[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for REG.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

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

[Namstut]

@dtatham10, it's the exception

“IF the fair market value at the date of the gift is lower than the rollover cost basis from the donor, the basis for the donee depends upon the donee's future selling price of the asset”

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[HoosierCPA]

@namstut awesome thanks!

What's the reason behind ninja's billion business law questions when the exam is only 20% B-Law? Seems a bit excessive–having taken the exam 3 times they ask super random questions I am pretty confident I will never see.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[Namstut]

I am not sure if this would answer your question:

Stock Redemption:

Stock redemption occur when a corporation buys back stock from its stockholder. If the stock redemption qualifies for sale or exchange treatment, gain or loss is recognized by the shareholder. If not, the redemption is treated a as dividend to the extent of the corporation's E&P. The corporation can recognize gain (but not loss) on any appreciated property distributed as though it had sold the property for its “FMV.

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[Dman1]

@Claudia408 – Where did you pull that question from, if you don't mind me asking?

I would think, the corporation should recognize the loss. If it doesn't, it would be to the detriment of the shareholder – taxed on $15,000 property, which is worth only $10,000. I would like to hear more opinions …

[aatoural]

I remember that question too @Dtatham10. It got me as well. Once more the lovely exceptions.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[Anonymous]

Hey guys taking REG tomorrow and had a quick question. What exactly is on schedaule M-2? More specifically are the adjustments (Positive, Negative, Negative or positive) That Becker gives on pages R3 40-41 on there? I have heard its worth being pretty familiar with M-2 and was just wondering if those adjustments (Becker gives 24) are what they are taking about. If not is it worth memorizing the adjustments to E&P? Thanks

[Claudia408]

@Dman1 – it's from Wiley Test Bank. It's bothering the hell out of me too. Every source I can find says the loss SHOULD BE recognized. Oh well I'm just gonna go with that and maybe this is an error in the test bank.

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

[aatoural]

@Broncosfan24 – Thats the analysis of partners' capital account. Is the last section of the Form 1065 for partnerships. Becker has the formula for capital account in chapter 4. I can't remember exact page though

@Claudia408 – I was looking at it again last night, but I had same luck as you 🙁

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[Anonymous]

@aatoural are you sure? i'm pretty sure its the analysis of unapropriated RE for a corp and I was just wondering exactly what goes into it.

[Dman1]

@Broncosfan24 – For a C-corp, M-2 is just retained earnings. You know, Beg. RE + Net Income – Dividends paid = Ending RE, from financial accounting.

For a partnership, M-2 is capital account, and for S-corp., it is Triple A account. I think these two are much more likely to show up as TBS.

[aatoural]

@broncosafan24 – I assumed you were talking about partnerships my bad, but yes they have an M-2 for for capital account analysis and they have another M-2 for C Corps like @Dman1 said.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[RE2PECT]

Damn I'm getting crushed on these blaw questions in Ninja smh. Hoping to get through all of them by Friday and have the rest of the time for review. I wish I could push my exam back to 12/10.

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[Sticky Nicky]

respect…whats your method for this section? im like 30% through Roger and im totally mind blown,,,crushed every which way,,,totally foreign to me

[RE2PECT]

My first go through with Roger I just read the book and watched the lectures. I would do a few mcq's here and there, but I was trying to get through all the lectures so I could focus on mcq's. By the time I started blaw after doing all the tax questions I had forgotten a lot of it. Also, Ninja has a bunch of blaw questions that Roger doesn't cover. Now I'm reading each section of the Ninja book before doing the Ninja questions. It helps a little, but I'm still getting mostly 60's. I have about 350 left before I've been through every Ninja question.

There's no way I'm going to have enough time to review everything by 11/26 even with taking off from work all of next week. I haven't even attempted a single sim and still have to go back and review tax. I really effed myself trying to save a few bucks and paying for 2 exams at once.

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[Sticky Nicky]

do u know how to reset Roger mcqs? all i see is that you can delete individual quizes

[Author]

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