[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

[HoosierCPA]

Does anyone have a good list or notes on calculating E&P? For some reason I always get tripped up on it!

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

[Shawn]

Should I use the revised due dates for the corporation (4/15) and the partnership (3/15) tax returns for the exam? I am taking it next week.
Also, does anyone know the exact extended due dates for different types of entities?

[Anonymous]

Happy Thanksgiving!

IRS Filing Deadlines

View post on imgur.com

[RE2PECT]

@Amor D- Partnership due dates are now 3/15 with a 6 month extension. Don't try and confuse me the day before my exam! lol

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

[Anonymous]

RE2PECT, LOL. I'm sorry. I had this schedule updated over 6 months ago.

When was it changed?

[Anonymous]

Should I study BLaw Chapter 8 (becker) – I only studied Agency part of the chapter! Anyone??

[RobertJason]

Hi all. I have a quick question I'm hoping you can help me with.

In Becker R1-30 they mention capitalizing (direct mat, direct labor, man overhead) into inventory [uniform cap rule]. But to NOT capitalize SG&A, R&D, etc. This makes sense.

In Becker R4-3 they say inventory is not a capital asset.

I can't seem to understand how these two statements go together. Uniform capitalization talks about capitalizing inventory, and property tax says inventory is not a capital asset. I suspect “capitalize as inventory” (aka, increase basis/cost) is different than “capital asset” (depreciable or amortizable). Any advice is greatly appreciation, thanks!

Robert Jason

[HoosierCPA]

These sims kill me. I swear they never specify whether they want deductions to be entered in as a negative number or not and it's never consistent. I just did a casualty loss sim and the limitation amount they wanted as a negative amount and right before that I do a form 1120 and they want the deductions as a positive! Drive's me crazy….how am I supposed to know????

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

[LIZZ]

Hi @robertjackson I am just guessing here but I think the 2 concepts are different but use a similar term (which makes it really confusing).

B1 – “capitalizing inventory costs” is talking about adding costs to inventory (direct mat, direct labor, man overhead) aka Uniform Cap Rule.

B4 – “capital assets” are non business type of assets (real or personal) used in calculating Capital Gain & Losses – Schedule D. So you can't sell inventory at a gain/loss and claim it on Schedule D. Capital G/L – schedule D can result in a preferable tax treatment. Gains are netted against losses and losses can be carried forward. Individuals can offest ordinary income by 3k/year.

Anyone please correct me if I'm wrong.

FAR - 05/2015
AUD - 75,11/2014
REG - 07/2015
BEC - 09/2015

[Eli]

I was wondering if anyone could give me any advice on navigating/searching the IRC/TS? I'm taking my exam on Monday and I just requested the literature so I won't be granted access until it is too late, thus I won't be able to practice research questions. I took FAR and AUD already, so I know it is important to search key terms. I guess, this question is more to keep my confidence high going in. Is the TS/IRC as easy to navigate as it was for FAR and AUD? And obviously a big factor is the difficulty of the research question itself.

[Go.For.Broke]

Y'all answer @Eli's question first, but then I have one:

If you are using Becker, look at Chapter 1, SIM #2, Box #2. It's asking for the Net Earnings from Self Employment. In the solution, it takes the $105,000 Self-employment income and multiplies it by 92.35%, which results in a product of $96,978. There is NO explanation of where that 92.35% comes from. Does anyone know?

Thanks!

[FLACPA]

@Eli – I think the AL is basically set up the same for REG as it is for AUD & FAR. It’s been a couple months since I last took REG so don’t remember exact details. Searching key terms and trying to think how the IRC would word things has helped me when practicing SIMS in Gleim but still annoying when it takes a while to find. Also, Gleim doesn’t have the advanced search feature which is available in the actual exam. Good luck Monday! I’m going in that day as well.

@Go.For.Broke – the .9235 comes from subtracting the SE tax (1.00-.0765)

FAR 65 8/17/15 (NINJA Notes/Book/Audio/MCQ) retake 4/3/16 61 (Gleim didn't study)3rd try Nov '16
AUD 11/24/15 (Gleim)75
REG 8/3/16 (Gleim) Just ordered NINJA audio
BEC TBD

[Go.For.Broke]

Another question for anyone who has time:

If a parent has a son/daughter who is a full-time college student age 19-24, the earned $ threshold of that son/daughter doesn't cancel him/her from being claimed as a dependent, correct? Like the exemption threshold is $4,050 for 2016. If the son/daughter is a full time college student, aged 22, and makes $10K a year, he/she can still be claimed, right?

Thanks!

[Go.For.Broke]

@FLACPA Thanks so much!

[kziegler718]

Anyone else feel the need to have a glass of wine (or two) while studying on a Saturday night??

Cheers! Currently trudging along through R8 of Becker… Best of luck to everyone!

[Author]

Replies