May 25, 2019 at 11:30 am #2426235
Becker used the excess percentage of 26% for a married couple, but the book says to use 25%
This causes a $1 difference for the skill practice so I got it wrong. I’m not sure what % to take and why is this not explained in Becker??May 26, 2019 at 8:10 am #2427771
After failing REG twice with Roger during the past 3 months, I purchased Becker the other day for the first time and started with Becker this weekend, as I am nearing the end of my 18-month window, and have only 6 weeks to pass REG with Becker. I did bad a few weeks ago, scoring a 63 after studying for 7-weeks, creating all kinds of notes and flashcards and I got hammered on the SIMs during the test. It seems that Roger was drilling down into Topics too much, my brain was full of QBI ratios and advanced Depreciation Recovery steps and advanced Law knowledge on Contracts and Agency and none of that stuff helped me on the test. Only on day #2 of Becker, but I am watching the lectures, following along with the e-Book and taking notes on the “cloud” and I will do MCQs at the end of each Module, I am noticing that many candidates who used Becker for only 4 or 5 weeks are getting REG scores in the 80s and even 90s, while I was in the 60s.May 27, 2019 at 11:07 pm #2431521
For the literature type questions, in the exam do we have access to the Cornell Law database or the good old IRS Website? I am having real issues with the IRS database in finding any answers. Any input is appreciated.
Thank youMay 28, 2019 at 12:32 pm #2432379
@Siddkid, no websites or Cornell Law. You can only use the IRS Codification. @Desiree, it was probably a mistake on Becker's part.May 29, 2019 at 10:41 am #2433945
How is everyone's studying going? I've given myself a week off and enjoyed the weekend. Time to jump back into it. I'll be studying for my AUD retake and focusing on sims this time. I'll be hanging around a couple more weeks for my REG results too.May 29, 2019 at 11:14 am #2433981
@23 – It is going good, just cramming and reviewing notes at this point. No longer studying for REG, passed it this quarter, but I am taking AUD tomorrow. Hoping to pass a 2nd one this quarter. Good luck!May 29, 2019 at 1:22 pm #2434167
Hope everyone's study is going well. I jumped into power weekend. Might have been a mistake, because I was still a little mind weary. I want to pass so bad, but I need take the time and nail down the concepts to be sure I know what I know. I kinda changed my pace a little, get my house in order, clean up my office, etc. But This week is still going to be a heavy week of study. I do plan to be in on power weekend this weekend as well. Not stopping now, but maybe a little pacing for balance.May 29, 2019 at 4:33 pm #2434596
I admire the studying going on already! I am still taking time off studying. I don't feel quite ready to start yet, but I am going to try to set up a schedule for this weekend. I find it frusterating that my score report said that I did well on Property transactions of all things – I felt least confident on that and entity taxation. Apparently I did bad on everything BUT property!! My scores for Becker and Ninja were around the 60s before I took the test, so I guess it's fitting that I failed. But I am going to get my trending score above 85 this time!!!!!May 29, 2019 at 5:13 pm #2434623
I have not purchased my nts yet, but I am aiming for mid-July. This round was an adventure, but I know I have to do better. I'm with you phoenix74, I am aiming to get that trending score up as well. Cheers to a good game plan and great study tactics.May 30, 2019 at 7:00 pm #2435808
Hi all, I hope study is going well for everyone. When is you plan to sit again 74phoenix?May 31, 2019 at 9:02 am #2437440
I hope studying is going well for you. Taking REG on June 10 and currently reviewing everything. Compared to FAR it's not as much material but there are so many differences between corps, partnerships, indidividuals, S-corp, LP, LLP, LLC that I'm finding hard to remember. Hopefully this time next week I'll feel better. I took my first mock and got a 71. I'm currently focusing on SIMs and the tax forms videos with Becker to familiarize myself with the tax forms. I'll do the final review with Becker next week. I won't do the lectures they are too long. I'll do my own reading work on more MCQs and SIMs. Debating whether or not I should take another mock next week.
How is everyone doing? Anyone taking the exam within the next week or so? How do you feel?May 31, 2019 at 9:04 am #2437443
If you got a 71 on the mock you will be fine. I am in the opposite boat as you though. I passed REG this past window and am beginning FAR right now. Do you have any suggestions? Did people find FAR or REG more difficult, and why? Also, does anyone have any tips for FAR? Good luck on June 11!May 31, 2019 at 9:54 am #2437548
For FAR, I found the MCQs not too hard (compared to Becker). The SIMs were a little more complicated. I remember a LOT of exhibits which I didn't expect. I would say to hammer the SIMs. I'm so glad I did especially the last 3 days before the exam. The SIMs and explanation videos (with Becker) really give you a deeper understanding of the topic. More NFP and government-wide that I expected but everyone's test is different.
