REG Study Group 2019

CPA Exam Review CPA Exam Forum REG REG Review REG Study Group 2019

This topic contains 209 replies, has 65 voices, and was last updated by  Determined24 2 days, 1 hour ago.

Viewing 30 posts - 31 through 60 (of 210 total)
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  • #2123250

    sbcali
    Participant

    @tncincy Thanks!! I think the thing that helped me the most in passing these exams after multiple fails is having a set of my own written notes that has all the steps for challenging topics and shortcuts/mnumonics so that I can easily refer back to them while going through the MCQ’s several times and if I have to retake a section. It helps if they’re even more concise and shorter than the Ninja Notes 🙂

    AUD 75
    BEC 78
    FAR 76
    REG March 2019
    #2123586

    Tncincy
    Participant

    Anybody resign for new ninja materials? How's it looking, the notes and book?

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2126196

    cpaforthewin
    Participant

    I am taking REG at the end of January, about to start studying for it. I am using Roger for studying. Should I ditch my books and videos and just do non-stop MCQs and TBSs? I have one year from today to pass REG and them I am done!

    AUD - 80
    BEC - 85
    FAR - 77
    REG - NINJA in Training
    The light is seen at the end of the tunnel, or something.

    FAR: 71, 77

    AUD: 70, 80

    BEC: 85

    REG: 01/31/19, Retake on June 10, most likely

    #2126916

    1rightanswer
    Participant

    Hi, I'm new to the forum, taking REG on 1.2.19. I have been studying full time since November 1, by now completely burnt out. Too many rules that just seem random, difficult to retain knowledge. Anyone feels the same?
    Seems like the most important part of the CPA exams is the learning process, the actual exams are a complete crap-shoot who knows if you will pass or not.

    #2128334

    Moe
    Participant

    Hi all,

    I'm Moe. This is my first crack at REG (passed FAR Dec 19, 2018) and I'm wondering if any of you veterans can offer some insight into the exam. I earned an Enrolled Agent credential a few years back and the exam tested phase outs and calculations fairly deeply. I've been told that the CPA exam is a bit more surface level, especially for individual tax credits etc.

    (1) Can anyone discuss the extent to which phase outs and credit calculations are tested on the CPA exam?

    (2) Any specific phase outs and calculations you recall from a previous exam that you think us newbies should definitely master, aside from the TCJA changes?

    (3) Any other insight into the depth of knowledge tested on REG is also really helpful!

    #2128715

    naz
    Participant

    Are the materials/ question updated for 2019? Just confused as I am looking for supplementary material to assist with Wiley. Completed Wiley and its question bank but I still don't feel comfortable. Exam is scheduled in 4 weeks and was thinking to use new material for revision purpose. Any insights appreciated.

    International reciprocal candidate with CA Australia.

    REG: 80 - 24/1 (wiley and ninja)

    WA ethics: 83, 90 (4/3)

    AICPA ethics: 95 (8/3)

    #2130658

    Solid
    Participant

    Hi,
    Studying for REG, planning to sit at end of Q1. Using Gleim, supplementing with Becker, internet, textbooks, etc. Took Reg a year ago, thought I would be ok, “studied” in 2 weeks, since I do my own taxes and always did great on BLAW courses in college without trying,…. not so much..
    43 was a humbling experience. This time my approach is to respect the TEST!

    #2130994

    TheoneinDenver
    Participant

    Hey

    First time posting…I'm going to try and knock out REG in the 1st quarter-BUT I work in tax (I do investment tax). I'm going to use Gleim and Ninja-any advice as to how to study in Tax season?

    This will be my 1st section…

    Denver
    #2132125

    Typical
    Participant

    Hi everyone. This will be my second crack at REG. Took it a few months ago and missed with a 73. I hope to be able to pass it this time around being it is the last section I need to pass! I am using Becker hoping it is enough to earn me that 75 this time! Good Luck everyone!

    AUD - 77
    BEC - 79
    FAR - 78
    REG - 79
    The Notorious B.I.G ~ " No need to worry, my accountant handles that "
    #2140117

    Tncincy
    Participant

    HAPPY NEW YEARS!!!

    I've enjoyed Christmas, Enjoyed the food, and family. I've prayed in the New Year and now it's time to get down to business. My New Years Resolution is to pass the Cpa exam in 2019. Hope study is gong well for everyone. Please have a safe and happy new year.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2143522
    Josh
    Josh
    Participant

    Happy 2019! Hi, Ninjas. I'm scheduled to take REG again January 10th. I'm starting over since my BEC credit is expiring for the 2nd time. I passed that with Gleim once, then with Becker live-online. Now, I'm self-study with Becker and Gleim and Roger and other audios. I took a break after AUD for the elections, to apply for jobs, and my continuing education for AFSP before starting REG to discover I got a 69 on AUD after my last live-online class. Perhaps, I'll have more success with my business(es) this year than interviewing, although I've been advised from my local CPA society to look at small firms in my area for tax season. I have a system that provides some structure for my exams through some friends. It seems it may be as good for me from my experience with the exam as a class. I even read a few of the regulations in their original form this time. Time for some practice exams, etc.! I wish you all the best! Let's do this.

