[Anonymous]

I thought I would create this new topic for those that are taking REG in the October/November testing window. I am taking this test on October 19. Anybody have any experience with this section?

[Anonymous]

I have a couple REG questions for everyone…

1.) I read in Wiley that all the sims on the REG exam are on taxation – is that true???

2.) If I am taking REG in November, will the questions be based on the 2009 tax year/rates or the ones from 2008 (as shown in my textbook).

Thanks!

[AARON]

D3 – I haven't taken the exam yet so I can't answer #1. #2, rates are based on 2008, however it'snot as important to remember rates as it is to understand the rule and apply it. The exam should give you a basis for any calculation etc.

? AUD - 87 (8/12/09)
? REG - 77 (1/15/10
? BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
? FAR - 75 (2/11/11)

[Anonymous]

I took Reg back in August and failed. I received my summary result yesterday and found out that I am weak in (1) Tax procedures and Tax entity. Tax entity is weaker than tax procedures. I am kind of confuse why I failed because I am stronger in the remaining four area. I was scoring in the average of 85% compare to the 77% of the passing candidate. That is by the way, all I need now is to focus. I am using both Becker and Yaeger home study. Becker's book is more organize so if you are using becker can you please tell me what chapter covers tax procedures and tax entity. For Becker, I believe it is chapter 3 & 4, but I want someone to reassure me that that is the chapter. For Wiley, I am not sure which module. Somebody please help.

Posted 1 hour ago #

[AARON]

Exam 64 – I'm using Becker to study for REG right now. R3 focuses on Entity (C Corp / S Corp) Law. R4 concentrates on Partnership/Trusts and Tax Procedures (SOX, CPA Liability etc.). You're on the right track. I take the exam 11/4.

? AUD - 87 (8/12/09)
? REG - 77 (1/15/10
? BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
? FAR - 75 (2/11/11)

[Anonymous]

Thanks glogo, that helps. Good luck in your exam.

[Anonymous]

I took REG today and the sims were brutal because of the time crunch… Hoping multiple choice and research/communication will carry me to a passing score…

[AARON]

Cait – How did the MC compare to your study materials? I am using Becker, and everyone says the same thing. MC are comprable, SIM are way easy compared to what's really on the exam.

Also, can anyone, in English, explain to be Holder in Due Course and Without Recourse? I'm having such a hard time understanding this concept.

? AUD - 87 (8/12/09)
? REG - 77 (1/15/10
? BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
? FAR - 75 (2/11/11)

[AARON]

Thank you PR this helps a ton!

? AUD - 87 (8/12/09)
? REG - 77 (1/15/10
? BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
? FAR - 75 (2/11/11)

[Anonymous]

glogo –

Yeah I have to agree with what others have said… I used Becker too and the multiple choice didn't surprise me, I was prepared for those. For the sims I just felt like even if I would have raced through the multiple choice to get to them earlier I wouldn't have been able to think clearly about everything and take my time with the sims. I wanted to do good on the multiple choice since its 70% of the grade and then hopefully do well enough on the rest so we'll see what happens…

What I remember from studying is that without recourse just means you are released from contract liability (having to pay if the instrument is dishonored) but not from the warranty liability. And holder in due course means only the real defenses can be used on you, not any of the personal defenses. Also, you can pass this on through the shelter doctrine. Hope this helps a little….

[mason316]

Just took REG. (Maybe I shouldn't have scheduled it on Halloween). I don't know what to think.

There were a bunch of basis/gain and gift tax questions…WAY more than I would have expected. There was also either NOTHING or very little on the Business Law side…a couple on contracts, nothing on reg D 504,505,506, no bankruptcy questions, a couple attachment/perfection, no negotiable instruments, no UCC, a couple sec act of 33 and 34, a couple on agency The simulations were more gift tax and basis questions! Then, there was the classic where you get repeat questions with different numbers in the fact pattern. (Yes, I've been doing this for a while.)

Also, I'd been using Becker where they said depreciation recapture might be 1 or 2 mc questons. BS! More like 5 or 6. Luckily, I had a handle on this topic.

Just doesn't seem much rhyme or reason to this mess of an exam. I squeaked by BEC where they went overkill on the IT questions…WHY?!?!?! It's an accounting exam, not an IT exam!!!

I had been told that the exam candidate should have a decent amount of knowledge in a variety of topics. But lately, it seems they AICPA have their favorite topics, and test the living daylights out of their favorite topics. So, I am left conpletely perplexed.

Just gotta put it behind me, and dive into FARE.

[Anonymous]

I just took REG too last week, and my exam was way different than yours. Basically everything you wrote is the opposite of mine.. thats so weird. I mean I get that they have different exams, but it seems like your exam had a differnet focus than my exam.. you'd think theyd all have the same type of questions. I actually did not even have one depr recapture question.. and I studied that a lot since I heard it was being tested a lot lately.

[AARON]

I'm taking the exam this 11/4. Your posts are starting to freak me out a bit, must say. I have 2 more days to prepare. If you guys had to pick two or three topics to really focus on, which would they be? I'm hearing gift tax is popular as are the basis questions. How about tax schedules? Anything crazy? Like Schedule F? or should I focus more on the more likely to be tested Schedules… A,K, 1120, 1065? Thoughts.

? AUD - 87 (8/12/09)
? REG - 77 (1/15/10
? BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
? FAR - 75 (2/11/11)

[mason316]

At least on mine, know how to calculate the gain and basis for partnerships and corp. I also had a decent amount of liquidating/nonliquidating distribution questions as well. I've been doing this for a couple of years now, and I am yet to see anything on Sch F or the tax schedules. Know the personal itemized deductions theresholds (the Sch A stuff-medical, casuality loss, charitable contributions…) I had a few on itemized deductions this last time out. There was a few ethics questions as well, and even one on completed contracts, which should be a FARE deal. Last year when I took it, one of the sims was to complete an 1065, but they gave you the info. It was more like a data entry question.

Again, there really doesn't seem to be much rhyme or reason. I have had contract questions and Reg D questions in the past, but I was really baffled that I didn't see any this time.

For what it's worth.

[SaraCPA]

glogo, I must say that I felt pretty freaked out about this test from reading these posts too. I took it on Friday and it wasn't as scary as I thought it was going to be. Don't get me wrong, it's tough, but I would say most of the topics seemed to be covered adequately in my study materials (I used Becker). I would definitely make sure you know basis. Not only partnerships and corps but also basis in property that is inherited or received as a gift (not necessarily the gift tax side of it). For me, I get those rules confused sometimes, which I'm sure I probably did on the test, as well. That's what sticks in my mind. I would just keep practicing multiple choice until your test.

Good luck!

[AARON]

Thank you Sara!

? AUD - 87 (8/12/09)
? REG - 77 (1/15/10
? BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
? FAR - 75 (2/11/11)

[Author]

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