[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).

[RE2PECT]

@dtatham10- I agree that Ninja is more in line with what's on the exam. I'm glad Gleim is kicking my ass so at least I should be more prepared for next time.

I wish I was overreacting about my exam, but when you put 0's for all your sims and don't get the research question, I don't think there's any chance of passing lol.

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

[demarcon]

@RE2PECT

I feel like the Gleim MCQs are actually detrimental to studying. They throw so many exceptions into every question that you may start overthinking the actual CPA exam questions. I wish there was a way to separate what was AICPA released and what was crap that they just made up.

[HoosierCPA]

So here is one way to put the corp formation–if you will assume >=80% control then the gain/loss and basis for shareholder is treated exactly the same way as like-kind exchanges–this is correct right?

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

[HoosierCPA]

yeah I heard too many horror stories on the fits Gleim MCQ's caused on people that I haven't even looked at them. It's too easy to tie my brain in a knot–no need to fill my brain with a bunch of exceptions and random phaseouts that will never be tested!!

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

[Namstut]

@dtatham10 yep, similar to like-kind exchange in terms of calculating realized and recognized gain and the basis.

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

[demarcon]

If the FMV is lower than basis there are different rules.

You treat it as transferred at basis
Corporation treats it as receiving the lower FMV

They can file an election to treat it as the reverse, but both parties have to elect that method. Hopefully they don't test that.

[HoosierCPA]

@demarcon ahh ok. Good to know.

Similar to the question I asked you yesterday about rent expense.

For schedule K-1 partnership income. I find it odd you combine interest expense with Ordinary income and don't net it in the interest income box. What's the reasoning behind this?

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

[RE2PECT]

@demarcon- I agree and I try not to get too wrapped up in the details of some of the questions. After taking it a couple weeks ago I already know what to expect and what I should know and what not to stress over. I just like having new questions to work with because I was starting to memorize many of the Ninja ones.

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

[demarcon]

That one screwed me up too. Investment interest expense is separately stated, but regular interest expense is not. Regular interest expense is a normal operating activity, like we took a loan out and had to pay $100,000 in interest on that loan. It's not netted because the income is passive income, but the expense is not part of the income.

[JMG]

@dtatham10 I also have a newborn at home (she was born in October) so I definitely feel your pain! I've considered giving up on REG quite a few times out of exhaustion and frustration, but somehow I'm fighting through it. This forum has definitely helped out a lot.

[HoosierCPA]

@JMG yeah its a struggle for sure. She's our 2nd, and our oldest is only a year old lol. So basically my life right now is studying and taking care of them..and if I find time I will eat a meal!

Glad someone can relate!

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

[Determined24]

@dtatham10 yeah the Gleim sims I used, they have 20 units but true not all will be twisted into a big sim on the exam. I'd say the ones closest to making it would be between 6 to 12 units. The units around that even if they ever come in a sim like a law sim is not so bad from you have the concepts down.

[HoosierCPA]

@determined24 thanks!

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

[RE2PECT]

@JMG & dtatham10- My son just turned 10 months old a few days ago and he's like night and day from how he was a little over a month ago. He used to sleep through the night no problem and would fall asleep as soon as we put him in his crib. Now he fusses and won't fall asleep right away and wakes up almost every night in the middle of the night.

Couldn't have come at a worse time since I was trying to cram for REG and now I'm basically a walking zombie most of the time lol. Can't imagine trying to do this with 2 kids! I felt so burnt out before my exam I knew it would take a miracle for me to pass. The only thing keeping me going is that this is my last one.

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

[Sticky Nicky]

@respect…thanks bro! im already planning my retake lol,,,i really just slacked off this past month,,,i think i was frustrated in the beginning bc REG is all new to me,,,ive actually been rolling this past week though and half individuals,,,partnerships down,,,i also have most of the biz law stuff down,,,im a bit shakey with corps and estates though,,,also barely touched depreciation.

question,,,is muni bond interest separately stated?

[Author]

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