CapitalGains
offlineMember
Here's what the current Internal Revenue Code states, pulled from a CCH database:
"165(h)(1) $100 limitation per casualty. Any loss of an individual described in subsection (c)(3) shall be allowed only to the extent that the amount of the loss to such individual arising from each casualty, or from each theft, exceeds $500 ($100 for taxable years beginning after December 31, 2009)."
Another source I have states the following:
"However, for 2009 only, this floor will temporarily increase to $500 (Code Sec. 165(h)(1), as amended by the Emergency Economic Stabilization Act of 2008 (P.L. 100-343); Reg. Sec. 1.165-7)."
So it's $500 for 2009 which is what will be tested on the current 2010 REG exams.
MPoni123
offlineMember
hey CVACPA...that happened to me with REG. i had an extremely difficult exam! i use Becker and think it is really good, but was blindsided by most of the questions. My SIMS were also a nightmare. I guess I can thank AICPA grading techniques, because somehow I passed with a 90.
I don't think memorizing the questions and answers is the problem, because you SHOULD know the answer after a few times. As long as you understand WHY the answer is what it is. Someone mentioned this before, but Becker gives really good descriptions of the answers so as long as you are choosing the answer and can actually explain to yourself why that one is the answer, I don't see the problem.
MPoni123
offlineMember
Anna, did you push your REG exam back a few weeks? Some reason I thought you were taking it mid January...
glogo2384
offlineMember
Anna,
I feel your 74 pain! I have to re-take REG 1/15. How did you feel about FAR compared to REG?
My weakest areas were always Tax and GAAP... Audit and Finance/Business my strongest, hence I passed those...
Anna
offlineMember
MPoni123 - yeah, hitting busy season, had to push it back... don't know. might even move it to May, will see how it goes.
Glogo2384, FAR was much more difficult for me. For REG, I, honestly, just got a bit too confident and reluctant.:)
Puerto Rico Romo
offlineMember
I'm taking my exam on the 23rd and I've been studying real hard the last couple of days after taking the last week 2 weeks off the december to blow some steam. My results showed up in the mail and o and behold the 4 was due to simulation bombing and a rushed written comm. After reading on Facebook that I was the only bum from my graduating class who was taking the exam that hasn't passed it yet im doubly detrmined to get this done now and hopefully be at the state ceremony come march!
Is anyone else having trouble figuring out the commercial paper and/or secured transactions section of the Reg exam?
Honestly, I believe these two topics are the hardest of the law section to understand. Are they heavily tested on the law portion of actual exam?
Just wondering if I was the only one who thought this.
rsanchez
offlineMember
I am having a terrible time on the R-6 as well and haven't even gotten to R-7!! I am scheduled to take the exam Feb 1st since I wanted to get into the first wave of scoring, but now I am getting nervous and am wondering if I should put it off to the end of Feb??? I work for a publicly traded corp and it is YE right now and pretty busy!!! REG is my last part to pass and I just want to be done!!!
I went through the tax portions twice but that was before the holidays. Oh well. Would anyone recommend that I put the exam off til the end of Feb and guarantee passing? I am pretty nervous and having a tough time with the law section.
CapitalGains
offlineMember
The business law section was the most confusing to learn for me but it's not that bad on the real exam. All of these sections combine to total 20-25% of the aggregate score, which isn't much when you further break that down between the topics. I used Bisk and had chapters on Contracts, Sales, Negotiable Instruments & Documents of Title, Secured Transactions, Debtor & Creditor Relationships, Agency, Federal Securities Regulation, Other Regulations, and Property & Insurance. So that's about one-fifth or one-fourth of the exam split between ALL of that material. You don't need to know every little detail in each but have a general overview.
ILoveCPA
offlineMember
Does Anyone think its possible to pass REG first shot if study full time over a 4 week period. I am trying to reassess my study plan. I have already passed FAR-11/09. I take AUD on Jan 12...feel fairly confident but we'll see. I was planning on taking REG Feb 27 and BEC early April. But since I have lost my job I have free time and am wondering if it is realistic to squeeze REG and BEC over a 6 week span with more time spent on REG....Any feedback is greatly appreciated. Thanks
Anna
offlineMember
I don't know about REG, but I I studied 10 business days for each AUD and BEC after listening to FastPass course in June. (FastPass is a condensed Becker course that just runs live lectures for you everyday for a week).
