REG Study Group Q2 2015 - Page 93

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    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 - 1,381 through 1,395 (of 3,544 total)
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    Replies
  • #678602
    Troblin
    Participant

    @Gabe Thanks!!

    @imgonnabacpa Personally, I'm going to focus on AMT(individual/corporate) and partnership/corporate transactions (basis/gain/income). These are my weak areas by far. I'm pretty bad with b-law as well, but I don't think the CPA point distribution is worth the additional focus.

    FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
    AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
    REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
    BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

    Date I Got My Life Back!: 8/4/2015 🙂

    #678603
    Anonymous
    Inactive

    OK. I just got home. That exam was brutal. And it's the first time I came out not feeling confident about how I did.

    My MCQ went Medium, Hard, Hard. Test 2 was MUCH more difficult than test 1 and I'd say that Test 3 was equally as hard as 2. I flat out guessed on 2 or 3 questions total. I also had 2 or 3 questions where I KNEW the answer was A or B but not sure which so I made my guess. I had very few one-liners. They were all pretty detailed and were a good mix between Tax, Ethics and BLaw with the vast majority being tax related. In the end I feel pretty good about the MCQ.

    The Sims… Oh my God the Sims… They were awful. Just awful. My reseach question wasn't too bad. I recognized the issue right away so I typed “elephant” into the search and “elephant” came right up as the result. That was my only research question. The rest were a mixed bag. My very first one I had to guess on. There was nothing in the AL to help me out so I just had to wing it. The rest I was able to make educated guesses on. I had the research question, one question where it was “choose the answer that fits” and the rest were all calculation based. I know I'm getting partial credit on all of them but I really have no idea how much.

    I am completely and utterly fried. I don't feel defeated but this is the least confident I've felt coming out of an exam. May 5 can't come soon enough in my opinion. I just want to be done.

    #678604
    rapk314
    Member

    I'm sure you crushed it @angelwatch, I sit tomorrow. Hopefully it goes well!

    BEC 76 (11/2014)
    FAR 83 (01/2015)
    AUD 86 (02/2015)
    REG 86(04/2015)

    #678605
    Anonymous
    Inactive

    @jstay thanks you are right it's a and d.



    @angel
    your testlets getting harder is a good sign and everyone says the sims in reg are brutal. Just remember u only need a 75 and based on ur other scores and the amount of studying you put in I wouldn't worry about it. Do you feel ninja mcq or Becker prepared you better? Was practicing the sims even helpful?

    #678606
    PasstheCPA7
    Participant

    Does anybody know if the defendant needs to prove both “constructive fraud” and “actual fraud” under the Securities Act of 1934? Or is it just one of them?

    #678607
    MaLoTu
    Participant

    Becker goes into a lot of detail on tax credits … is it overkill? I find this particular area mind-numbing, I don't think I can memorize all the specifics of each credit.

    Are the credits generally presented in a manner related to itemized deductions/adjustments?

    Also, does anyone have a clever way of remembering above-the-line adjustments vs. below-the-line itemized deduction? The more I work the MCQ the more it sinks in, but I feel that it is important to have a firm grasp on the difference.

    Almost always from my phone... please excuse my typos!

    All 4 passed - 2016

    CA CPA

    #678608
    Sandia
    Member

    @ Angel… You wil get 75 or more!!!

    Do you think Sim in Ninja prepated you good? Thank you…

    FAR - 77 x2 Wiley book & no test bank
    AUD - 83 x3 NINJA Test bank 3 time
    REG - 80 x1 NINJA Test bank
    BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
    Ethic 100% Licensed VA CPA

    #678609
    Anonymous
    Inactive

    Angelwatch, you probably did fine, good luck!

    #678610
    Anonymous
    Inactive

    MaLoTu, tax credits (and farm stuff) are the worst

    #678611
    Anonymous
    Inactive

    Without giving anything away, there were some questions that would have been in the related party category between the exam and NINJA. They may have not been twins but they were definitely brothers. Becker does a really good job of laying a foundation. NINJA is more representative of what was on the actual exam. I can't say that one is better than the other. Both were helpful.

    As for the Sims, it can't hurt to practice as many as you can. But keep in mind, you will not be prepared for the Sims on actual test day. Practice what you can but you won't be ready for them. I don't mean to sound pessimistic but everyone feels the same way.

    #678612
    Gabe
    Participant

    Agree with Angel about the “brothers” comment re: Ninja and actual exam.

    Also agree that no matter how many sims you do, for some reason, the actual REG sims are just…different.

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

    #678613
    MaLoTu
    Participant

    I just wrote in the other thread that my AUD sims were nothing I could have prepared for through the exam prep.

    Thanks for the info Gabe, Angel, and Anna!

    Almost always from my phone... please excuse my typos!

    All 4 passed - 2016

    CA CPA

    #678614
    Anonymous
    Inactive

    I came across the following question in Ninja MCQ:

    Dole, the sole owner of Enson Corp., transferred a building to Enson. The building had an adjusted tax basis of $35,000 and a fair market value of $100,000. In exchange for the building, Dole received $40,000 cash and Enson common stock with a fair market value of $60,000. What amount of gain did Dole recognize?

    Answer: C $40,000

    However, I'm curious to know how you would calculate Dole and Enson's basis in the property. Can anyone provide an explanation or does this not apply because Dole is the 100% owner of Enson?

    #678615
    Anonymous
    Inactive

    For obvious reasons I won't go into specifics but when I was driving home I was thinking. I didn't get a single question on a particular topic. I was shocked actually because it's supposed to be a very heavily tested topic and I was fully prepared to knock any question regarding it out of the park.

    #678616
    Anonymous
    Inactive

    Atlantic1984, i would think the basis for corporation will be 75 although i find this concept totally weird. Guy's basis is 35 (basis + gain – cash received)

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