[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

[RE2PECT]

I don't see anything that let's you reset all of them. You might have to contact them and see if they can reset it.

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

[aatoural]

Any one can explain (in simpler words than Becker) the “at-risk” limitations for Partnerships and S corps. please?

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

[539Mayor]

Think of it as how much “skin in the game u have”. If u have no risk than u don't get to take a loss. Nonrecourse, no risk, no reduction in basis.

[539Mayor]

@aatoural

I jacked up that explanation sorta. Disregard my comment.

[Sticky Nicky]

its your basis in the company and outstanding loans to the company

[Anonymous]

So just took 2nd practice test for Becker and got so much B-law stuff wrong. Thought I finally had it down, guess not ughhhhh

[aatoural]

Thanks guys!

@Annie – how was the tax part? Im sitting same day as you and plan on taking both Becker exams Friday and Saturday. I'm freaking out on the Blaw too, is just way too much random thing mostly that chapter 8 in Becker.

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

[Anonymous]

@aatoural Tax part was decent for MCQ got a couple wrong, two of them were dumb mistakes and didn't read properly. But for tax I mostly messed up in sims. Did a bit better on MCQ on 2nd practice test though but got crushed by b-law haha.

On the same boat as you, freaking out about law. Like you said so much random crap to remember (R8 was crazy lol) and it's only worth 20%. Lately I've been paying more attention to tax but I guess gotta give more time to b-law. Honestly I don't even know what to do now, focus more on doing questions or concepts huh

[aatoural]

I have been re working all the questions I still get wrong after 2 rounds of all Becker's MCQs and SIMS plus reinforcing the concepts Im still weak on (I kept a list of them). But to much “miscellany” stuff.

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

[Spartans92]

Hey guys!! I hope all is well with REG. its great to see so many familiar names in this thread. Just dropping by to say “whats up” LOL.

BEC- PASS

[Allsheneededwassome]

Just took reg today and it was brutal. Testlets went from medium to easy to easy. Tbs were okay but I ran out of time on the DRS. We shall see on 12/8!

[Anonymous]

@aatoural I agree with you on that, still get those wrong too. I guess it's just too much material to know it all. I'm basically just doing progress tests for each part, Tax, B-Law and Ethics now. I felt doing sets of 24 questions sort of helps.

[pracap]

Hey guys,

Gleims Simulation bank has very tough questions and confusing also…
Below mentioned simulation is only one part, i wonder someone can explain on gain recognized and shareholder basis.
compare to becker explanation, answer will be different!!

Corporate Formation
1. Violet incorporated her sole proprietorship in 2016. She transferred equipment with a $125,000 basis and $160,000 FMV, and the corporation assumed an $80,000 loan held against the equipment. The loan was taken out 1 day before the transfer, 3 years after the equipment was purchased, because Violet knew it would provide a tax benefit.
What is the:
Gain or Loss to shareholder = $115,000
Shareholder basis = $160,000

[aatoural]

@Annie – I did the progress tests as I was going chapter by chapter to try to keep fresh. It is very helpful for all the tests I have taken so far (just BEC and AUD)

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

[Determined24]

Anyone here studying or have passed a section with Gliem?

What is the best Ninja supplement: The MCQ or the Notes ?

[Author]

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