[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

[LonelyRonPaul]

Holy crap man. Property tax transactions have been really killing me. I think I'm finally starting to get the hang of it. Long term, short term capital gains, Section 1245, 1250, depreciation recapture under both, calculating tax basis in like kind exchanges, gains/losses from subsequent sales after a related party sale…tons of different material and little nuances to remember with each topic. Anyone else feel the same?

FAR - 78, 5/7/16
AUD - 87, 7/16/16
BEC - 8/27/16
REG - 12/3/16

[jeff]

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

[Helen Larkin]

I find that it takes me a really long time to get through the NINJA book. I have my REG exam on December 9th, so I have about 6 weeks to study. How long should it take to get through all the text and still have enough time to work the MCQs, SIMS, & BLITZ? Hoping to only have to take this one once!

AUD – took on 10/26
BEC – 70, 70
FAR – 51, 73
REG – taking on 12/9

[Chelsea26]

B. $50,000

Lower of boot received (50k), and gain realized on exchange (150k)

BEC - July 2016 → 78
AUD - Sep 2016
REG - Nov 2016
FAR - Feb 2017

[FARISFUN]

For those of you that used Becker, how helpful were the Becker simulations for the simulations on the actual exam?

[Teal]

@Helen – I think you should leave at least 2 weeks to do only SIMS and MCQ. That's what I did, but I only had 4 weeks the first time I took REG and FAR, so I think I just needed a couple extra weeks and I probably would have nailed both of them.

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

[HoosierCPA]

I feel like I'm drowning in the REG material. You would think the 4th time around would be plugging in the gaps but I haven't looked at the material since I took the exam July 1st and I feel like I know NOTHING! This is extremely discouraging. I thought I could get away with just Ninja MCQ's but I'm debating buying Becker. I just don't feel like I'm retaining anything. I literally just spent an hour and a half on 20 Ninja Business Law questions.

What do you guys think? I am sitting December 10th, my work has agreed on paying for the REG becker material but I don't have time to make it through all Becker and Ninja so I was torn on whether I even wanted to purchase Becker since I have already been through the material 3 times before. However, I like the becker material and I haven't been failing by much (72,74,71)…any advice would be great because I'm stressing big time!

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

[mtaylo24]

@dtatham10, I feel the exact same way…My struggles aren't with tax…its w/ BLaw and Ethics and those stupid security acts. I cannot get comfortable w/ those topics to save my life. I struggle w/ trusts too! I now have less than 2 weeks to pull it all together.

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]

Can someone help me understand the difference between these two? Sorry in advance for the long post!

A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The automobile originally cost $35,000 and he has taken $18,000 in depreciation. The old automobile is currently worth $20,000 and the new automobile the taxpayer wants in exchange is only worth $17,500. The other party agrees to give the taxpayer a trailer worth $3,500 in addition to the new auto, and the taxpayer agrees to pay $1,000 cash in addition to the trade-in. What is the gain or loss recognized by the taxpayer in this transaction?
a. $3,500 gain
b. $3,000 gain
c. $0
d. $2,500 gain

Choice “b” is correct. A $3,000 gain is recognized (the lesser of $3,000 gain realized and $3,500 fair market value of the trailer boot received).

AND THIS QUESTION
A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The automobile originally cost $35,000 and he has taken $18,000 in depreciation. The old automobile is currently worth $20,000 and the new automobile the taxpayer wants in exchange is only worth $17,500. The taxpayer agrees to assume a liability secured by the new auto of $1,000. The other party also agrees to assume a liability secured by the taxpayer's old auto of $3,500. What is the gain or loss recognized by the taxpayer on this transaction?
a. $2,500 gain.
b. $3,000 gain.
c. $0
d. $3,500 gain.

Choice “a” is correct. $2,500 in gain is recognized [the lesser of $3,000 gain realized and the $2,500 net liability relief. The net relief from liabilities (boot received) = $3,500 relief from liability (boot received) – $1,000 liability assumed (boot paid)].

[mtaylo24]

@C.P.A the third

Q1 – 35,000 (Og cost) – 18,000 (depreciation) = 17,000 – 20,000 (FMV of new vehicle) = 3,000 gain, which is lessor than 3,500 of equipment received (boot).

Q2 – 1,000 (liability assumed) – 3,500 ( liability relief) = 2,500 gain which is lower than gain realized of 3,000 [17,000 (og cost less depr) – 20,000 (FMV of new vehicle)], in this case liability assumed/relief is boot

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)

[HoosierCPA]

@mtaylo24 yeah that could be my problem. I am diving into material that was never my strong suit to begin with. I gotta be more patient with b-law. Of all the exams REG is the one where I made a point to memorize a lot of the Becker mnemonics–they especially helped with business law (FAIDS, SAGWEGCTI, etc).

Bottom line I will need to approach this as if its the first time seeing the material–this sucks!!! haha

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

[keyssha]

This is my last exam I have been studying since mid July and I'm still struggling with the material I have done the Final Exam from Becker and It has BAD. My exam is schedule for November 9. I don't know what else I need to do. Help Me.

