[Anonymous]

How much should one know the specific amounts for phase outs? Or other numerical set numbers by the IRS such as adoption credit? Would I need to know exact amounts?

Also is Business Law a threat to be a sim or should I stick with MCQ for that material?

[Anonymous]

I have never heard of anyone getting a B-Law sim. Don't try too hard to memorize specific amounts. Know the obvious stuff (ie. gain exclusion amount for sale of personal residence, medical expense deduction). Drill MCQ's and try to do new questions until you have seen every question – I just started doing this for FAR and wish I would have for REG. Seeing the same questions over and over is not good for learning. You need to see different question types on the same material and then your brain has to figure out how to solve it and you actually learn something. Plus you get more exposure for what could be on the exam. Not to scare you, but REG MCQ's were all over the place a couple weeks ago when I took it. Sims were actually the easier part IMO. When is your exam?

[Anonymous]

Take it on June 8th. Another question, how much do you need to know the forms, their names and where the information goes on the form. I figured there might be a SIM where you fill out the actual IRS form.

Yeah for the MCQ's I found the key for me is to not do all of the MCQ's questions at once when covering a module. For example I'm using Becker and when doing the MCQ's after reading the material I do every other MCQ so I have some to come back to that are new.

[Anonymous]

I was familiar with the basic forms but not sure you need to be able to fill all of them out. It was more about being able to look at a form and find the right info already provided and answer a question that way. Sorry just not trying to break the rules on disclosure haha

[Anonymous]

You should check out the AICPA practice exam to get a better idea

[Anonymous]

^ sorry if that's vague or unhelpful. My opinion on these exams is that they are mostly a mile wide and an inch deep and trying to memorize too much is a waste of time. Your FAR score tells me that you should probably be alright if you're studying REG in the same way and not cutting corners. Be confident in that and know that if you practice enough questions/sims you will know what you need to know. I didn't practice any SIMS besides the AICPA practice test and felt fine on exam day with what was asked. One thing I did do was write down the applicable forms in my notes for each entity but then again I never really felt like on the exam I had to know a particular form – only how to use what was provided to obtain info for what was being asked. Another tip – use the AL; I was able to confirm many things from the AL. Again, sorry if that's not helpful. My memory is fading regarding my REG experience

[Anonymous]

Thanks People's Champ. Yeah I need to check out the practice test this weekend.

[Author]

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