[jeff]

Welcome to the Q3 2016 CPA Exam Study Group for REG.

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

AUD - 79
BEC - 80
FAR - 76
REG - 92

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

[pyacpa49]

Test on Wednesday and I am not feeling confident at all. I probably should have waited until October, but since this is my last exam I figured I would give it a shot before this testing window ends and hope for the best. Any suggestions to help me get enough points to pass? My biggest worry is remembering what is or is not deductible, and if it is deductible remembering if there is a limitation. Just hoping the AICPA is kind to me on Wednesday so I can be done.

[A1lessio]

PYACPA49 – I guess keep hammering mcqs and any questions you have no idea on go back and read or write out the little sub-section. Before Audit I would do 100-200 mcq's a day and a bit of reading, writing or sims.

My exam is on the 7th and I still have 3 business law chapters to cover. I use Becker and the past 3.5 weeks I have been watching lectures and not highlighting but writing out the highlighted parts and passkeys(extremely time consuming). Luckily it pays off on Mcqs scoring between 70-85% first try. What do you guys recommend for 6,7,8? I may just watch and highlight and do non-stop mcqs for all chapters. I feel like I really have the tax side down. I work in tax, interested in the topics, and put in the effort for each chapter. I just need quick reviews before test days for small details.

AUD - 86
BEC - 70
FAR - 78
REG - 84

People who subject themselves to the strictest discipline, who give up certain pleasurable things in order to obtain a goal are the happiest of men.

AUD (08/02/2016)

[pyacpa49]

A1lessio: Ya I have been doing a minimum of 100 MCQs a day for the last week or week and a half. When I miss questions I read the explanations, and if it's something I had no clue about I write it down. I wish I could have scheduled in early September for a bit more time, but I can't take time off of work during the first week of the month and nothing was open later on this coming week. I definitely need to go back to the itemized deduction sections and just make sure I know that. It seems like that's an are that is very likely to show up n a Sim.

I would guess that there will be a lot of MCQs on the exam from those sections. Doesn't seem like much they can do for Sims on those. I think seeing a fair amount of MCQs will get you in a good place. I wrote out notes for the business law sections, myself, but I did that more out of habit than necessity (though I do use Wiley, not Becker). Good luck!

[melody_pinaycpa]

@A1lessio-I am also taking my third attempt on the 7th. I am using Gleim and I have not reached 75% average on 3 blaw study units (Agency, Contracts, Sales and Secured transactions) but I understand the concepts more this time.

First time I took I had Blaw as the only weak topic, the second go Blaw was strongest but weak sections have increased to 2. This round, I'm doing sets of MCQs; all Tax twice, all blaw once and all Ethics once.

FAR - 88
AUD - 86
BEC - 82
REG - 73, 70, 82

FAR (Apr 2015) - 88
AUD (July 2015) - 86
BEC (Oct 2015) - 82
REG - 73, 70, retake Sept 2016

[CPA788]

@pyacpa49 – same boat on not being able to take time off during the first week of the month, really frustrating. What helped me memorize/remember certain deductions and limitations was actually staring at a 1040 form and then a schedule A form and remembering the flow. Not that I have a photographic memory and remember things after 4 seconds, but remembering where the categories fell on each form helped me remember how to treat them during an MCQ. Writing out note cards of those categories and just memorizing will help as well. If you are pushing through that many MCQs a day I bet you'll do fine. I'm right on your heels with a my REG retake 9/3. You got it.

BEC - 74, 77 (Becker only)

FAR - 72, 71, 78 (Becker+NINJA)

REG - 69, 59, 69, 72, 76 (Becker+a private tutor+NINJA+Gleim free trial+seriously anything else I could review)

AUD - 77 (Becker only)

CA candidate

BEC - 74, 77
FAR - 72, 71 (retake 7/29)
REG - 69
AUD - Q4 '16

CA Candidate

[scheng3]

So I know that the 2016 changes to REG are an increased focus on: General concepts of state and local tax (non-state specific – for example – nexus and apportionment) and U.S. taxation of multinational transactions. However, I haven't seen any multi national MCQs or anything on nexus and apportionment. Does anyone know if anything else changed? Or have any practice questions to help prepare?

[pyacpa49]

@CPA788, that's not a bad idea. I think I'll start looking at both forms a few times a day. I feel like I just am not reading questions carefully enough. Seems like every time I get something wrong I'm reading the answer and saying, “well duh, I knew that!!” I'm guessing I will be more careful on exam day, but only getting 75% on MCQs when I go through a set isn't too encouraging.

Good luck to you as well. We can do this!!

[Anonymous]

Hi Guys,

I am planning to take REG sometime in November. I passed FAR,AUD and BEC. REG is the last one.

1.Just want to ask you how many hours needed to prepare for REG. I know it depends on the individual. Just average hours you guys spent studying for REG.

2. I am using BECKER. Can you rank the chapters based on difficulty. At least top 3 difficult chapters.

First time studying for REG.

