February 22, 2019 at 4:16 pm #2228355
I am taking REG two weeks from today and am through most of the material in Becker except for Biz Law. For anyone that has taken the exam recently, is Biz Law heavily tested? I should be able to get through the Biz Law sections in about a week but want to save the last week for progress multiple choice questions. Let me know!February 22, 2019 at 4:21 pm #2228358
@steve Saw your post come across my email and I had to be sure to respond. Do not take the business law section lightly. It is heavily tested in the MC section of the exam and is easy points towards passing. I would take this week to go over the business law. And take that final week to do mock exams. Good Luck!February 22, 2019 at 6:02 pm #2228472
I sat for REG today, while I agree with Typical about not taking b-law lightly and possibility of easy points, without going into much detail, I found the exam I took to hit gifts and estate questions pretty good. For me, b-law was not heavily tested. I was kind of disappointed in the lack of TCJA. Good luck!!February 23, 2019 at 11:43 am #2229117
In comment to Steve, I guess we'll just have to study everything and be prepared. Really go at those mcq's to make sure you're well rounded. Good luck.February 24, 2019 at 8:14 pm #2230719
I've been studying all day, and I just can't get my head around this question, what are they trying so hard to explain in the explanation?:
Robin Moore, a self-employed taxpayer, reported the following information for 2018:
Income: Dividends from investments $ 500
Net short-term capital gain on sale of investment 1,000
Deductions: Net loss from business (6,000)
Standard deduction (12,000)
What is the amount of Moore's net operating loss for 2018?
A NOL generally represents a loss from the conduct of a trade or business and can generally be carried forward indefinitely to offset income in the carryforward years. Since a NOL generally represents a business loss, an excess of nonbusiness deductions over nonbusiness income cannot be subtracted in computing the NOL. Nonbusiness deductions generally include itemized deductions as well as the standard deduction if the taxpayer does not itemize. In this case, the $12,000 standard deduction offsets the $1,500 of nonbusiness income received in the form of dividends and short-term capital gain, but the excess ($10,500) cannot be included in the NOL computation. Thus, the taxpayer's NOL simply consists of the $6,000 business loss. The taxable loss is ($16,500). When the excess standard deduction ($10,500) is added to the loss, that produces the NOL of ($6,000).February 25, 2019 at 1:08 pm #2231484
The capital gains from sale of investment is not a part of the calculation of business income neither is the dividend income, the standard deduction is used to calculate the combined business loss, gain on investment and dividends to conclude if there is taxable income of which it is not. I hope this helps.February 26, 2019 at 6:12 pm #2234259
just took the took REG TODAY. MONSTER.February 27, 2019 at 1:37 am #2234790
How was it? I'm going to take REG next week before the window closes. Any advice? I'm totally stressing out — especially on the SIMS 😭February 27, 2019 at 9:50 am #2235138
@ Typical @Hopefulfor75
Hi Guys how was it for you this time for you with the recent score release?February 27, 2019 at 10:02 am #2235177
@determined24 @Hopefulfor75 It was good news for me. I passed with a 79! Finally done with these exams. It has not really hit me yet but I am happy to be done. How did it go for you guys?February 27, 2019 at 11:21 am #2235280
@typical @Determine 24… Unfortunately…. I failed REG w/ a 64. I was so pissed but after a few hours I realized dwelling isn't going to help me. I lost AUD because I failed and will retake REG in April and AUD in May. I passed AUD studying maybe only 40 hours, so I am not concerned but it delayed this process even further.
Funny… when I look at the score report I was comparable in B-Law… an area I touched for 3 hours if that.
Glad to hear the good news on your end!February 27, 2019 at 1:21 pm #2235585
I seem to have tax season under a little control. Meaning I have a little idle time, but I just can't bring myself to read the book. I want to be ready for reg early April. I think I am into the cram version, I am using Ninja only. But I just can't bring myself to read this book. MCQs instead of the book? Will it help? Trying to get a better study plan. I know, I know there is no easy way out but just stuck again.February 27, 2019 at 4:43 pm #2235870February 28, 2019 at 10:28 am #2237697
@typical and @Hopefulfor75 Hi guys just checked my score 88 after 6 tries (I would not count the first 2) and tax is the toughest as an international student.
@Hopefulfor 75 you'll get it next time and for sure audit can be redone in that time I find it to be the easiest as an auditor.
@typical congrats and hope to meet you on the completion side soon.
PS: I think Ninja was what did it for me this time.February 28, 2019 at 10:41 am #2237715
I have been in the work force for now a little over 10 years and am in a bit of a mid-career crisis. Currently my resume is full of project work and public accounting experience at mid-tier / Big 5 firms and corporate internal audit mix but I need more.
I am desperate for guidance and more so desperate for validation of my current experiences as a professional.
I am grateful for all of the work I have done but need something more to help me go to that next phase. Passing this exam is a critical component in accomplishing this. I can only hope that I can pass with flying colors 🙂
Thank you, Jeff, for this forum and this amazing support network. I feel grateful and blessed to be apart.
Let's go and GET IT!!!!February 28, 2019 at 3:28 pm #2238225
@tncincy thank you for your explanation for that question up there. I think I was just a little burned out at the end of the day and wasn't reading it carefully.
