[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

[Claudia408]

in my experience i wasn't really stumped on a MCQ bc i didn't know phase out and limitations. i think the biggest ones are that 179 deduction, rent, charity, AMT, health, business expense. but those you probably already know.

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Just3Letters]

Ugh, all of Claudia's questions stump me :/

I agree with Claudia, not too important Spartans. Just know 179, charity, investment expense, how to compute AMT and that it is deductible against regular income tax, NOT AMT. Just the emphasized stuff.

No way to memorize all that craziness.

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

[Spartans92]

Thanks guys! Just3 you starting work next month? Recall you mentioned HR emailed you or something.

Also, can anyone give me any advice for a entry level staff? Like what to expect etc (on tax side). One of my buddy got fired after 3 months and that scares the crap out of me. I just feel like I'm not smart enough to handle the work.

BEC- PASS

[Just3Letters]

Yeah Spartans, I start July 6 at a large regional firm! I'm very excited/nervous. I just read that post in the main forum about performance reviews and it scared the crap out of me.

I did an internship at my firm last summer and everybody is super nice there. I struggled once or twice during those three months but at the end they said I had done very well and they were excited to have me back. Even though I'm sure they tell every intern this, it helped my confidence.

I grew up in a pretty redneck small town with no idea about what corporate life was like. This is a HUGE change from what I always knew. The one comment I got from my company is that “I tried too hard to fit in”. It's definitely true. I just had no idea how to act.

As far as performance reviews and stuff, this is all super scary for me. I'll keep you guys updated on how work turns out and how it is studying after work/weekends!

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

[csvirk]

Just3. Congrats and Good Luck. what are you from? (if you don't mind me asking). Currently I work as state corporate tax auditor and would like to switch to Public (mainly tax) one day. Are you going for audit side or tax?

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

[Just3Letters]

I'm from a small town in southern Oregon originally. Lots of NASCAR and PBR down there. Was never really my thing haha

I've actually thought quite a bit about working for the government some day. How do you like it?

I'm going audit. Unfortunately when I decided between audit and tax I had no idea about anything tax because I had never even taken a tax class in college at that point. I asked my professor and he said, “if you don't know, always go audit”.

I somewhat wish I had not listened to him because however hard tax is at times, it's super interesting. I think someday I will switch to tax.

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

[csvirk]

Govt. Job is the most chill job I have so far. I get plenty of time to study while at work. Staff is very supporting and helpful. Downside of working with govt. is the pay. I always wanted to work at tax because i would like to open up my own practice one day or buy one. Currently at state tax audit i get to audit listed companies mostly, F500 specifically. Not sure if this experience will help me land a role at public.

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

[Spartans92]

Gotcha Just3, that is coming up real soon! Wish you the best. I guess that is what all of us feel like when we first start work LOL. Keep us posted.

BEC- PASS

[mckan514w]

I MISS REG!!!!!!! ha ha ha ha

Glad I popped in- GOOD LUCK Just 3 – congrats that is such awesome news

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[sancasuki]

Barf. Business law is so boring. Makes tax seem exciting. It would be nice if Wiley could write in English. It's like torture reading this crap. Some points I really just don't get even after looking at the professor mentoring discussion thing on CPA Excel. I swear there were more examples in the FAR section.

[Just3Letters]

Thanks everyone!

To put it simply… FAR > REG

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

[Just3Letters]

How is this not a related party transaction? Answer is B.

Gibson purchased stock with a fair market value of $14,000 from Gibson's adult child for $12,000. The child's cost basis in the stock at the date of sale was $16,000. Gibson sold the same stock to an unrelated party for $18,000. What is Gibson's recognized gain from the sale?

A.
$0

B.
$2,000

C.
$4,000

Incorrect D.
$6,000

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

[Claudia408]

Just3 – it's a related party transaction from parent to child but the stock ultimately sold to an unrelated party. you don't know what the cost basis is until it's sold to an unrelated party look up dual basis rules..

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Just3Letters]

Hmmm… thanks. I thought that was only a rule for gifted assets. I'll look it up!

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

[Claudia408]

Just3 – it is for gifts but i don't think the problem has to say gifts? what did you find?

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Author]

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