Thanks

Senthil

[A1lessio]

I think Sept 7th may be pushing it for me. Passing Audit and Reg in this quarter would have been nice, but work is making it impossible to study. I may take a Becker practice test on the 6th and if I score in the high 60s. sit for the actual exam.

AUD - 86
BEC - 70
FAR - 78
REG - 84

People who subject themselves to the strictest discipline, who give up certain pleasurable things in order to obtain a goal are the happiest of men.

AUD (08/02/2016)

[So FAR So Good]

Really struggling with a Becker question on AMT itemized deductions and could use a little help…

In the book, they say that Itemized Deductions from an AMT perspective are “add backs,” which makes sense. They mention that Mortgage interest NOT used to buy/build/improve a qualified dwelling is added back.

In a question I got, it asks:

Robert had current year AGI of $100,000 and potential itemized deductions as follows. What are his itemized deductions for AMT?
1) Medical Expenses (before % limitations) – $12,000 *
2) State income taxes – $4,000
3) Real Estate Taxes – $3,500
4) Qualified housing and residence mortgage interest – $10,000 *
5) Home equity mortgage interest (for personal debt) – $4,500
6) Charitable Contributions (cash) – $5,000 *

The ones with asterisks are included in the response (Medical Expenses only above 10%).

Since itemized deductions are considered “add backs” for AMT, shouldn't I be excluding the mortgage interest and charitable contributions, and adding the mortgage interest for personal debt instead?

I'm so confused…

AUD - 91
BEC - 85
FAR - 91
REG - 86

.

F - 91 (6/5/2016)
A - 7/30/2016
R - 10/8/2016
B - 12/10/2016

[So FAR So Good]

Nevermind… I was completely backwards on the concept. Their explanation of what itemized deductions meant to AMT was so confusing…

AUD - 91
BEC - 85
FAR - 91
REG - 86

.

F - 91 (6/5/2016)
A - 7/30/2016
R - 10/8/2016
B - 12/10/2016

[pyacpa49]

Tom and Joan Moore are married filing a joint return. Both are 47 years old. During 2016, the following events took place. For items 1 through 12, select the appropriate tax treatment. A tax treatment may be selected once, more than once, or not at all.
Tax treatment
A. Not deductible on Form 1040.
B. Deductible in full in Schedule A—Itemized Deductions.
C. Deductible in Schedule A—Itemized Deductions, subject to a threshold of 10% of adjusted gross income. D. Deductible in Schedule A—Itemized Deductions, subject to a limitation of 50% of adjusted gross income.
E. Deductible in Schedule A—Itemized Deductions, subject to a $100 floor and a threshold of 10% of
adjusted gross income.
F. Deductible in Schedule A—Itemized Deductions, subject to a threshold of 2% of adjusted gross income.

1. On March 23, 2016, Tom sold fifty shares of Zip stock at a $1,200 loss. He repurchased fifty shares of Zip on April 15, 2016.
A
2. Payment of a personal property tax based on the value of the Moores' car.
B
3. Used clothes were donated to church organizations.
D
4. Premiums were paid covering insurance against Tom's loss of earnings.
A
5. Tom paid for subscriptions to accounting journals.
F
6. Interest was paid on a $10,000 home-equity line of credit secured by the Moores' residence. The fair market value of the home exceeded the mortgage by $50,000. Tom used the proceeds to purchase a sailboat.
B
7. Amounts were paid in excess of insurance reimbursement for prescription drugs.
C
8. Funeral expenses were paid by the Moores for Joan's brother.
A
9. Theft loss was incurred on Joan's jewelry in excess of insurance reimbursement. There were no 2016 personal casualty gains.
E
10. Loss on the sale of the family's sailboat.
A
11. Interest was paid on the $300,000 acquisition mortgage on the Moores' home. The mortgage is secured by their home.
B
12. Joan performed free accounting services for the Red Cross. The estimated value of the services was $500.
A

[pyacpa49]

Formatting was a little off so I tried to fix it as best as I could. This question is a pretty comprehensive example of mostly the itemized deductions, though there are a few things in there that are not deductible, or deductible for AGI. This is one thing I struggled with so I figured it may help someone else to look at this if they are struggling too.

[luisa olmos]

Hi, I am trying to purchase the FAR flash card, but I can not find the right page, can you please help??

Thanks.

[cultur3]

So for a “qualifying relative”, they can't earn more than their personal exemption. Social Security doesn't count as income.

My question is, am I supposed to take that “earn” literally as in earned income? So dividend and interest income do not count? Or does that income count? i.e., I support my Grandpa, he lives with me and I support him 70%. Two scenarios:

1) He receives 6k dividend income
2) He has 6k passive income.

Is he a dependent under both scenarios? Please help, thanks!

Sorry if I am confusing you! 🙁

F 83 4/09/16
A 85 6/10/16
B 81 7/19/16

[Author]

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