Saw your other post about aiming to take REG in April, it seems like you understand the material, so why wait? You can do it! This will be my 3rd time studying for REG and I hate it. I'm Just pushing through all the anxiety and boredom right now to make my self focus for another week.February 28, 2019 at 9:00 pm #2238861
Hi! Taking reg on 4/27. Took FAR 1/2/19 and failed, going to retry FAR after reg (NTS expires for reg).March 2, 2019 at 9:02 pm #2243481
I'm confused on Offer Revocation (Direct and Indirect)
I saw a question from Wiley like this,
“Foster offered to sell Lebow his garage for $27,000. The offer was in writing and signed by Foster. Foster gave Lebow 5 days to decide. On the fourth day Foster accepted a better offer from Dilby, who was unaware of the offer to Lebow. Foster subsequently conveyed the property to Dilby. Unaware of the sale to Dilby, Lebow telephoned Foster on the fifth day and unconditionally accepted the offer. Under the circumstances, Lebow —”
a. Is entitled to specific performance by Foster.
b. Has no rights against Foster.
c. Is entitled to damages.
d. Can obtain specific performance by Dilby upon depositing in court the $27,000 he agreed to pay.
I chose “Has no rights against Foster.” which was wrong answer. and the reason was “This answer is incorrect because a revocation must be communicated to the offeree to terminate the offer, thus Foster never effectively revoked the offer. Lebow therefore is entitled to damages.”
But I learned from other material, there is no need to communicate to revoke “indirectly”. The example in the book is this:
“Alex offers to sell his car to Bob for $500. Bob tells Alex that he wants to think about it. The next day, Carol, a friend of Bob, drives over to Bob's house to show Bob the car she just purchased form Alex. The offer to Bob IS REOVOKED.”
which seems to be same situation as Wiley saying it need to communicate to complete revocation.
I am so confused on this, please help!!March 2, 2019 at 10:28 pm #2243667
@Asdf I will give it try but I am not 100% sure as well. if you look at what was explained by Becker, for indirect revocation, where the offeree receives correct information that the offeror no longer wants to make the offer, which means the offeree has to know the offer is no longer valid by receiving the information directly or indirectly.
In the second example, Bob knows the offer is revoked when Carol shows him the car (see it to believe it or know it to believe it), even though Alex didn't tell Bob himself directly. but in the first MCQ, Lebow was not aware of the sale at all in any possible way. therefore, he is entitled for some damage.March 3, 2019 at 1:09 pm #2245059
I agree with @watermelon here, the question doesn't have indirect revocation, the offeree was unaware of the facts when he called the offerer.March 3, 2019 at 1:10 pm #2245068
how much time are you all spending on learning the different business credits? I feel like this whole section is barely tested.March 3, 2019 at 1:39 pm #2245137
@ Ahugemistake All I did was going through Becker's lecture and did the MCQ, I didn't spend any extra time to review individual tax part since a lot of people mentioned it's not heavily tested. and my test is tomorrow afternoon, I don't think i have enough time for anything now. hahaMarch 3, 2019 at 3:23 pm #2245344
Abe, Betsy, and Dan decide to form the equal ABD partnership at the beginning of Year One. Abe contributed depreciable assets that he has owned for five years that have a basis of $15,000 and a value of $20,000. Betsy contributed $20,000 cash. Dan contributed $12,000 in cash and land with a basis of $5,000 and a value of $8,000. How much income is allocated to Abe if the partnership sells the assets contributed by Abe for $18,000?
The realized gain on the sale of the assets is $3,000 ($18,000 – $15,000 basis in assets). Abe’s built in gain on the contribution is $5,000. The amount of gain allocated to Abe is the lower of the realized gain or built-in gain, so $3,000 is the allocation.
Why is the entire gain being allocated to gain and not being split among the other partners?March 3, 2019 at 3:24 pm #2245347
@watermelon goodluck tomorrow! I'd appreciate it if you can check in after the exam and share how you feel about it!March 3, 2019 at 7:27 pm #2245866March 3, 2019 at 7:49 pm #2245917
@ahugemistake for your question, let's say if the asset was sold at 21,000, then 1,000 will be split by 3 partners and the built in gain of 5000 will be allocated to Abe. That's because final price – basis > Built in gain. but in this question, the gain of selling this asset is only $3,000 (18,000-15,000) which is not even enough to compensate the entire built-in gain for Abe. so he can get all of it, other partners won't share this gain with him. hope this helps:)March 4, 2019 at 3:40 pm #2248248
@watermelon and ahugemistake looks like you guys were having a good study session. Good luck watermelon, I hope you tell us how it went. I am going to give it a power study tonight since it is quiet and business seems to be slowing down a little. I can stand to stay awake a little longer. Good luck to everyone else….keep studying hard. 🙂March 4, 2019 at 9:40 pm #2249022
I almost cried today when I left test center! It was so brutal… when I worked on the last 3 sims, I was literally thinking should i just leave it blank and retake it next time… MCQ were okay. but i don't think I was positive of any of the sims…I spent too much time on Authoritative Literature… never felt like that for the other 3 exams. guys, all I have to say is pay attention to blaw, if you have time, do more sims on c corp, s corp, partnership… and don't worry too much about phase out amount…anyway… I GOT DEFEATED TODAY:(March 4, 2019 at 10:27 pm #2249103
GParticipantMarch 4, 2019 at 11:33 pm #2249205
@G I only used Becker. I didn't really practice any of the SIMS after each chapter in Becker. but I do think if i had time to practice SIMS, that will definitely help me to comprehend everything better. MCQ was broad, less calculation than i expected, just a lot details.
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