[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

[Spartans92]

Teal, I believe so its only limited to investment or capital assets. Personal Automobile is a “personal” expense not deductible on Schedule A.
For the Section 179 is that only deducted on Schedule K or does it flow through the individual as well? Since we are on that, I wanna add the Cap limit is 500k reduce dollar for dollar if the qualified purchase exceed the limit mentioned above.

BEC- PASS

[mtaylo24]

Finally home and about to start back up after a crazy weekend! Im doing the federal legislation stuff today and hopefully business structures. Good luck to everyone testing this week!

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Anonymous]

Hey guys,

Finished all the lectures today. Now left with 26 days until the test. Thinking of starting backwards for doing non-stop MCQs. So doing ethics and blaw first then giving all the time to tax. I figured having Tax stuff done closer to exam date will keep it fresh in memory. Is that a good idea?
Here's my plan, Ethics – 2 days, Blaw – 4 days, Tax – 12 days and then take the first practice test and non-stop progress tests afterwards. Is this a good strategy?

[A1lessio]

Spartan – Section 179 depreciation deduction is a separately stated item on schedule K-1. Each partner takes his share of the 179 expense. But regular depreciation reduces the ordinary income so not separately stated.

I just want to make sure, is investment interest expense also a separately stated item?

AUD (08/02/2016)

[Spartans92]

I believe so A1lessio, because investment income are separately stated so the expense should be too. Good Luck tomorrow!

BEC- PASS

[A1lessio]

Hey Guys,

Just got out of the test and the sims were brutal. I felt very confident during the mcqs. Questions were very straight forward and probably flagging 4-5 per testlet. I figured the Sims would be similar to Becker, but I was wrong. They had no drop downs or MCQ's and it was all just complex calculations on C corps, S corps, and partnerships. Each sim had so many factors that if I made one small miscalculation everything was pretty much wrong. Luckily by some miracle I got the research question correct, which also was difficult.

Hopefully scoring in the 70s on the Becker practice tests means something. The thread becker vs actual score pretty much shows anyone who gets over 68-70 passes the actual.

Goodluck to everyone and my piece of advice is make sure you fully understand everything when it comes to basis of everyone, realized and recognized gains, mortgages, no mortgages, boot, wash sales, etc. I thought I had a great understanding, but the sims just took it to another level.

AUD (08/02/2016)

[jeff]

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[So FAR So Good]

D?

Parent cannot recognize related party losses. Child has $1,000 gain, but has built-in losses that can offset the gain, so $0 gain/loss.

F - 91 (6/5/2016)
A - 7/30/2016
R - 10/8/2016
B - 12/10/2016

[KJ]

@Annie…What was your initial strategy when started studying for REG? What material/course you are using? I see that you gave AUD on 10/16 and in a week you completed all video lectures for REG. Do you study full-time or work as well? I am just curious to know how to complete all the lectures and leave enough time to review. Thanks!!!

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[Anonymous]

@kanwal78 I took audit on 10/1/16, forgot to put the exact date in the signature haha. I'm using becker and work part time and study around 35 to 40 hours or so during the week. So, I started studying for Reg around oct 10th and had roughly 5 weeks to prepare for it. Watched all the lectures and sort of rushed through questions in two weeks or so. And today started to do non stop mcqs and hammering the concepts. I wanted to leave more time to review for REG because seemed like focusing more on just doing questions and going over concepts was a better idea. Sooo many rules to remember.

[Teal]

I still have the 2015 NINJA notes. Does NINJA give you the new material if asked? I only got it a couple months ago, but now they are testing the 2016 numbers.

FAR (66,68) Aug 26
REG (66) July 25
AUD (66) December 1st
BEC - October 3rd

[Teal]

@kelsey, I just read that they adjusted the 179 phaseout to $2,010,000 for 2016 to account for inflation on NINJA

I just looked this up online, I think it may have been a typo on NINJA's part, because everywhere else still says $2,000,000

FAR (66,68) Aug 26
REG (66) July 25
AUD (66) December 1st
BEC - October 3rd

[Teal]

This may be way too specific, but when the book says that for AMT, only percentage completion method is allowed, does this mean that we have to add-back the difference between the two (and completed contract), or does it mean that to even get the deduction, you will just have to plan to use % complete versus completed contract if you know you are in AMT?

FAR (66,68) Aug 26
REG (66) July 25
AUD (66) December 1st
BEC - October 3rd

[mtaylo24]

Business Law is kickin my a$$ man :(. I mean, it has really jacked up my pace. After I finish this run, I'm not sure if I should start back up w/ tax or re-do the BLaw section.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[KJ]

Thanks @Annie, thats a good plan!!

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[Author]

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