[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

[RachelP]

I have my exam scheduled for 10/27. I missed my last one by TWO POINTS, (got sicky & had waay too many dr appts for like 2 weeks of my study time, plus busy season started, yuck) so I'm going at this one with a vengeance and hopefully I will be able to say I'm done with this journey!

My plan of attack:

I'm going back through Becker by reading the chapter and then working the MCQ. If I get that finished here in a reasonable amount of time, I may purchase Ninja MCQ just to keep myself sharp until the exam. I am NOT rewatching the lectures because I just can't make myself focus & I feel like I'm pulling my own teeth. If there's a page or something that I am just struggling with then I just watch that page. In my week 1 of studying I have read through R1 & R2 and have worked all R1 MCQ. Starting on R2 MCQ tonight.

Also, Becker's new mobile app saves my life & I love being able to work my MCQ on the go! I almost worked all of R1 questions this weekend and none of my family even knew I was studying! Incredible!

"Don't worry, beeeeee happy!"

Unhappy with job, long distance boyfriend, not much studying:
FAR- 66 [08/28/12] AUD- 61 [10/04/12] REG- 59 [11/28/12] BEC- 63 [01/11/13]
Year off (from exams): Got new job, got married, moved, etc
✓ AUD- 79!!! 01/10/14 FIRST PASS!! WOOOO!!!
✓ REG- 73 02/27/14, 81 10/27/14
✓ FAR- 83 5/16/14
✓ BEC- 80 7/24/14
✓ Education ✓ Experience
Ethics Exam

[Anonymous]

Started studying REG last week in anticipation of taking it in November. Dove into the first 2 chapters in the Bisk e-textbook and holy moley, it is hardcore Business Law 101. The strategy of attack is digest the Bisk e-textbook and use the practice MCQs as examples to help with interpreting and applying the concepts (and of course, copious amounts of notes on the legal pads). Next is dive into the Ninja MCQs and SIMs until I am absolutely sick of them. I hope that I got AUD out of the way, so I can give my all to slay the REG Beast.

[Anonymous]

@Bulldozer_CPA I'm using Bisk for all 4 parts as well. Worked well for AUD, and hopefully BEC. I'm skipping reading the book, and just listening to Jeff's audio for those chapters and then pounding the NINJA MCQ's. Your observations are the same as mine for the B-Law! I'll get back into detailed notes like I used for the first two when I get into the tax chapters.

[nevertoolate]

I'm using CPAexcel and ninja audio. REG will be my first exam so I'm not sure what my style is yet. I just started last week with b-law just reading the text, watching the videos, and doing MCQ's. So far I'm staying consistent and motivated in my studies and hit 24 hours last week and will hit at least 20 hours this week. I had to do a double pass on commercial paper.

REG - 68, 81
FAR - June 2016
AUD - 58, 63, 84
BEC - 71, 79

CPAexcel (Gold), Ninja Audio, and Ninja MCQ

"Beware; for I am fearless, and therefore powerful"

[Star86]

Thanks everybody!

Thankful

[Anonymous]

I have REG scheduled for the end of October.. my second try..I missed it last window by 3 points! 3 points! Seriously, so frustrating. The simulations were what killed me.. Hopefully they wont be too bad this time around. I am going to go through my becker book one more time and then I also bought the Ninja notes and multiple choice to work on for extra practice. I'm determined to get it this time around.

[Tallcpa]

I have REG scheduled for October 11th. I am using Roger, Ninja audio, Ninja Notes, and Ninja MCQ. I have 6 chapters left in the book and videos and have started with the mcq. I am scoring better at the start than I have for the other sections I have taken. My plan is to finish the videos within the next week and then keep working on the mcq and start working the simulations.

BEC 5/27/14 PASSED
FAR 8/13/14 PASSED
REG 10/11/14 PASSED
AUD 11/28/14 PASSED

[Anonymous]

Just scheduled for Oct 2. Becker, Ninja Notes, Ninja Audio, Ninja MCQ.

I hope we all pass!!!!!

[shankysays]

Hoping someone can help me with this Ninja question…

Jim and Kay Ross contributed to the support of their two children, Dale and Kim, and Jim’s widowed parent, Grant. Dale, a 19-year-old full-time college student, earned $4,500 as a baby-sitter. Kim, a 23‑year-old bank teller, earned $12,000. Grant received $5,000 in dividend income and $4,000 in nontaxa­ble Social Security benefits. Grant, Dale, and Kim are U.S. citizens and were over one-half supported by Jim and Kay. How many exemptions can Jim and Kay claim on their joint income tax return?

A Two

B Three

C Four

D Five

The answer is B (Jim, Kay, and Dale) because Kim and Grant are over the personal exemption amount. But isn't Dale over the personal exemption amount, too? I thought it was $3,950.

BEC - 72, 82! ✓
FAR - 80! ✓
AUD - 70, 92! ✓
REG - 74, 78! ✓

Licensed CPA 5/2015

[linkman311]

^ Shanky,

it's because Dale is a qualifying child, so there is not GI test. He is their son, so he only needs to pass close relative test, age test (qualifies since he is full time student), residency (passes since student), and support test.

Make sense?

Good question

Confidence is a prerequisite for success

FAR - 1/1
AUD - 1/1
BEC - 1/1
REG - Q4

Have Becker, wish I got Roger

[Anonymous]

At partnership inception, Black acquires a 50% interest in Decorators Partnership by contributing property with an adjusted basis of $250,000. Black recognizes a gain if:

I. the fair market value of the contributed property exceeds its adjusted basis.

II. the property is encumbered by a mortgage with a balance of $100,000.

The answer is neither, but wouldn't gain be recognized?

[leglock]

No gain recognized bc capitalizing an entity is generally a non taxable event so fmv generally is irrelevant u less u recd cash.

Unless the mortgage given away exceeds ur basis, u would not recognize a gsin

Remeber the pship rules regarding a mortgage given away vs scorp

[Anonymous]

bankruptcy priority question: unperfected, secured creditors. am I misinterpreting my book, or do these guys just get screwed? my book says they're treated as general creditors in terms of priority. it seems like it'd be more logical for them to have priority to the amount of their collateral and THEN fall to general creditor status, but they just get nothing until every other creditor does?

[Anonymous]

Hey if someone can help me on this Becker simulation (from R1)

Richard Norton is required to pay a self-employment tax based on the net profits of the farm business. Assume that Richard had a net profit of $105,000 from the farm business for year 3 and $10,000 of Section 1231 gain.

Complete Section A of the Form 1040, Schedule SE, for year 3 below by entering the appropriate values in the shaded cells. Round values to the nearest dollar. If a cell should be left empty, enter a zero.

(Net earnings from self employment: multiply line by 92.5% given)

Section A:

Net Farm Profit Or Loss from Schedule (F) : 105,000

Net profit or loss from schedule C: 0

Net earnings from self employment: 105,000 x .9235 = 96,968.

My question:

1. how to account for the section 1231 gain? It's not included in the schedule C calculation.

[leglock]

Line 14 of 1040. The way i thought of sched c or f items are its just the activity of solely selling ur sole p or farm products. Cap gains and sec 1231 gains are sales of things other than ur inventory and r therefore not on sched c or f.

[Author]

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