REG Study Group – Q3 2018 - Page 12

Viewing 15 replies - 166 through 180 (of 377 total)
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  • #1872373
    lypham295
    Participant

    When are you taking your exam? End of August
    What exam topic keeps you awake at night? Every damn thing
    One study or career tip others might find helpful: Leave your phone in your car and use browser lock

    #1872379
    lypham295
    Participant

    @Chandler, What were your study strategy/review course for REG?

    #1872481
    Anonymous
    Inactive

    @Jane – no, the research question is placed randomly. I have taken FAR and AUD and it wasn't at the same point (or even in the same testlet, if I recall).

    @cpaslayer14 – I am using Wiley and just purchased Ninja for my last month of study (my exam is Aug 4). For Wiley I just follow their study plan set by the number of hours I can study each day and when I want my test to be. For each lesson I watch the lecture video and take extensive notes while watching (so it usually takes twice as long as the actual video). Then I skim through the study text and add to my notes anything that wasn't in the video. Then I do the T/F questions and then the lesson assessment. I admit that I don't do a great job of going back to review past topics during the process. Usually by the time I've finished the lessons for that day I don't have any time or energy left for a review.

    For the bigger MCQ assessments and TBS assessments at the end of each section, I will usually take notes on questions I missed and then go back the next day and re-take only the ones I missed (use the “retake incomplete” button when viewing your score report) to make sure I am somewhat grasping the concept.

    Then about a month before my test I purchase Ninja and listen to the audio on repeat during my commute which is 25 minutes each way. Usually this helps me to keep everything in my head. I don't use it to learn anything new, but rather just a refresher on the topics that I studied earlier.

    I schedule my exam for two weeks after the last Wiley lesson and use that two weeks for final review. I usually switch between the Wiley test bank, the Ninja test bank, and going back over all my notes and re-writing any that are particularly tricky for me. I focus mainly on MCQ in the test bank, doing about 10 at a time (in “study mode” in Wiley so that I get the answer right away). I might do a few TBS questions but they usually just frustrate me because they take so long and I feel like I'm wasting time. I will also do the AICPA sample test a couple of days before my test.

    This method has worked for me so far! I am more nervous for REG though because of the sheer amount of memorization involved. I am feeling less confident than I did for FAR or AUD. Also, I am NOT a morning person and already get up at 5:45 to be able to do yoga before work so I don't study in the morning at all. I will usually do a lesson over my lunch hour at work, then the rest after work before dinner (and then we usually end up eating dinner at like 9:00…). I am married but don't have any kids yet, and my husband has been pretty good about cooking, prepping our lunches for the next day, etc. Cleaning, however, has definitely fallen by the wayside.

    Good luck to you!

    #1872649
    Jane
    Participant

    If property contributed to a partnership is distributed to a partner other than the contributing partner within seven years of its contribution to the partnership, all of the following will apply except:

    Incorrect A.
    the contributing partner will be required to recognize the built-in gain or loss at the time of the disqualified distribution.

    B.
    gain or loss is calculated as if the property was sold for the lesser of its basis or FMV at the date of distribution.

    C.
    the contributing partner's gain recognized is limited to the gain that would be recognized by the partnership.

    D.
    the basis in the property and partnership interests will be adjusted for the gain or loss recognized.

    The answer is B but I thought it was A, can someone explain?

    #1872670
    Jane
    Participant

    Actually just realized I stupidly missed the “except part”. I still don't understand this explanation though:

    Gain or loss is calculated as if the property was sold for its Fair Market Value at the date of the distribution. (For property contributed to a partnership prior to June 9, 1997, these rules had a shorter 5-year lookback.)

    Shouldn't gain/loss be NBV for a partnership?

    #1873180
    Anonymous
    Inactive

    @Panders Your post just made my day. Thank you so much for replying 🙂 I am grinning so hard because I've been neck deep in this crap for about 4 years, went through a separation in the middle, now I am back at it. I don't have any kid, just 1 cat. I went through the worst depression of my life. Thankfully, yoga has been helpful. Finally I made my profile and started posting here and you made me feel a lot less lonely. Thank you! I am budgeting time to take it by end of August. I am doing 4 hours a day, Sat off and 8 hours on Sunday, starting this week. I am going to do my best at keeping this schedule. I have found that paraphrasing notes and making up profane acronyms helped me. I just took FAR. I am going to attempt this and pray that it works. Congrats on that 92 on FAR! You kicked ass!