Anything you recommend for REG?May 31, 2019 at 10:04 am #2437587
Thank you! That's good to know. you're the second person now from different testing periods whos told me there is more NFP and Governmental stuff on the exam so I'm going to assume they test that pretty often. I plan on starting back up on Monday, study from about 6-8 or 8:30 on the weekdays then from 9-4/5 on Satruday and Sunday. think Ill be okay?
Regarding REG, to be completely honest I read an article somewhere and I think the best thing about it was the kid prefacing by saying he is not the smartest kid, nor is he the hardest working, but his trick to passing was to pound multiple choice questions until you couldnt anymore. I sat there some Saturdays and worked through the first four section multiple choice questions, then on Sunday I would finish the last half. during the week I would work my way through the multiple choice and repeat over and over once I read through the book once. I did not stop until I was trending in the 90s on every single module, and then I took the test. During the test, I thought there were a handful of multiple choice questions I was unsure of, but I think thats because I was tested a LOT on agency, surety, business law etc, while I was more focused and nervous about the different types of entities. Knowing the differences between partnerships, S Corps, C Corps, etc, is still important, but the MCQ seemed to focus more on the latter modules for sure. The SIMS were difficult, but I admittedly did not focus on those as much in the study phase because everyone had told me if you can get the multiple choice you can get the SIMs. I think I learned from my mistakes and will put more time into the SIMS for FAR, but I would say its definitely important to know the tax forms and how to read them, as a majority of the sims were regarding W-2s, 1099s, INT, and putting together AGI, Taxable Income, etc. One thing about the multiple choice strategy above is that people always say “yeah but youre only memorizing the answers”, which is actually okay. I was still working my way through all of the questions, even if i already had the answer memorized. I wanted to make sure I understood the calculations and the rules and the exemptions. This was my study habit for both REG and AUD which I both have passed now. I think if you got an 85 on FAR and put the effort forward that you did with that. you will be good.May 31, 2019 at 10:26 am #2437671
Good luck everyone taking it soon!!! I just got a new NTS for REG…another $283 *sigh* it will be worth it in the end….right? I aim to take the test before July 20th. Scores only come out Aug 6 I believe – that's so far away 🙁May 31, 2019 at 10:31 am #2437680
@kyle Thanks for the tip on the MCQs. I was feeling like I memorized the answers but I'll do as you say and work my way through the answer to make sure I understand them. Also, I haven't been good at reading the book so I'll definitely do this weekend.
I think its funny how they say “OH for FAR only 10-15% come from NFP and Gov” and “OH for REG only 10% come from business law” and talking to people you realize that ITS A LIE haha. I'll definitely spend some time on business law, ethics, and suretyship/secured transactions. I really get confused with who has priority when debtor defaults, PMSI, etc.
For FAR, I think your study schedule is solid if you stick to it. Are you using Becker? if you do, I'll say it again, find SIMs on your weak areas and watch the explanation video 🙂May 31, 2019 at 10:35 am #2437686
Yes, I am definitely planning on focusing a little more on the SIMs, and I'm hoping the Becker questions in FAR are a little more difficult than the questions on the exam itself. But again, if you're getting the scores youre saying on the Mock Exams, you will be more than fine. I was not getting nearly those scores and I barely passed so you should be golden. I will definitely be back with more FAR questions starting next week hahaMay 31, 2019 at 11:07 am #2437785
I agree with you all with study strategies, making sure the understanding is there when answering mcq's is a plus. That was one of my problem with the mcq's in that I was answering questions without completely reading or understanding what is asked. Wrong answer is what I got consistently. I did the process of elimination but sometimes it's not that simple, we must know the concepts. I really hate reading the book, but I see that just doing mcq's is NOT enough. I am applying for my reg nts and hoping there are some seats mid july. I still have my nts for far which will expire early sept. So I will need to pace myself to have enough time for far. I am beyond wasting money, need to pass.May 31, 2019 at 12:37 pm #2438034
Yes, @74phoenix, it will certainly be worth it! I'm waiting on purchasing my NTS for a few weeks – it will be AUD and (fingers crossed) BEC. It's been slow going to get started on AUD. I finally switched sections in NINJA and reset my stats (they were saved). I'm going to start listening to the audio today at work and start on the MCQ. Giving myself approximately 5 weeks.May 31, 2019 at 10:11 pm #2439405
So my exam is on Tuesday and I am having real issues with the Literature questions. I click on the IRS Codification page which leads me to this cornell page. According to someone on this forum we are not given this database. Is there a link that I m missing because these questions seem impossible to solve at the moment. Any help is much appreciated.