[mtaylo24]

This is exactly what I needed to boost my confidence! I was on fire bro 😎

# Q# Category Description Score Time Taken
1 1548 6C1 Determination of Taxable Income/Loss 100% 0:00:11
2 1251 6C1 Determination of Taxable Income/Loss 0% 0:01:49
3 1240 6C1 Determination of Taxable Income/Loss 100% 0:01:52
4 1860 6C1 Determination of Taxable Income/Loss 100% 0:00:24
5 1241 6C1 Determination of Taxable Income/Loss 100% 0:40:00 (lol)
6 1249 6C1 Determination of Taxable Income/Loss 100% 0:00:13
7 1239 6C1 Determination of Taxable Income/Loss 100% 0:01:06
8 1258 6C1 Determination of Taxable Income/Loss 100% 0:00:28
9 1244 6C1 Determination of Taxable Income/Loss 100% 0:00:56
10 1247 6C1 Determination of Taxable Income/Loss 100% 0:06:09
11 1253 6C1 Determination of Taxable Income/Loss 100% 0:00:14
12 1248 6C1 Determination of Taxable Income/Loss 100% 0:00:30
13 1257 6C1 Determination of Taxable Income/Loss 100% 0:00:18
14 1849 6C1 Determination of Taxable Income/Loss 100% 0:06:25
15 1861 6C1 Determination of Taxable Income/Loss 0% 0:00:47
16 1245 6C1 Determination of Taxable Income/Loss 100% 0:01:59
17 1254 6C1 Determination of Taxable Income/Loss 100% 0:01:50
18 1236 6C1 Determination of Taxable Income/Loss 100% 0:00:20
19 1862 6C1 Determination of Taxable Income/Loss 100% 0:00:53
20 1237 6C1 Determination of Taxable Income/Loss 100% 0:01:39
21 1850 6C1 Determination of Taxable Income/Loss 100% 0:00:15
22 1250 6C1 Determination of Taxable Income/Loss 0% 0:00:44
23 1234 6C1 Determination of Taxable Income/Loss 100% 0:00:30
24 1863 6C1 Determination of Taxable Income/Loss 100% 0:00:30
25 1238 6C1 Determination of Taxable Income/Loss 100% 0:00:55
26 1235 6C1 Determination of Taxable Income/Loss 100% 0:00:39
27 1866 6C1 Determination of Taxable Income/Loss 100% 0:03:03
28 1256 6C1 Determination of Taxable Income/Loss 100% 0:00:37
29 1246 6C1 Determination of Taxable Income/Loss 100% 0:00:34
30 1243 6C1 Determination of Taxable Income/Loss 100% 0:00:24
31 1252 6C1 Determination of Taxable Income/Loss 100% 0:00:25
32 1242 6C1 Determination of Taxable Income/Loss 100% 0:00:33
33 1255 6C1 Determination of Taxable Income/Loss 100% 0:00:37

Session Score: 90%
Total Time: 1:17:49
Number of Questions: 33
Average Time: 0:02:21

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)

[mtaylo24]

And then freaking Legal duties and responsibilities happens. Goodbye confidence SMH!

# Q# Category Description Score Time Taken
1 122 1C2 Federal Statutory Liability 100% 0:01:18
2 123 1C2 Federal Statutory Liability 0% 0:11:19
3 1520 1C2 Federal Statutory Liability 100% 0:01:02
4 120 1C2 Federal Statutory Liability 0% 0:00:27
5 126 1C2 Federal Statutory Liability 0% 0:00:26
6 124 1C2 Federal Statutory Liability 100% 0:00:27
7 133 1C2 Federal Statutory Liability 0% 0:00:35
8 129 1C2 Federal Statutory Liability 0% 0:01:32
9 134 1C2 Federal Statutory Liability 0% 0:00:48
10 116 1C2 Federal Statutory Liability 100% 0:00:29
11 138 1C2 Federal Statutory Liability 0% 0:02:40
12 1742 1C2 Federal Statutory Liability 0% 0:00:55
13 1509 1C2 Federal Statutory Liability 0% 0:00:39
14 117 1C2 Federal Statutory Liability 0% 0:00:28
15 131 1C2 Federal Statutory Liability 100% 0:00:33
16 135 1C2 Federal Statutory Liability 100% 0:00:32
17 119 1C2 Federal Statutory Liability 0% 0:00:23
18 121 1C2 Federal Statutory Liability 0% 0:00:15
19 125 1C2 Federal Statutory Liability 0% 0:00:25
20 136 1C2 Federal Statutory Liability 100% 0:00:40

Session Score: 35%
Total Time: 0:25:53
Number of Questions: 20
Average Time: 0:01:17

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)

[aatoural]

I am back in the forum after lots of craziness in my life. I have 3 weeks until REG and already went thru all material (Becker) and all MCQs and SIMs one time around.
Any advise to approach and use my time wisely for the next three weeks please and I am getting overwhelmed trying to memorize all tax important issues.

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

[Author]

Replies