[Wanna_B_TXCPA2014]

I am really feeling defeated by this stupid ass exam. I am having such a time getting over myself. I am reluctant to admit that this downward spiral of emotion comes from the fact I suffer from anxiety and depression. It getting harder to ignore. My frustration level has been the highest its been and I feel like I could throw the towel in.

I struggled for 18 months to finally get a pass in April 2016. Then I passed two more exams in May and Oct 2016. Then in Q4 took REG for the first time and failed. I didnt sweat it b/c I was tired from all the energy it took to pass FAR in Oct after 6 attempts. Q1 2017 I studied smarter and did well on Becker progress tests only to fail again.

I am seriously at the end of my rope with this. I look at my kids and I am very sad about all that I have missed in their lives. When I started they were 2 and 4 now they 6 and 8 and I am still not done.

I just don’t know what to say or do at this point cry, scream, quit. Started taking meds for anxiety and depression to help ease my mind. I guess they help because Iam not yelling at people anymore but I still want to punch holes in walls.

Any suggestions on how to mentally put those two failures out of my mind? I realize if I dont the jerks that grade this test will happily give me another 66. I didnt got to best colleges but I am not stupid. I mean I feel like this process is complete BS! How could I still not be done after 4 GD studying an average of 20hrs a week? I don’t know where I am going to find the strength to study for this “new and improved” BS test. Is this where I get off the bus?

[Wanna_B_TXCPA2014]

@needsa75 what do you think helped you score so high? Do you work in Tax?

[NeedsA75]

No I don't work in tax…I failed with a 74 because I bombed the sims. I started with the research sim, spent way too much time trying to find the answer and ultimately failed to find it. From there, I was so stressed out that I couldn't think straight on the DRS and I know I got only partial credit at best on the rest of the sims.

The second time around I saved the research for last and found it in a couple minutes. I also didn't have a DRS and felt like I got a lot of partial credit on the sims.

I practiced the sims a lot when studying for my retake and with a little bit of luck I increased my score 18 points..

[gigabyte2001]

I was struggling with 1231 vs 1245 vs Cap assets and associated realized vs. recognized gain and carry over basis even using Gleim, so I got the Ninja notes for REG and that cleared those up for me.

When you're talking about Basis it is different depending on the circumstances and that can easily throw you off. I used to work in tax 11 years ago and my Master's is in Tax so I have a bit of an edge there. I don't want to steer you wrong here so I hesitate to try & explain. If I say anything that doesn't make sense or match your study materials – do not follow me – trust the materials.

At it's core Basis is essentially your Adjusted Cost. IE: You bought 1 acre of land for $10k your basis = $10k. You then add $1k of fencing to the land, so your basis is now $11k. That's the most simple form of basis. If you then sell the property for $15k incurring selling expenses of $1k – then your realized gain is: $15k – $1k (selling exp) – $11k basis = $3k realized gain. In this example I used land on purpose because it does not depreciate or deplete. Depreciation & Depletion REDUCE basis because you are expensing the initial cost over time. In a subsequent sale, this depreciation can be recaptured. WHy? You had ordinary expenses via depreciation/depletion so now you add that back as ordinary income which gets you back to your prior adjusted cost and the realized gain/loss portion is treated appropriately. Essentially if you had cost basis of $10k, depreciation of 2k and sell price of 15k: Ordinary income from depr recap is $2k, realized gain on sale is 5k, total income on sale = $7k.

Next concept: “Stepped up” Basis – You inherit land from your parent. Your parent paid $5k for 1 acre. FMV at their Date of Death is $8k, FMV at alternate valuation date is $9k. You elect alt valuation on estate return so your basis is $9k – basis stepped up from your parents cost basis to the estate tax return basis. No additional costs were incurred, tax benefit is received.

Next concept: Transfer for loss to related party – Gain is REALIZED & Recognized. Loss is realized but NOT recognized – it is deferred.

There's lots more information related to basis as well. Like partnership basis in assets contributed by a partner etc, etc.

I genuinely think you might benefit from the Ninja notes. Basis is covered thoroughly but in simple terms.

B - 11/11/16
A - 4/16/16 87!!
R - 2/17/17
F - 7/26/16 - Waiting for 8/23

[CPA2BEE]

You've passed three of the CPA exams, do you know how difficult that is and how driven you have to be to accomplish that? You are a stud for what you've already done. You said your first pass was in April 2016, which means you still have roughly 6 months to knock out just one more – you SO got this! This exam broke my heart a few times throughout the process as well, what you are feeling is totally normal. Stay strong for a little longer, keep studying hard, and soon you will be looking back on this and smiling. You've come way too far to let ANYTHING get in your way, good luck!

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[Jdn9201]

OP, we all know it's hard but try to hang in there. I'm repeating others at this point, but you are so close. Think about it this way – you know all that time, effort, and money you've put in and all those family memories you missed to pass the first 3? That will all be a complete waste if you quit now. Looking back, I think this process is just as much of a psychological battle as it is a challenge of your intellect. You have to have a positive “I can do, I will do” attitude or it is very hard to achieve. I remember when I studied for FAR and how pressured I felt because it was my last one, and I felt like everything up to that point would be a complete waste if I didn't knock FAR out. But, I've never been more driven to do anything in my life than when I was studying for that exam. One thing that helped me when I had doubts or was exhausted is visualization. I would close my eyes and imagine getting through the material, scoring well on my practice exams, walking into Prometric with my head held high, and one by one attacking those questions until I passed, and most of all how good I'd feel once I passed. It may sound hokey, but it helped me alot doing that.

I will also say too…many people post here about the exam changing, or how it's graded or whatever, but that's a waste of time and energy thinking about that. All you can do is think about what part of this process you can control, and that's the time and effort you put into it. I know everyone has to vent, but when people almost blame the grading or the test changing (I don't think you are doing that here), they give away their power to control the outcome..and that's extremely depressing to me. I'll tell you the same thing I told myself trying to tackle FAR – you can't cover it all in one night or even one week. You have to take it out little by little. Also too, don't pressure yourself into thinking you have to know 100% of every little detail to pass because you don't. Try to prioritize based on the content outlines published by the AICPA. They helped me alot in deciding how to allocate my time, and even the degree I'd study before I'd move on. You can do this – good luck!

BEC - 88 8/29/15
REG - 82 11/14/15
AUD - 83 1/8/16
FAR - 80 2/29/16

[Author]

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