I took BEC Aug 11 and AUD Aug 28.
I was studying approximately 4-5 hours a day with 8-10 hours for the last two days before exam itself; (those last two days I used Final Review).
My point is - if cramming is your style, and you're good at concentrating - it's possible.
(I wish i did the same for FARE and REG - but I prolonged and procrastinated instead.)
ILoveCPA
offlineMember
Anna..thanks for the info...well see what happens and how i feel after AUD.....good luck with you final part.
Thanks PAP for the feedback. You should be fine in terms of AUD...i know easier said that to believe...Im right there with you. Goodluck on your last part and enjoy the blitzkrieg of alcohol consumption that ensues.
Is anyone putting extra time into the bankruptcy section? I've spent so much time trying to figure out chp 5 & 6, that I need to move on and continue my review of the other areas...ASAP. Exam is this Sat (1/16).
If I remember correctly...I don't even think there was a single question on either of the Becker Final Exams regarding bankruptcy...I could be wrong.
Any advice or past expreiences would be greatly appreciated.
soni
offlineMember
Hi Jeff,
I have question for you: I have my last exam, REG scheduled on Feb 26th. My NTs for this exam expires on 7/12/10. I don't know if my NTS expires upon giving the exam or on 7/12/10 itself. I am using Becker 2008 books to study for REG and at this point, I do not feel confident about the exam. I am afraid that if I failed REG, I'll lose my credit for the first exam (Expiring on 7/24/10). If I failed REG, would I be able to retake it in April?
Please throw some lights!
melloyello
offlineMember
Glogo,
I took the exam yesterday. The multiple choice was doable and I felt prepared. I hammered MC's while studying and got to the point where I had most memorized, but as was said earlier, as long as you know WHY the answer is the answer, you should be fine. The multiple choice were not curve balls. If you know the material in your study program, you should be fine.
The sims, on the other hand, were tough! Without disclosing any material, suffice to say simulations are drawn exclusively from the tax content. And, you MUST KNOW everything there is to know on the tax side of things. Simulations in the Wiley book and other places I've seen are simplified, and the exam was much more difficult.
All in all, I think I did well enough to pass. Now just to wait 5 weeks for the score! Ugh.
Good luck to all!
melloyello
offlineMember
@CVACPA
Remember, bankruptcy is only one part of what seems like a million parts of business law, which is only 20% of the grade, and is only tested on MC's. At most, you'll see a couple questions. I'd just move on if I were you. Tax, tax, tax, mixed in with contracts/UCC would be my main focus as you lead up to Saturday. Good luck!
zena
offlineMember
soni, this is my understanding: you can take any one part of the exam only once per each 2 month window. So, even if your current NTS expires July 17th, once you take REG on Feb 26th and fail, you will not be able to sit again in April/May with the same NTS. However, you can quickly apply, pay the fees, get a new NTS and then sit again in April/May or July/August up to the July 24th date when your first exam will expire. Also, with your current NTS, if you feel you're not ready by Feb 26th, you can reschedule REG to the April/May window (if your schedule permits) to give yourself a better chance to pass. Good luck!
zena
offlineMember
Since you can take any part only once per testing window, once you take that part, you can say the NTS expired then because you cannot use it again for that part. If you don't take the part at all, then the NTS expires on the date printed on it. I don't remember seeing this written down specifically in any rules, but you can infer that it works that way.
Thanks MELLOYELLO,
Did you use Becker or Wiley?
Does anyone know which review prepares you better for the exam? I have both, and have noticed that the Wiley questions are tougher than the Becker questions. Does anyone else believe this to be true?
If so, which review questions would you recommend?....or should I ask - which review questions are more simlar to the exam. ;-)
Thanks!!
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