Ninja Notes, Ninja MCQs)
REG: 87 (Gleim, Ninja Notes, Ninja MCQs)
BEC: 87 (Gleim, Ninja Notes, Ninja MCQs)
AUD: 8/27/16

PA Candidate

[Char143]

I really need help understanding why a CPA needs to learn about all these contracts and what constitutes as a merchant contract or what voids a contract? In what world would a client ask a CPA about contracts or to create one OR legal advice on the formation of one ORRR defenses on the formation? Isn't this all a lawyers job?

AUD (2/16)-84
REG (05/16)-69 Retake (7/16)-79 (ty ninja MCQ)
BEC-TBD
FAR-9/8/16

[If I can, u can too!]

@CharleneR of course lawyers would know much more.
in REG, u don't delve too deep into legal stuff, just barely enough so we can watch out when we're providing various services.

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).

[Author]

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