    @tncincy Good to see you! I tried the new dojo. It was a cool place. If I wasn't studying with Becker or Gleim, I'm sure I'd be there. I met a guy in a local fraternity that passed with Ninja alone and YouTube videos. He proved with hard work and using the Internet for difficult topics, it's doable. That was a reason I chose Gleim to start the CPA. I've seen people pass who are determined. With my current life circumstances, I need all the structure I can get.

    AUD - 69
    BEC - 75
    FAR - 57
    REG - 61
    Josh
    "Think lightly of yourself and deeply of the world"-Miyamoto Musashi
    #2143882

    LeoLeo
    Participant

    hi, you took the exam today? I know you're not supposed to talk about the exam, but how hard is it compared to the one you took last time? A lot of changes?

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 80
    CPA2019
    #2144281

    Tncincy
    Participant

    Hey Josh, Yes, I'm in again. I'm going Ninja because I can't spend anymore money and get the nts. I still have my becker books that were gifts but they are the 2017 set. I also have a wiley cpaexcel book and still have the unending subscription until I pass. I don't know, I am a crammer in the sense. I don't want to spend too much time before moving to the next part. I could be just over thinking, but as it is said “we'll pass if we study. So I guess just do it. But hey, happy holiday, good luck and I'm looking forward to studying with you and the ninja gang.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2146444

    Tncincy
    Participant

    Downloaded my ninja reg book. Do we need our old books (any of them including ninja) for anything?

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2151556
    rahee
    rahee
    Participant

    Hi everyone, Im back to reg after failing it last quarter with a 65 (ugh). Decided to restart fully with the new Becker and use Ninja as well. I havent scheduled my exam yet (still havent gotten nts), but im hoping to take it jan end/beg feb. For those who have taken it already–how was it??

    AUD - 84
    BEC - 78
    FAR - NINJA in Training
    REG - 79
    Rahee
    #2156725

    Typical
    Participant

    Hey Everyone, going through the REG material once again. Finding the Section 1231, 1250, and 1245 to be difficult but i'm practicing the sims and mc as much as I can. Anyone take the exam yet this quarter? Curious as to how everyone is feeling thus far. Thanks guys.

    AUD - 77
    BEC - 79
    FAR - 78
    REG - 79
    The Notorious B.I.G ~ " No need to worry, my accountant handles that "
    #2157319
    Josh
    Josh
    Participant

    @tncincy You can do it! Some hard work, and a good exam day.. I think books can be good reference for looking up information especially PDF versions and for examples like how to perform tasks.
    @LeoLeo I take REG tomorrow. I've been working the AICPA Sample Test tonight.

    I got 2 interviews the next day. I'm glad I'm off work tomorrow. After this exam as I await the February 5th release date, I plan on getting my QuickBooks certification. I wonder if anything else is worth considering? So far, the CPA seems like it would be the best thing I can do. I also imagine that I've taken too long of breaks after exams in the past, but it may help a bit to have one considering I'm back out of the 18 month window give or take tomorrow. Let's do this.

    AUD - 69
    BEC - 75
    FAR - 57
    REG - 61
    Josh
    "Think lightly of yourself and deeply of the world"-Miyamoto Musashi
    #2161117
    rahee
    rahee
    Participant

    @josh, how was the exam!?

    AUD - 84
    BEC - 78
    FAR - NINJA in Training
    REG - 79
    Rahee
    #2161861

    busiest
    Participant

    Trying to understand the differences between S-Corp vs C-Corp liquidating and non-liquidating distributions. Specifically, the gains/losses to both the shareholders and the corporations as well as the basis rules.

    Does anyone have an example problem or an easy way to understand this?

    #2165164

    KG91
    Participant

    @busiest this is a post from @tax Lady back in 2014 I think it would be very beneficial for all of us.