Thank you!June 1, 2019 at 9:23 am #2440689
I'm in power weekend. I am attempting to re-gain a momentum with study. I am starting with notes, and then going topic by topic with mcq's. I might have to re-do the lectures on Property transactions and capital gains and losses. Study hard gang.June 1, 2019 at 4:10 pm #2441727
Need help on AICPA's 2019 Reg question #36.
Hook Corp, a calendar-year C Corp, reported the following Year 2 financial information:
Net income per books, $210,000
Federal income taxes per books, $114,000
Tax depreciation in excess of book depreciation, $66,000
Charitable contributions per books, $46,000
What is Hook's taxable income?
Please help on why choice B is correct. Thanks.June 1, 2019 at 5:55 pm #2441955
I believe the calculation would be as follows:
210k+114k-66k+46k = 304k taxable income before charitable contributions
Charitable contribution is limited to 10% of TI, or 30,400.
304,000 – 30,400 = 273,600June 1, 2019 at 7:33 pm #2442138
Wow!!!! I understand now.
Thank you so much. I totally forgot about the 10% maximum for charity.June 2, 2019 at 6:10 pm #2444727
Need help on one of Becker's sims.
Chapter 4, Sim 2, Number 3.
This deals with recognized gains when forming a C-Corp.
Larry received 30% by providing services (FV $100).
Morgan received 40% by providing land (FV $400, Basis $250)
Carl received 30% by providing land (FV $600, Basis $150, subject to Mortgage $300)
From my understanding, the 80% control group only pertains to those that gave property. So in this case, Morgan's 40% + Car's 30% = 70% which does not meet the criteria so gains should be recognized???
What is Morgan's recognized gain?
I'm thinking it is FV $400 – Basis $250 = $150.
But Becker has it at $0
need help on this, would greatly appreciate anyone's help.June 3, 2019 at 8:17 am #2445990
I would also have guessed $150 because of the 80% test. How does Becker explain it? Does it have to do with the mortgage from the land? I would think not, because that sounds more like allocating partnership basis not a corporation…June 3, 2019 at 11:51 am #2446707
Hello, I’m new to the forum and I started studying for the cpa exam 3 weeks ago. Will be taking REG in July. Good luck to everyone!
@Tiredofstudyingallday not sure if you noticed but in addition to Larry contributions of services he also contributed cash (found in the exhibit called Stages Inc. Letter) Hence, I believe that’s how the 80% control was reached as you would also include Larry % share in the calculation. And thus Morgan’s recognized gain would be $0 because they satisfy the 80% control test.June 3, 2019 at 1:17 pm #2446983
@michelle, Welcome to the forum. Jump right in. I am an old head, meaning I have been around too long and am ready to pass. Your comments, suggestions and venting is welcome. The more the merrier. Please don't get tired of us (the group) and stop responding. Welcome and study hard.June 3, 2019 at 2:25 pm #2447277
Really confused with the AICPA practice exam. I believe this is the answer..but I'm not sure where some of the figures are coming from. I am taking the exam in a few days. Can someone help?
$700,000 – Gross profit
(170,000) – Salaries –how do I get this?
(10,000) – Repairs
($20,000) – Depreciation — why use the macrs depr rather than the 8k expense the question already says exists?
(15,000) – Payroll –why is this not 18k?
(9,000) – Insurance
(36,000) – Rent Expense –where is this coming from? i do not see any mention of rent?
Thanks!June 3, 2019 at 3:09 pm #2447469
@allysewhitney, Your final answer of $440,000 is right, but the steps to get there are not.
Gross Profit (Given): $700,000
Salaries & Wages (Given) $(203,000)
Repairs (Given): $(10,000)
Payroll Taxes (Given) $(18,000)
Business Insurance (Given) $(9,000)
MACRS Depreciation (Footnote): $(20,000)
Ordinary Income: $440,000
Always use MACRS depreciation on taxable income. It'll rarely be the same as book depreciation (what's given in exhibit). The other exhibited items are either N/d or separately stated. I don't know where some of the numbers/accounts came in your question- perhaps an older version of the question.
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