[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]

123 hours until the exam……….

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

[Reg_Slayer]

“i know your exam clock is ticking, but just fill this out real quick and we will get you back to your seat.”

[jpowell31]

just realized my post didn't go up last night. oh welll. 2 days til my exam. I'M SO EXCITED. my internet/browser something, won't let me take the AICPA or Gleim practice exams which is annoying… hopefully i get through what i want to today and they'll work tomorrow. did i bumload of SIM's last night and did really well. that's one thing i know is different than last time around where i did about 1/3 of them, didn't do that well but figured i wasn't really paying attention, then just printed the remaining ones and read them through… gotta get these damn SIMs this time!

nailing all entity tax and hopefully property transactions today. just finished reorganizing my notes so it's 200 MCQ, read some more, SIMs and that'll probably do me in. i don't want to overload myself tomorrow…last time i stayed up til 1am, still couldn't sleep and was so groggy…which actually probably wasn't a bad thing because i didn't have the energy to react the BS they gave me….sorry for the ‘dear diary' entry. just hadn't checked in in a while 🙂

[Reg_Slayer]

disability prems r not deductible!

While health insurance premiums and long-term care insurance premiums (subject to some limits) are deductible, disability insurance premiums are not. (IRC Section 213(d)(1)).

Declaring victory on Individual today, and venturing into ENTITIES !

[RE2PECT]

Thanks. I'm hoping I passed too. To me BEC was the worst exam to study for, but can't speak for REG since I just started. Roger's TTBPO 75 or 90 song helped me for my intermediate accounting class lol. That's how I found him in the first place.

I'm not much of a note taker and feel like I'd be spending weeks doing that. I like making my own flashcards on Brainscape and they'd probably be helpful for REG since there's a lot of memorization. I feel each exam requires a different approach and you have to change things up a little. I should have a better idea of what would work best after the first week.

Thanks for all the advice! Don't underestimate BEC when you begin studying for it. Some people find it easy, but I felt it was the hardest of the three I've taken so far.

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

[jpowell31]

life insurance premiums are also not deductible because the income / benefit isn't taxable.

[sonja90]

What will your cheat sheet look like?

Mine:
-In-kind exchange formula
-Basis for c-corp and partnership formula
-business law mnemonic

Am I missing something important?

[sonja90]

Accrual to cash
+boy a/r
-eoy a/r

And
From taxable income to e&p income

[jpowell31]

i've got about 20 pages of cheat sheets now lol…with a quick one that has loads of thresholds/phaseouts cuz those are tougher to remember for me – rental income loss, AMTI, section 179, small business stock, worthless stock, chld ax credit, social security income…random exemptions and tax rates (like PHC and AET)… i don't usually write down anything when i get into the exam. i find i either know it or i don't and i end up wasting time doing it.

[jpowell31]

@regslayer and @Jon i just saw something where 179 is for the first year of business…so it's a one time thing, excess carries over and then it's gone. remember we weren't sure if it was an annual allowance? that would make sense because getting $500k deduction every year with carryover is a bit ridiculous.

[jonm857]

can you post the link?

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

[Reg_Slayer]

Carryfwd’s for Individuals:

N
I
C
Excess 179 expense [of 500k max/1 yr limit]
C
A
P

179 = “bonus depreciation”. Deducted from TI, but not BI (on m-1)
appears on sch-k and k-1, but not on 1065.

sch k = all investors [Income, Deductions, Credits…]
k-1 = my share of ^^^
1065 = partnership income tax return?

[jpowell31]

it's just in Ninja book First-year of operation section 179
1065 is partnership tax return..more of a for-info only since they aren't taxed and just has what makes up gross income (business income/loss and guaranteed payments made)

[jpowell31]

does anyone have any good trust/estate/DNI/transfer tax questions. i feel like i haven't done many of them and it could really bite me. i have a few good summaries but it's not the same as practicing so it can't hurt 🙂

[sonja90]

Sec 179 is allowed every year if you purchase new stuff as long as it does not create NOL.

[Author]

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