REG Study Group April/May 2013 - Page 11

Viewing 15 replies - 151 through 165 (of 1,005 total)
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  • #414971
    smp73
    Member

    @dem80

    I used CPAexcel the first time and it just did not work at all for me

    The second time I used the wiley book and test bank and ninja notes and audio and learned so much more (I was one point short of passing). I am now going back through my notes from wiley and drilling test bank questions like my life depends on it! I also am rewriting NINJA notes and listening to the audio while I am at work. For anything that I think warrants a chart I chart it in different colors – I can remember charts nearly perfectly by color. I just bought the flash cards and have been using them when I have a spare minute.

    NYS CPA License # 113563
    CIA: Done as of 2/15/14

    Training for a half marathon post studying!

    #414972
    MCLKT
    Participant

    CRAP!

    I have been so distracted and unmotivated to study. I didn't think after finally getting some passes this would happen to me!?

    I'm like… a week behind my schedule *o*!!!!

    Ok, I've got to redo my schedule to get back on track and then enforce some strict discipline.

    56 Days until I pass REG.

    Seattle, you better be doing a better job than me!

    A:[73]97 F:[74]85 R:86 B:[74]82
    *NINJA 10 Pt. COMBO & Yaeger*

    #414973
    LSNYC
    Member

    MCKLT – this was exactly how I was after 2 passes and studying for FAR I couldn't get motivated, I only got really motivated as the date got closer. I am feeling a high level of motivation for REG because I keep reminding myself this could be it! Push through you can do this!

    It's possible that the third test is the hardest to get motivated for?

    A - 61, 91!!
    B - 78!
    F - 76!!!
    R - 71, 73, 74, 69, 77!!!!

    Finally done!

    This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

    #414974
    MCLKT
    Participant

    Yeah, you might be on to something. Because I think Hustlin feels the same way! She has 2 passes and I know the motivation was lacking for her.

    I know I have 2 months, but I really don't want to put myself in that cram position. I have got to just push through the material, like you said. Thanks!

    I'm really excited for you, btw. To think you could be completely finished soon! You will be joining Nam in club CPA 🙂 I'm imagining score release day now. I hope we both get big ol PASSES! Of course we need to put in the work now so we aren't stressing on that big day!

    A:[73]97 F:[74]85 R:86 B:[74]82
    *NINJA 10 Pt. COMBO & Yaeger*

    #414975
    smp73
    Member

    I had the motivation problem after passing FAR, my first one. I was not as serious studying for REG the first time and paid for it. That motivated me for AUD and BEC to study like I have never studied before. When I restudied for REG the second time I felt so much more prepared than the first time (but still missed it by one tiny point). I am hoping third with REG will be the charm…If it is I will be done with this fun little adventure.

    NYS CPA License # 113563
    CIA: Done as of 2/15/14

    Training for a half marathon post studying!

    #414976
    Anonymous
    Inactive

    I can't seem to stay on track with REG studying. I've fallen behind on all three exams I have taken so far, but with REG, I am just constantly behind. The fact that March Madness is starting this week is not helping. I'm hoping a month is enough time to plow through this material.

    #414977
    iblive67
    Member

    Can someone explain the difference between a 1231 and a 1245 asset. I know that they are both personal property used in a trade or business held more than one year. What is the distinction between them?

    Thanks!

    FAR 61 78*
    AUD 73 76
    REG 64 68 75
    BEC 60

    *expired 6/9/13

    #414978
    gobias
    Member

    1245 is subcategory of 1231, along with 1250. The distinction is made because gain to the extent of accumulated depreciation on 1245 property is treated as ordinary. The remainder is 1231 gain (capital).

    F - 86
    R - 90
    A - 97
    B - 91

    #414979
    iblive67
    Member

    Thanks!

    FAR 61 78*
    AUD 73 76
    REG 64 68 75
    BEC 60

    *expired 6/9/13

    #414980
    sali25
    Member

    Reg is next for me. I am joining this group. I see some names from the FAR section group. Congratulations for passing.

