REG Study Group Q2 2015 - Page 2

  • Creator
    Topic
  • #192517
    jeff
    Keymaster

    Welcome to the Q2 2015 CPA Exam Study Group for REG.

    “Death and Taxes” – Individual Tax for the CPA Exam

    Posted by Another71 on Monday, November 24, 2014

    Free NINJA: https://www.another71.com/cpa-exam-study-plan/

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
Viewing 15 replies - 16 through 30 (of 3,544 total)
  • Author
    Replies
  • #677216
    No_one
    Member

    @Futureninja We are in contrast situation you are waiting for REG score and wat to study BEC and I am waiting for BEC and want to study REG…

    Hopefully both of us hear the Good news in another 5 days…

    All the very best…to you

    CA Candidate
    FAR: You are down...
    Aud: Surprised me...Thanks
    BEC: 75% work done
    REG: It's 80 but I am 100% done 🙂

    #677217
    want2pass
    Member

    Waiting for test results and studying for REG. This is tough, difficult to stay motivated.

    #677218
    Anonymous
    Inactive

    @willpassby2014, honestly, I have absolutely no idea. I think it is going to come down to the sims. If I get solid points from those then I'm golden. If not I'll be taking AUD again in early April.

    #677219
    Future Ninja
    Participant

    @No_one thanks. best of luck to you too. ^_^

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    #677220
    Anonymous
    Inactive

    This is my last part. I just applied for my NTS last night. I'm done with 6 of the 8 chapters in Becker. Current plan is to finish the last two chapters in Becker in the next week or two and then take about a month to review hard. I really want to pass this one and be done with it all 🙂

    #677221
    sunchip
    Member

    Hey guys!

    Snowed in here too. Just got absolutely crushed by my last study unit. 4 weeks until I sit and I know I'm going to be here a lot for support. WIsh everyone good luck and let's do this!

    “Judge things by the process and not the result

    AUD (89)
    FAR (81)
    REG (April 2)
    BEC (May 22)

    gleim boy through and through

    #677222
    Anonymous
    Inactive

    Reg first week of April! Let's go Q2!

    #677223
    Gabe
    Participant

    Looks like some folks are taking REG as their last exam- time to be done in Q2!!

    Good luck to all those waiting on other scores…keep your head up!

    Also, feel free to post any questions, this is a great place to get answers or just work through difficult sections.

    I am in total review mode…I sit first weekend of April 🙂

    CPA, CFE
    CISA- Experience will be completed by August 2016

    #677224
    hunter32
    Member

    Hi guys, I have a question for anyone who has taken REG previously (sorry that it didn't work out). I've made it through the first two chapters of Becker (Individual Taxation) Are memorizing the dollar amounts for the phase outs necessary or is it more important to simply know that a phase out exists? So far it seems like the main one asked about in the homework is rental activity. Thanks

    BEC - 80 (Becker)
    AUD - 92 (Becker+NINJA MCQ)
    FAR - 87 (Becker+NINJA MCQ)
    REG - 90 (Becker+NINJA MCQ and Audio)

    #677225
    PasstheCPA7
    Participant

    @ Gabe – I remember we were discussing this before. But, let's say my Partnership basis was $110 and the partnership distributes just a cash distribution of $20 (no property distribution at all) – what is my basis? Do we still need to “stop at zero” (like Becker says we should)? Or can I have remaining basis in the partnership?

    If it was a property distribution – we need to stop at zero. But, how about if we solely just get a cash distribution and nothing else?

    Thanks.

    #677226
    Gabe
    Participant

    @hunter just know the phaseouts exist. There are some that come up a lot (e.g. “mom and pop” phaseout)

    @pass your basis would be 110-20= 90

    CPA, CFE
    CISA- Experience will be completed by August 2016

    #677227
    NJPRU
    Member

    @PASS Make sure you make the distinction between liquidating and nonliquidating distributions for Partnerships, this will be key when determining your adjusted basis in the partnership.

    AUD: DONE
    FAR: DONE
    BEC: DONE
    REG: DONE

    IM GOING TO BE A CPA!!!!!

    #677228
    PasstheCPA7
    Participant

    @ Gabe – thank you! Yes – it would be $90. So, it's only cash distribution, we can have basis remaining. BUT – if it's a property distribution, we must stop at 0. Important distinction.

    @ NJPRU – thank you. I sit for it tomorrow! Any ideas on what I should review today and go over?

    #677229
    Anonymous
    Inactive

    Mike and Jane Lewis, a married couple, file a joint 2014 federal income tax return showing $80,000 in gross income without regard to the following capital transactions:

    Capital Loss Carryover from Prior Years: $0

    Current-Year Net Long-Term Capital Gain or Loss: $5,000 loss

    Current-Year Net Short-Term Capital Gain or Loss: $1,000 gain

    Mike and Jane's total income will be increased/decreased by what amount as a result of the listed capital gains and losses?

    A. $1,000 increase

    B. $5,000 decrease

    C. $4,000 decrease

    D. $3,000 decrease

    D is correct. I guess I was looking at it as $1,000 short-term gain increases total income to $81,000. Then the long-term capital loss offsets the $1,000 S/T gain plus $3,000, so a total of $4,000. The end result is $77,000 total income either way, so I can see why D is correct – just tricky wording (and some over-thinking on my part, I suppose).

    #677230
    Anonymous
    Inactive
Viewing 15 replies - 16 through 30 (of 3,544 total)
  • You must be logged in to reply to this topic.