[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

[jonm857]

@jp

You gotta fly to prometric?? Good lord

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

From memory

Ti parent
-1050 Sd parent
-1050 Kiddie tax
= amount taxed at parents rate

???????

[Reg_Slayer]

Constructive fraud:
Intent to induce reliance.

Normal fraud:
Intent to deceive

[jonm857]

@reg_slayer

both constructive and actual fraud have “intend to induce reliance”

the only difference between them is:

constructive fraud has “recklessness” instead of “scienter”

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

From memory

Majority rule: forseen user can sue, privity not required

Minority rule:
Need privity to sue?

[jpowell31]

yeah i live in the cayman islands that's why this hurricane is flipping annoying because i have a flight and hotel included in my flipping costs riding on these exams. womp.

yes and yes

[Reg_Slayer]

& ultramares = minority ?

[sonja90]

what is NOT considered income for earned income credit purpose?

[jpowell31]

no, the minority rule is the minority of courts that will hold an accountant liable of any user who's reliance is reasonably foreseeable

ultramares = majority..

most courts think you need privity…while it's becoming much more difficult to defend i think, i remember hearing “only recently” have they been held liable for negligence outside of contract…but it's becoming more common.

that's from memory so please correct me if i'm wrong

[jpowell31]

i finally saw thathobbies SIM. must've been added after i took the exam last time. WTF lol. i'm adding that to the “of course i got this” list because my brain can't compute lol. hopefully i'll have some time to take another look before the exam.

[RE2PECT]

Just started studying for REG today. I was actually excited to get away from BEC, but holy sh!t there's a lot more details to remember. I'm almost done with the Roger videos for individual tax and hope I don't have to memorize every little thing. Feels like I have to rewrite the book because everything seems important lol.

What's the best way to go about studying? I'm scheduled for 11/26 and have no tax experience besides an individual tax class I took a couple years ago and doing a few returns on TurboTax. I'm using Roger and also have the 10 point combo. I'm thinking of watching the videos just for the tax parts and ditching them once he starts b law.

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

[suzieemac]

I just had one of very few “OHHHH” moments while studying entity tax and I just needed to share it. So, if a parent corporation owns a 80% of a subsidiary, dividends are not recognized as a gain when distributed from one corp to the other. Which is why on the dividends received deduction table, corporations with 80% interest in another corporation are able to deduct 100% of dividends received. Its a very small victory but these little connections give me just the tiniest glimpse of hope.

i'm going to reward myself by putting my incorrect mcq on index cards. 🙂

AUD - 8/12/16
REG - 10/7/16
BEC - 11/18/16
FAR - TBD

#300before30 - Pass the CPA exam before my 30th Birthday.

[suzieemac]

@re2pect, I highly recommend reading parts of the Ninja book along with Roger. I use Roger as well and also have the 10 pt combo. I listened to all the Roger lectures first, and then did ninja notes.

But what I SHOULD have done was go right to the Ninja REG book and use it to supplement the Roger lectures/book, it would have saved me a ton of time and headache (Maybe I'll learn for BEC lol). Roger has great videos but with REG, there really is so much detail to remember and judging by the MCQ, you need to remember most/all of it. I feel like the videos only take you so far. I have a tax background too which I feel gives me a huge advantage in certain areas but its still a pain, especially with business law. They combine all this material that will make up about 20% of the test.

Anyway I've spent the last week or so reading Ninja's book, especially with topics that I am struggling with, and then I'm doing MCQ on those topics and making index cards with key points from wrong answers. Ninja's book has a tremendous amount of detail and is straight to the point. My exam is Friday and its slowly all piecing itself together, but I still have a long way to go these next few days. Good luck!

AUD - 8/12/16
REG - 10/7/16
BEC - 11/18/16
FAR - TBD

#300before30 - Pass the CPA exam before my 30th Birthday.

[RE2PECT]

Thanks for the tips suzieemac. I planned on reading both books. Do you feel like the videos were helpful or is it better to read and take notes? I'm hoping this will be my last exam, but I know it's going to be a challenge to pass it on my first try. Just took BEC on Monday for the third and hopefully last time. I really don't want to go through that with REG.

Good luck on Friday! How long have you been studying?

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

[suzieemac]

Thanks! I've been studying for about 6 weeks, got a little lazy some days after work but the last week has been nothing but studying. I love Roger's videos for his energy and I pick up little one liners that really tend to help me later on. Seeing “TTBPO75 or 90” on youtube is what got me hooked on Roger lol and I will never forget that. Hoping for the best that you passed BEC!

I think it couldn't hurt to do a once-through with the videos and follow along with the physical book. This way you can see what areas you may be weaker in and just make note of that. Then, just hit the ninja book & mcq. I haven't picked up Roger's book since I stopped the videos but it is full of notes, highlights and post-its. its a great aid to have while you're watching the videos and makes them go by faster.

For me, AUD was my first test so I really had no idea what I was doing and I had way too much time to study. I went through Roger's lectures, taking notes which was tedious and time consuming. Then I would try the MCQ and fail miserably which started to annoy me, so I went back to Roger's lectures again for my weak areas and went along with HIS book, which seemed to work much better. Then I did the ninja notes, but I still didn't utilize the ninja book until the very end, which for me was my mistake. I feel like the Ninja Book was the difference between passing & failing. I passed AUD on the first try, and I'm still trying to figure out how, but I'll let it be.

I had about 6 weeks for REG. I followed Roger's videos along with his book, taking small notes on the pages and highlighting, which I know can be useless because I ended up highlighting most of the book but it helped reinforce what he was saying on the video. I also made index cards and just accumulated this huge pile, but I'd take them everywhere with me. I kinda fell off with the lectures towards the end with the law topics, but then seeing MCQ on certain topics that I didn't watch the lecture for just didn't feel “right”… lol so I went back and made sure to watch the rest of the videos. Then I did Ninja notes and now I've been going through the Ninja book, while doing MCQ and I'm seeing major results.

Its all about what works best for you. For me AUD was more of a logical step by step process which makes tons of sense to me. REG is more about structure, rules, specific limits, TONS of exceptions (even exceptions that have exceptions), and that can be vicious. There is logic behind all that which helps if you are able to make sense of it (for me, it takes a while lol) but its really an entirely different beast.

Good luck and let me know if you have any questions!!

AUD - 8/12/16
REG - 10/7/16
BEC - 11/18/16
FAR - TBD

#300before30 - Pass the CPA exam before my 30th Birthday.

[Author]

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