    My plans: finish individual taxation by Sunday.

    Good luck to everyone!

    FAR: 88
    REG: 81
    BEC: TBD
    AUD: 11/30/13
    "Efficiency is doing things right. Effectiveness is doing the right things" Peter Drucker

    #414981

    Checking in. This week i'm starting R-3 per my schedule.

    Sometimes during the weekend, I got curious and jumped from R-2 to R-5 (bus. law) in order to spice up tax with the bus law and keep lectures entertaining. Will see how is that going to work. But so far, i'm progressing in one way or another which is great thing 🙂

    Key to staying motivated: exercising in fresh air (not in gym) DAILY and thinking of come summer I might be a free bird.

    @MCKLT, don't be hard on yourself. I get a lot of unmotivated days, but by telling myself to listen lecture only for 1 hour and be done, I usually end up listening lecture and completing everything else!

    And then, there were a few days that I just mindlessly listened to lecture without making any efforts to understand it or take notes.

    Becker Class of Jan - Aug 2013: FARB DONE!!!!
    CPA license pending 🙂

    #414982
    Anonymous
    Inactive

    @ Lisa, thank you for replying! I was hoping I hadn't gone invisible.

    I seem to be missing a lot of the basis questions. I'm never sure when to add the boot or deduct it, or if it comes into the calcultaion at all. Is it net boot, or just boot received?

    Here are a few examples that I missed:

    Leker exchanged a van that was used exclusively for business and had an adjusted tax basis of $20,000 for a new van. The new van had a fair market value of $10,000, and Leker also received $3,000 in cash. What was Leker's tax basis in the acquired van?

    Answer is b. $17,000

    ~~~~~~~~~~~~~~

    Another I missed:

    A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The automobile originally cost $35,000 and he has taken $18,000 in depreciation. The old automobile is currently worth $20,000 and the new automobile the taxpayer wants in exchange is worth $22,000. The taxpayer has agreed to pay $2,000 cash in addition to the trade-in. What is the taxpayer's basis in the new automobile received?

    d.$19,000

    ~~~~~~~~~~~~~~

    A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The automobile originally cost $35,000 and he has taken $18,000 in depreciation. The old automobile is currently worth $20,000 and the new automobile the taxpayer wants in exchange is only worth $16,500. The other party agrees to give the taxpayer a trailer worth $3,500 in addition to the new auto. What is the taxpayer's basis in the new automobile received?

    b. $16,500

    #414983
    Anonymous
    Inactive

    yo my old far fam and others!!

    ahem ahem – are you guys studying ?? or playing with tumbir gif!!! https://24.media.tumblr.com/tumblr_m4a8vnMdGs1r9h84lo1_400.gif

    Also i need to study for ethics exammmmmm! ewwwwwww 🙁 so i am joining this group!!

    #414984
    LSNYC
    Member

    Good evening! 2 hours is my goal tonight, some more corp tax maybe?? Then maybe a new topic if i am feeling adventurous?

    I have a busy week this week so tonight might be my only actual study night all week 🙁 the other days will just be reading when i have down time. But that means i need to pick it up MAJORLY this weekend, i'll try for 2 days of 5 plus hours each. I may skip my Wednesday commitment to study, all depends on how I am feeling.

    @ Seattle if skipping to business law is spicing things up I worry for all of us….I am going to get wild and crazy tonight and add hazelnut to my coffee!!

    A - 61, 91!!
    B - 78!
    F - 76!!!
    R - 71, 73, 74, 69, 77!!!!

    Finally done!

    This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

    #414985
    Anonymous
    Inactive

    @AnnaNuthaCPA I used to struggle with the like kind exchange but just remember your Basis=Adjusted Basis of auto given up+Gain Recognized-Boot Received. In the event that you pay boot, just net them together. Those basic principles should help you with any like-kind.

    The gain you recognize is the lessor of you gain realized, or boot received.

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