[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).

[demarcon]

Reg A is exempt from registering under the 1933 act but not the 1934 act. If you are exempt from one, you aren't automatically exempt from the other.

[demarcon]

I'm so burned out. 2 months of studying for REG is starting to take its toll now. I don't have the energy to cram anymore today and tomorrow. I gotta try to push over this hump for Wednesday's exam.

[JMG]

@demarcon in the Becker textbook under the 1933 act it says:

“Registration A is not a registration exemption, but rather is a simplified form of registration designed to allow small companies to make public offerings more quickly and with less cost than is required using full registration”

Am I missing something here?

[Namstut]

@demarcon, this is exactly how I felt last night! I wrapped up by 9 pm and I usually burn the candle until 1 am. Your mind and body can only take so much.
Maybe just run through 50-75 MCQs so at least you review? That's my plan for the next 3 days.

Good luck on Wednesday!! Mine is on Thursday.

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

[HoosierCPA]

@demarcon I know exactly how you feel. Im having a hard time staying focused. I'm basically flipping through the Becker book at this point and seeing if there are any big topics that I don't understand at all. I did 100 ninja questions this morning but didn't feel like I gained anything from it :/. My first question after your exam Wednesday is going to be how well gleim prepared you so I know whether to freak out or not so just he prepared to answer haha!

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

[demarcon]

@JMG

It allows companies to only give an offering circular and not have to give a full registration statement/prospectus. The Ninja question is probably referring to full registration under the 1933 act, it's still considered an exemption under the 1933 act.

I did the same thing of running through about 75 ninja MCQs and two sets of Gleim SIMS. I scored a 93% on the MCQ and about 90 on each of the Gleim sims. I think I'm as ready as I'm going to be. It's just a matter of finding what I need to write onto notecards to cram into my head before the exam. It worked for BEC and AUD where I memorized COSO and some of the formulas.

[Anonymous]

When dealing with questions on the earnings and profits/accumm E&P and how they are coded (dividend, return of capital, capital gain) can someone help me understand what happens in this situation:

3 people (A, B and C) have 50%, 30% and 20% of the corp stock. Distributions paid were $100,000 but the E&P was 75,000. How much do each report as income?

I believe I would allocate Dividend income to them based on their %, is that correct?

[demarcon]

$75,000 is allocated to each as a dividend based on their ownership percentage, the remainder is a return of capital. If it brings their basis below 0 it's a capital gain.

[vorobjeva44]

Guys, those who retaking, how many questions in avg you got were connected to AMT? I hate this one and cannot make myself to fully understand it 🙁

[Determined24]

Hello Everyone:

After 3 1/2 weeks of preparing I sat REG today for the first time. I did understand the requirements of all the questions even the MCQ, so I can say the review system is good, maybe too much than the real exam.

The one thing is that time is of the essence.

[Anonymous]

@vorobjeva44

I recall there being 1 question about AMT on the exam (took it last week).

[Determined24]

@dtatham10 I disagree with you on the individual sims being the ones coming on the exam.

I did it today, the exams varies and no-one knows which section they will get in the sims, for example I did not get any individual SIMS today.

I would recommend not to limit yourself for this SIM section, this is your place to shine and there is a pre test question that is not graded so its best to just know your areas in and out.

Overall I hardly got any individual questions.

And guys you make the exam seem so hard and cruel, I went in with such a mental block and started to breathe normal after my second testlet.

Relax guys please, you'll burn out

[Determined24]

@vorobjeva44 For disclosure purposes I cannot say the question or how it was tested), but just remember AMT is just 1 of the countless other areas they can test you on for REG.

I am just glad to be finally getting some

[vorobjeva44]

@determined24 Thanks! This is what i need right now 🙂
@emsmith06 1 question and I am spending hours trying to understand it, lol 🙂 Maybe I will move on and will take it easy , just basics 🙂 Thank you!

[HoosierCPA]

Determined. If I made people believed individual tax was the big topic on the Sims then I apologize. I have taken Reg 3 times and no that isn't true. I meant for my review I was going to limit myself to individual and corporate tax. B-law isn't a hot topic on the Sims and if they do cover it its most likely the MCQ type sims. Everybody is different but the Sims have killed me every time when I take reg. Hopefully I can hold my own this time!

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

[Author]

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