[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Mamabear]

@pia ach–I'm using the Wiley book too! I am skipping the lectures and just focusing on the book and the Ninja test bank. I will be sitting around the same time as you. Maybe we can push each other to stay on our study timelines since we're using the same book. I'm starting with taxes. How about you? Good luck on FAR!!

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Tax lady]

I'm retaking on Nov. 13th….it's been sooooooo hard to get back in study mode!!

AUD - 80
BEC - 75
FAR - 85
REG - 82

CPAExcel, Ninja MCQ's

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[rzrbkfaith]

@Hustle Darling – I don't know. I don't feel ready. But that's been the same for my last two tests – I always freak out for the week leading up to the test. There are just so many little ticky tacky things to remember.

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Anonymous]

I am on the first chapter for Roger which is the tax setion and am getting so overwhelmed. I have no idea how I am supposed to remember all the adjustments, tax shedules, ect. Is it normal to feel this way at first?

[rzrbkfaith]

@CPAHOPEFULL11 yes!!! it is.

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Hustle Darling!]

@rzrbkfaith – I am in freak-out mode! LOL! I am trying to trust the process and stay focused on my final review. I see you take the exam a few days after I do. What is your process at this stage?

@CPAHOPEFUL11 – Yes, it is normal.There is so much information. Are you incorporating the NINJA method? It is so helpful. Also, the following spreadsheet from Iggy1985 helped me stay focused and move forward in the Non-Stop MCQ phase. It's a DIY assessment that you can use to identify your weak areas. Let us know if you have any questions.

https://smg.photobucket.com/user/Vixia/media/spreadsheet_zps5f871507.png.html

EST

 

Roger CPA Review
FAR - 5/31/16

[Windel]

Question.

If a taxpayers marital status is determined at 12/31 then why does the marital deduction not apply in the following instance?

When Jim and Nina became engaged in April of Year 1, Jim gave Nina a ring that had a fair market value of $50,000. After their wedding in July of Year 2, Jim gave Nina $75,000 in cash so that Nina could have her own bank account. Both Jim and Nina are U.S. citizens. What was the amount of Jim’s marital deduction?

Incorrect A. $0

B. $75,000

C. $115,000

D. $125,000

Correct Answer is B. According to NINJA MCQ – Any transfer of assets after the marriage of Jim and Nina is considered a marital deduction. The gift of a ring for the engagement happened prior to the marriage and thus does not qualify.

This doesn’t make sense.

[Anonymous]

he gave her the ring in year 1 they weren't married in year 1. They got married in year 2 when he gave her the cash so its a marital deduction. anything prior to the date of marriage doesn't count. BTW ninja mcq is down how are in there!!?

[Windel]

@ aspiringcpa2014

Thanks for answering my inquiry. I totally missed the YEAR 2 comment within the question. I guess that's what happens when you're sneaking around at work trying to take a MCQ while the boss isn't glancing. I've been logged in since 7 am trying to complete 50 MCQ's (averaging about 2-8 per hour). I guess that's why I haven't recognized any issues with the system. But in either case….NINJA is not down on my end. Sorry to hear you're having difficulties.

[rbozung]

Does anyone know if the CPA exam is testing with 2014 or 2013 numbers? There are some significant differences (ie. Section 179 expenses was 500k for last year but only $200k for this year!

BEC - Passed
AUD - Passed
FAR - 10/28/14 (waiting results)
REG - Passed

[Mary 2496]

I took REG a few months ago and scored 73. Taking it again in a few weeks. I will say that it doesn't matter – the reg. exam isn't like that. They don't use limits and 2014 or 2013 numbers like that. They'll ask questions and have you do calculations but the year specific numbers aren't used. Hard to explain, just trust me – don't focus on numbers in respect to years like that. You won't need it.

[Tax lady]

@Mary…I took REG in August and made a 73 too. Not fun! How did you re-study? I'm re-reading my book and checking the notes I already have to make additional notes if necessary. And then I plan on re-writing all of my notes (9 legal pads) and working MCQ's the last couple of weeks of my review. Hopefully this is enough. I know exactly what killed me on the test so I'll make sure to attack my weak areas as well.

AUD - 80
BEC - 75
FAR - 85
REG - 82

CPAExcel, Ninja MCQ's

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Mary 2496]

Well … I scored low on the sims (not MCQ) and in only one area. I even know the two sims that did me in. I have trouble with sims in all of the sections. I just am not good at them. I always am comparable or even stronger than others on the MCQ but just shake on the sims.

I am going over each section briefly and then hitting my one weak area really hard, along with the sims in that area.

[Anonymous]

Joseph and Jill have been married for 20 years. Joseph inherited a house worth $2,500,000 from his father. Assume that the annual gift tax exclusion is $20,000. Joseph is gifting the house to Jill as long as she puts an apple orchard on the land. Jill decided in the end to put a swimming pool in place of the apple orchard. What amount of the $2,500,000 can Joseph give to Jill without incurring a gift tax liability?

Incorrect A.

$2,500,000

B.

$0

C.

$20,000

D.

$1,000,000

You answered A. The correct answer is B.

The gift tax provision for gifts from one spouse to another allows for a marital deduction; an unlimited deduction is available for all property given to a spouse.

A gift tax marital deduction does not apply to a transfer of a terminable interest in property. A terminable interest is one that will terminate on a lapse of time or on the occurrence, or failure to occur, of a contingency.

Therefore, Joseph will not be able to claim the gift tax exclusion. The gift was contingent on Jill planting an apple orchard, and she decided on a swimming pool instead.

I'm still struggling with this being 0!

[Mary 2496]

Because there was a provision of the whole apple orchard deal and she violated it with the pool. Here —

A gift tax marital deduction does not apply to a transfer of a terminable interest in property. A terminable interest is one that will terminate on a lapse of time or on the occurrence, or failure to occur, of a contingency.

— or on the occurrence or fail to occur of a contingency.

The apple orchard was a contingency. Because it was violated, no amount is excluded. (B)

[Author]

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