    #1878367
    lypham295
    Participant

    Does anybody feel like the REG wasn't written in English?

    #1878436
    Jane
    Participant

    I'm reposting this because my test is on saturday and this concept/question is really tripping me up:

    “If property contributed to a partnership is distributed to a partner other than the contributing partner within seven years of its contribution to the partnership, all of the following will apply except:

    A.
    the contributing partner will be required to recognize the built-in gain or loss at the time of the disqualified distribution.

    B.
    gain or loss is calculated as if the property was sold for the lesser of its basis or FMV at the date of distribution.

    C.
    the contributing partner's gain recognized is limited to the gain that would be recognized by the partnership.

    D.
    the basis in the property and partnership interests will be adjusted for the gain or loss recognized.

    The answer is B, and the explanations is: Gain or loss is calculated as if the property was sold for its Fair Market Value at the date of the distribution. (For property contributed to a partnership prior to June 9, 1997, these rules had a shorter 5-year lookback.)

    Why is Gain or loss calculation as if the property was sold for its FMV? Isn't that for corps?

    #1878448
    Anonymous
    Inactive

    @cpaslayer14 you are most definitely not alone! We are all in this together. Does your cat like to “help” you study? I have 2 cats and they always end up laying across my desk or directly on top of my notebook, but then I can usually move them to my lap and they will cuddle there until I'm done.

    I am in the middle of a depression period as well. My husband and I bought our first house in March and we're finding out that the previous owners didn't take care of anything and we're dealing with a lot of water and mold issues in the basement that were not disclosed to us. We haven't done much unpacking or decorating since I've been so busy studying, and my husband's sister passed away very unexpectedly two weeks after we moved in. I'm also on a medication for three months for a skin issue and one of the side effects is depression and headaches (and I can't even drink my sorrows away because I can't have alcohol on the meds!). Dragging myself to my desk every night to study is so hard and I cry about 2-3 times a week. The only thing keeping me going is the thought that I do NOT want to still be studying by Thanksgiving. I graduated with a masters of accounting in Dec 2017, so I've been studying nonstop since 2015. We have a trip to Germany scheduled for early December and we are hoping that it will be kind of a “re-set” on our lives and we can move forward in 2019.

    I know you were just asking about people's study plan, but I always like the posts that are more personal too. Everybody is going through their own journey in life, but we are all on the CPA journey together. We will make it to the other side!

    #1878712
    nobey
    Participant

    I'm using Yaeger to study for REG, and I have conflicting info in my book. In the text itself it says that a contract formed with a mutual mistake of fact is VOID—and a contract formed under duress is VOIDABLE. However, in my MCQ it states just the opposite–that mutual mistake is VOIDABLE and duress is VOID. Can anyone provide the tie breaker here?

    #1878760
    Jane
    Participant

    nobey- funnily enough, I believe it's neither, and in fact BOTH contracts would be void

    #1881724
    Anonymous
    Inactive

    Took BEC on Tuesday. Have REG scheduled for Aug 21. Hopefully will be my 4th and final test.

    #1881886
    Anonymous
    Inactive

    @nobey – a contract formed under “duress” can be either void or voidable depending on the type of duress. If duress arises by physical force/threat, then the contract is void. However, if the harm threatened is economic or social, then the contract is voidable.

    As for “mutual mistake” – it's a void.

    #1882216
    Tncincy
    Participant

    @AF git r done….hope all goes well. keep pounding a way. I need to get going tonight myself. Good luck

    @Bigbeancounter How's it going. I feel like an ancient statue still logging into the thread. I don't recognize anyone. I guess that doesn't matter, I could use a few new study buddies.

    Well, Here's my chance to study. House is quiet, no interruptions…..wish me luck gang. 🙂

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

    #1883824
    Anonymous
    Inactive

    @Big4BeanCounter – A mutual mistake does not make the contract void (the contract is not illegal). A mutual mistake simply means the parties can rescind the agreement—they have a defense.

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