    1) Non-liquidating – Corps.
    Shareholder basis = AB (adj basis) of property transferred
    + gain recognized (only if less than 80% ownership)
    – boot rec'd (such as assumption of a liab.)
    = shareholder basis
    **if shareholders have 80% control after a property transfer, no taxable event occurs
    **if liability exceeds basis on contributed property to corp. then gain is recognized
    **a non-liquidating distribution of a corp will reduce the retained earnings of the corp and are taxable as a dividend to the shareholder if E&P exists. (current E&P); distribution of accumulated E&P is a return of basis and distribution of any remainder is a capital gain.
    2) Liquidating Dist. – Corps
    Property distributed uses FMV, not AB
    If a corp distributes property with a FMV below basis, there is no loss
    If a corp distributes appreciated property that is capital in nature, then it's a capital gain to the corp
    If a corp distributes appreciated property that is non capital, then it's ordinary income
    3) Non-liquidating partnership distributions
    -property exchanged for a partnership interest has no gain/loss unless the property has a liability attached that exceeds basis, then a capital gain is recognized by the partner (which also increases their basis)
    -again property is valued using partner's adj. basis
    -If a partner exchanges his services in exchange for a partnership interest, then it is taxable to the partner (FMV of service * p-ship interest); Also, if partner receives assets instead of cash for payment, then use FMV of assets to determine amount of income to partner
    -a partner that purchases his p-ship interest uses the amount of purchase as his basis and if a p-ship interest is gifted to a partner, then use the gift basis rules
    – guaranteed payments do not affect p-ship basis
    -liabilities taken on by p-ship from the partner, decrease the partner's basis, but will increase their basis by their percentage of the amount of debt
    4) Liquidating distributions for a p-ship
    -property distributions take basis to zero, never below
    -liquidating dist. are the only way a loss can occur
    -things that cause a loss: Cash, or hot assets
    -hot assets = unrealized receivable, and appreciated inventories and these cause an ordinary loss

    #2167759

    Determined24
    Participant

    @KG91 thanks for reposting this. I compared it with my notes and it does bring it down to an even more bite-size.

    All or Nothing
    #2168161

    jaya
    Participant

    Hi Folks,

    Need your help on the below question . Can you answer this ?

    Mr and Mrs are born in united states. On behalf of their work Mr stayed in US Virgin Islands for 4 months and returned back to US rest of the year. where as Mrs stayed in US virgin islands for 6 months on behalf of her work and the reminder of the year she is in US. They want to file their Tax return as Married filling jointly. Which section of the code determines their filing status

    FAR - 87 ( Expires 04/13/2019)

    BEC - 77 (Expires 09/09/2019)

    REG - 71 , 81(Expire in jun 2020)

    AUD - 57 , 68

    #2170177

    Emily
    Participant

    Can anyone help me with this?
    Clay, Finch, Lark and Token formed Amber Co., a C Corp. (all contributed property and the combined stock received is 100%)
    Token contributed $10,000 in cash; property worth $40,000 ($5,000 basis), with related liability of $20,000 assumed by the corporation.
    The answer provided states that the corporation's basis in noncash property received from Token is $10,000, which is the carryover basis of $5,000 plus the $5,000 gain recognized by the shareholder. But shouldn't the basis be $20,000 since the corporation's basis in property received should be the greater of NBV+gain recognized by shareholder OR debt assumed by corporation?

    Thanks in advance for your help.

    AUD - 83
    BEC - 90
    FAR - 79
    REG - 93
    "Highlight that, now circle it" - Tim Gearty
    #2170180

    Emily
    Participant

    Can anyone help me with this?
    Clay, Finch, Lark and Token formed Amber Co., a C Corp. (all contributed property and the combined stock received is 100%)
    Token contributed $10,000 in cash; property worth $40,000 ($5,000 basis), with related liability of $20,000 assumed by the corporation.
    The answer provided states that the corporation's basis in noncash property received from Token is $10,000, which is the carryover basis of $5,000 plus the $5,000 gain recognized by the shareholder. But shouldn't the basis be $20,000 since the corporation's basis in property received should be the greater of NBV+gain recognized by shareholder OR debt assumed by corporation?

    Thanks in advance for your help.

    AUD - 83
    BEC - 90
    FAR - 79
    REG - 93
    "Highlight that, now circle it" - Tim Gearty
    #2170270

    Determined24
    Participant

    @Emily I had the same problem with this question.

    All or Nothing
    #2171308

    Taking the test in 2 hours. Hopefully I pass this time.

    AUD - 75
    BEC - 77
    FAR - NINJA in Training
    REG - 76
    Currently studying for FAR
    #2171359

    KG91
    Participant

    Doing a little power weekend. Feel free to join! Will be studying the majority of today and tomorrow. Trying to get my trending score in the 70s before tomorrow night. Currently trending 61%

    Working through MCQs in Business Tax and Blaw as my main focus for today.

    Saturday goal:

    100 MCQ in Business Tax

    100 Blaw

    50 Cumulative questions

    #2172328

    zettrawl44
    Participant

    Hey all! I’m jumping back into REG after about a month and half of not studying and I’m hoping to find an accountability partner. I want to do early morning study sessions and after work study sessions! Thanks!

    AUD - 75
    BEC - 80
    FAR - 64
    REG - 68
     

     

    #2172331

    Typical
    Participant

    Yeah man. Ill join you on that one. Got my test in two weeks. Would love to talk with others.

    AUD - 77
    BEC - 79
    FAR - 78
    REG - 79
    The Notorious B.I.G ~ " No need to worry, my accountant handles that "
    #2172373

    Determined24
    Participant

    @zettrawl44 When are you planning to resit REG…?

    All or Nothing
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