[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).

[aatoural]

THank you

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

[HoosierCPA]

Back at lunch break study sessions!

When a business sells equipment that has run depreciation. Is the gain on the sale always treated as ordinary income? I thought the depreciation recapture rules would apply but I got the answer wrong. Does the question specifically need to state its a 1245 asset?

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

[aatoural]

So Section 1231 applies to depreciable assets held for over 12 months.Now if you have a gain on the sale of such asset the lesser of gain recognized or accumulated depreciation is recaptured as ordinary income and the rest will be capital gain LTCG under section 1231.

So when you get a problem they do not need to tell you anything about section 1245 in the problem. You should automatically assumed that if you sale a depreciable asset and lets say accumulated depreciation was 27,000 and the recognized gain was 30,000, then your answer should be 27,000 is ordinary income under section 1245 and the 3,000 is LTCG under section 1231.

The same way works for real property and section 1250.

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

[HoosierCPA]

@aatoural ok. That makes sense! Thank you!

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

[aatoural]

Welcome!

These types of questions help refresh the content. Very helpful.

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

[demarcon]

@dtatham10 I hope you're doing lunch time studying for nothing and you passed!

By the way, moving really sucks. I'm not even fully unpacked yet and I had to start studying for FAR today. I have 9 weeks and 1 day to study.

[Madam Secretary]

hey ninjas! I passed REG 77 (ninja score 71) (becker score 65). thank you for your help Q4 REG group.

[zomord]

@Warrior

Congratulations on your success !!!

I have two questions for you.
– How much time should I dedicate to study and pass REG with confidence !
– Do you encourage me to buy ninja product as well, or becker is enough !

Congrats one more time, you deserved it.

[demarcon]

97 on REG!! Onto FAR. If I get a 99 (LOL) I can get the Elijah Watts Sells Award.

[Fierre]

i passed Reg with an 83. My last exam as well! I am surprised because I only studied 4 out of 8 chapters (the tax parts only). However, I spent around 130 hours so I put my time in.

[ng3926a]

I passed reg with an 84. I do tax for a living and I would have died if I didn't pass on the first go. Thank you Becker! I for sure thought I failed.

[aatoural]

Congrats to all of you guys!!

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

[HoosierCPA]

Rough night…probably got an hour of sleep tops. Gotta get back on my feet and take REG down 1Q. Since I've only been out of studying for a week I don't think I've lost much so it should be essentially 4-6 weeks of straight review. I am right there just gotta figure out what major topics I'm missing. 4 failed REG exams by a total of 12 points–can you please just be nice to me AICPA and throw me a bone!!!

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

[RE2PECT]

@demarcon- That's just insane that you got a 97! Let me borrow 20 points for my REG retake lol. Congrats!

@dtatham10- Wow I can't believe it! I was sure you would be done. What did you get this time? I'll be right there with you in the Q1 study group. I'm scheduled for 1/17 and have been reviewing since 11/30. Still not sure what's the best plan for the retake. I've just been hitting Gleim mcq's and sims for the most part. It would take too long to start again from scratch and I already have a pretty good understanding of the material. If I didn't FUBAR the sims I prob would have passed. Keep your head up. 2017 is a new year and we'll both crush it next time!

Congrats to everyone else who passed!

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

[aatoural]

@dtatham10 – No, you deserved to be done already. AICPA needs to cut you a break for real.

@Re2pect @dtatham10 – It seems that is us three for January retakes. Lets do this.

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

[Author]

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