Zoey,
Any opinion on the Wiley SIMS?
[sticky]
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melloyello
offlineMemberConnie and CVA,
I used Yaeger's HomeStudy for my REG program. It uses the Wiley materials as a supplement.
I found that the MCQ's on the practice exam CD were tougher and more thorough than the ones found at the end of each module in the book. Phil stresses the book questions, but I have found on both REG and BEC that knowing the MCQ's on the CD, in addition to the book questions, helped me a lot!
Glogo: Any time! :)
10/5/09 - BEC - 85
1/11/10 - REG - 96Posted 2 months ago # -
cmb2009
offlineMemberFor Jeff or anyone who has a good feel for REG,
How important do you think it is to learn all of the different classifications for different assets for depreciation. For example, race horses fall under the 3- property class, automobiles fall under the 5- property class.
AUD-73,79; BEC-69,82; FAR-77; REG-83 DONE!Posted 2 months ago # -
melloyello
offlineMemberI think partnerships and corps are about equal in terms of weight, so I'd plan on being prepared for both.
I agree with you on the distributions. They're tricky. Just remember on non-liquidating, partners do NOT recognize a gain unless they receive cash (and cash only) above and beyond their basis. Everything else is no gain.
For liquidating, i used this formula:
$ Partner received
+ Liabilities relieved
- Partner Basis
= GainIf the gain is partially inventory or receivables, it's ordinary equal to that dollar amount. Anything else is cap gain.
I REALLY WISH I could disclose what I saw on Monday and what types of questions they asked, but that whole disclosure rule is really cramping my style! :)
Posted 2 months ago # -
melloyello
offlineMemberYour right to focus on tax. I wouldn't hit estate/gift too hard. It's not a big section. After the tax topics, I'd focus on the contract/UCC stuff (contracts, sales, property, commercial paper). Have a good handle on professional responsibility too. I got some trip-up type questions from that section when I sat. Focus on independence: what impairs it, what positions a CPA is allowed to hold, or relationships he/she can have that still maintain independence.
Posted 1 month ago # -
glogo2384
offlineMemberThanks Mello! I reviewed Law yesterday. Today is a Tax day for the most part. Having taken the exam once before... it's safe to say Tax is the main focus... the other topics you mention are def their favorites as well... Hopefully this go around I don't get shafted with a 74. Thanks again.
Posted 1 month ago #
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