[Anonymous]

Does anyone have any advice for remembering the DIFFERENCE between all the different ways to calculate basis and gains for partnerships, c-corps, s-corps, individuals? There are SO many different ways for liquidating, non-liquidating, liabilities, boot received, like-kind exchanges etc. I feel like it’s completely impossible to remember all the differences. I have done, what feels like, a million MCQs and made flash cards and I am still consistently getting questions wrong when it comes to understanding the difference between all these different options!

Anyone else having the same problem? Anyone have any advice other that “practice” (that’s what I’ve been doing and what I will continue to do) or “make flash cards”?

[Claudia408]

I'm with you, I'm still pretty confused, mostly for Corporate. I tmade a list of what I think they ask for the most and just try to memorize that bc it definitely doesn't make any sense.

BEC 65, 71, 75
AUD 62, 70, 78
REG 67, 66, 65, 66, 64
FAR 68, 64, 73

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Anonymous]

And I feel like we are guaranteed to see this information in the form of a SIM!

[Anonymous]

The more I go through these, the more I realize that this test might be a losing battle for me. I have 4 days and literally have no idea the difference between the formulas/rules/exceptions. I am completely lost.

I tried to put a summary excel file together and I am finding myself more confused now than I was before….

[mtaylo24]

Yup, CCorps/SCorps/Partnerships all killed me when it comes to basis/gain/loss. IDK how I will ever master it….

CPA (2017)

REG:  75

BEC:  76

FAR:  77

AUD: 78

 

CMA (2019)

P1: 380

P2: 360

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)

[monikernc]

this website helped me a lot. and doing thousands of ninja mcq's.

https://tax.cchgroup.com/downloads/files/contemporary-tax-practice/M1-Partnership-Taxation/T1-Partnerships-General-Formation-Issues/A-Legal-Formalities.asp

good luck!

AUD - 93
BEC - 82
FAR - 76
REG - 88

How have you been?
Ninja book and MCQs and the forum, all first try! 2016
Licensed State of Montana April Fool’s Day 2020
State of Colorado June 2020 - AICPA Ethics 93
Experience was the worst part of the journey for me. You?
If you want things to change you have to do something different.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Anonymous]

I'm not sure if this is even possible, but for anyone else feeling this same struggle sorting between these differences –

Do you think the AL would help if it was in a Sim? I'm too late in the “game” to learn everything I don't know so I am working to gear up for the SIMs. I figured, if I can get really good at locating information in the AL, I can use that to work on the SIMs. If I can figure out a way to get 75% on the Sims, I will only need 60% on the MCQs. Obviously this is a rough estimate, but I think that might be doable.

I have spent a lot of time working on these questions, so I feel confident that I can get some of the MCQs correct with regards to this area, but the SIMS are making me nervous. Anyone have any suggestions for looking for calc requirements in the AL? I'm not going into this completely blind, but will just need assurance on the various areas…

[Author]

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