[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

[Mamabear]

It's taking me forever to get through individual tax in Wiley. I appreciate having to stop every couple of pages and work problems, but good grief. I feel like this chapter is never ending.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Tax lady]

Hey mama! When is your re-take? Mine is 5 weeks from today and I'm finding it pretty hard to focus and re-study everything. I really hope this is it for us!

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Mamabear]

Hey Tax Lady!. My retake is on Nov 29th. I wanted to get that last little bit of studying in over Thanksgiving weekend. I hope this is it for us too. How are you approaching your retake? I'm actually reading a book this time and I remember exactly why I stopped reading the review books. This junk is boring! I'm skipping lectures. Reading the book, highlighting throughout the question explanations, will go back and write concise notes from the highlights, will incorporate those notes into Ninja Notes, will start using the Ninja MCQ once I have gone through all the sections. This is what I am doing for tax. For blaw I am going to read without highlighting and work all the Ninja MCQ. I will definitely not devote as much time to Blaw this time as I did last time. What about you?

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Tax lady]

It sounds like we have a similar approach. I have 9 legal pads of notes from the first round. I'm just re-reading my review book and making sure my notes include the important information. After I do all of this I'm going to re-write all of my notes (incorporating Ninja notes) and then the last two weeks or so I will do as many MCQ's as I can and try to make sure I understand any weak areas. Basis for corps/s corps, and estates/trusts were weak areas for me previously. I was stronger in Blaw before so I won't focus as much on this because thankfully I actually remember that crap!! Do you think this is a good plan? I honestly don't know how else to go about it. I sure hope I can get past it this time because I would love to fit AUD in by the end of January before tax season. It would be soooo nice to be halfway done by then. And I know you are ready too because you will be completely done by year end! Woot woot

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Mamabear]

It sounds like a good plan to me. 🙂 I hope it works for both of us. I find that I am highlighting a lot of information and I don't like that, but my last approach didn't work and I don't think any of the approaches I took for my other tests will work for REG. I dislike how I have to change my study strategy for every test, but it is what it is I guess. I need to pass this one. If I don't I get one more shot in Q1 before I start losing credits. That better not happen because I'm using all the strength I have to stick with this for this last test. It's time for me to focus on my kids' educations and stop focusing on my own. We'll get it done. You're doing it the right way–knock out the big guys first! I wish I had done REG first. It's definitely my weakest subject.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Tax lady]

I really dread FAR the most. :-/ In fact, I was going to take it next but didn't think I would have enough study time in between this test and tax season. I understand wanting to focus on your kid's education instead of this! I spent my whole evening last night working on a 6th grade science project among countless other items for homework. I didn't even have a chance to study AT ALL for myself. It's so hard doing this with family obligations. But, it will be worth it and I have no doubt you will be done in November!!

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Anonymous]

Can anyone explain what a trade acceptance is and how it relates to drafts?

According to Becker, a draft is a three-party commercial paper, where the drawer orders the drawee to pay money to the payee.

E.g. I can order my bank to pay the person I wrote a check to.

I don't get what a trade acceptance is. According to Becker, it's a draft drawn by the payee on the drawee and accepted by the drawee.

So the payee and drawer are just merged as one? Why can't this just be a note? Or is this a technicality thing, where with a note the payer has to initiate/create the note (promise) to pay, whereas with a trade acceptance, the buyer can initiate and create the liability (and get the payer/drawee to accept)?

So in a weird way:

Payee = Drawer

Payer = Drawee

Whereas normally you have

Drawee order payer (e.g. bank) to pay payee

We have the person receiving the money ordering the person paying the money to pay them.

Vs. a note where the payer is the one who initiates and makes the promise to pay.

…

Yeah, I think I'm getting confused here, lol.

[ronster]

Tomorrow bright and early at 8 I have my second go at REG and hopefully the last. I really don't want to picture my life studying one more time for my last part! I've studied my butt off the first time around and didn't fair so well. This time not as crazy but still doing well on progress tests and homework with Becker. Though that could be because I'm remembering the questions and answers. Either way, next shot tomorrow!

AUD: PASS
FAR: PASS
BEC: PASS
REG: PASS

[Anonymous]

I can't be the only one struggling with gift and estate tax, right?

[ronster]

@CPAHOPEFUL…I'm just going to regurgitate what I know off the top of my head about gift and estate tax. A lot of it will be ramblings and not tied in:

You can deduct up to 14,000 of gifts per individual. If you're married filing jointly you can choose to each deduct 14,000. For example, if I had a wife and we both gave you 30,000 cash, we can each take a 14,000 deduction and then only have 2,000 as a tax item. You have a maximum cumulative tax free amount on gifts of up to 5,031,000 (Might not be the exact amount because I'm just going off the top of my head). Someone on here taught me this. This means that over the course of your life in total of all the 14,000 gifts you give, your limit is $5M that is tax free. Also, gifts for tuition paid directly to a school and medical expenses directly to a hospital are tax free. If you are gifted property, you take the rollover basis of the donor. Your basis on determining a gain or loss on the sale of the gift depends on the future selling price. So if the FMV is less than the rollover basis and you sell the gift below the lower FMV, then you use the FMV as your basis and if you sell it for above rollover basis, use the rollover basis. Now if the FMV is lower then the rollover basis and if your selling price is between both, then no gain or loss. If the FMV is higher than the rollover basis and you sell it for whatever price, you use the rollover basis (I think).

AUD: PASS
FAR: PASS
BEC: PASS
REG: PASS

[Anonymous]

Thanks! And I have the 2013 book and it has 13,000 exceptions so I better get all the updated numbers. I'm just not really getting anything at the moment as it is my first time going through the book. My test is on November 30 so I have some time, but tax is all new to me. Does it help going over the section with the tax return in from of you?

[ronster]

Sorry I didn't hit you up with the estate/trust info…Just in my last bit of studying while I can. I never used it, but if you're finding it helpful to better understand, then why not. Anything to help you conquer this beast.

AUD: PASS
FAR: PASS
BEC: PASS
REG: PASS

[Amay]

Trusts/estates + gift tax definitely my weakest area right now!

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[ronster]

Trusts have a calendar year end and estates can be either fiscal or calendar year end. DNI is the maximum that can be taxed to the beneficiary receiving proceeds from the estate. So if you received 80,000 from an estate, but the DNI was calculated at 60,000 you only have to claim the 60,000. So your taxable proceeds can't exceed the calculated DNI which is Estate Income (including capital gains) less Estate Deductions + adjusted tax exempt interest – capital gains. There are a few types of trusts: simple trusts which you can only make distributions out of current income and not corpus (principal) and allowed an exemption of 300, complex trusts which you can make distributions out of both current income and corpus and allowed a $100 exemption, and grantor trusts where the person that established the trust retains control or rights over the trust.

Probably one of the trickier areas for me initially was the alternate valuation date for estates which is if elected allows you to use the FMV of the property given to you at the earlier of the distribution date or 6 months after date of death.

AUD: PASS
FAR: PASS
BEC: PASS
REG: PASS

[WANNABE_CPA]

hey guys…I am sooo in lack of motivation since i started Regulation..This stuff is soo boring and too much to do in it.I am scheduled for 12th Nov, thought 2 months will be good enough, but almost done with 1 month and have not given it much yet…I am making excel notes of Individual taxation and seems like taking forever, Just attempted R1 mcqs once with about 50% done, R2 just on notes, started R5 to ease out little on Individual taxation…attempted minimal of that…

Do you think i should postpone 2 weeks maybe take it last week of Nov?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Author]

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