REG Study Group 2019

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

This topic contains 310 replies, has 75 voices, and was last updated by  Tncincy 7 hours, 8 minutes ago.

Viewing 30 posts - 241 through 270 (of 311 total)
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  • #2294361

    Tncincy
    Participant

    Oh Lord, I am having trouble finding a date. I might be able to get 3/15/2019 This only leaves 45 days of study. Panic attack in progress.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2294520

    Tncincy
    Participant

    It's done. I'm going for the 15th. I am turning it up a notch. No more casual study.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2298504

    Tncincy
    Participant

    Working on ninja notes and starting my 100 mcq's per day today. Wish me luck.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2298624

    74phoenix
    Participant

    @tncincy you got this!!!! I am thinking of doing the Ninja 30 day trial for Reg… Need the help!

    AUD - 80
    BEC - 77
    FAR - 79
    REG - NINJA in Training
    Sick of having the CPA cloud hanging over my head. Need to get it and move on in life!
    #2300736

    Tncincy
    Participant

    Ok so, I said I was not going to spend anymore money on review courses, but last year my children bought me Becker for my birthday and it's my birthday again so my daughter saw the gleim ad on my laptop and said she would buy me the test bank for reg. Good idea? or just stick with Ninja, or take the money and give her a big kiss. Any thoughts? Either way I'm going to continue with Ninja. (I think) I know, I know, I have no time to waste. (44 days)

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2300994

    74phoenix
    Participant

    @tncincy I think stick with Ninja. Too much may be overwhelming. See how you do on REG and then assess if you want another review course.

    AUD - 80
    BEC - 77
    FAR - 79
    REG - NINJA in Training
    Sick of having the CPA cloud hanging over my head. Need to get it and move on in life!
    #2301888

    74phoenix
    Participant

    So I have studied Individual tax and property taxation and my scores are in the low 50s for those. Not sure if I keep hammering Individual tax and property tax or move on. Test is May 6 and studying while working full time, as everyone knows, is HARD. Feel like i am falling behind and have to move onto other topics i.e. Corp tax, flow throug entities, etc. Business law is my strong suit, so at least I have that. Anyone have advice?

    AUD - 80
    BEC - 77
    FAR - 79
    REG - NINJA in Training
    Sick of having the CPA cloud hanging over my head. Need to get it and move on in life!
    #2304423

    Tncincy
    Participant

    what about doing random mcq's to access where you are and then move on. Or simply keep doing mcq's until your score come up and writing notes.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2306406

    Reese
    Participant

    Can someone please explain the difference in how to account for liquidating vs. non-liquidating distributions? It’s not clicking with me for some reason. Its the same for both Partnerships/S-Corp/C-Corp?

    AUD - 77
    BEC - 81
    FAR - 77
    REG - 74
    You don't even want to know how long I've been at this.......
    #2308542

    se7en.14
    Participant

    in becker review,example #3 QTB taxable income of $4207,500 or More – how do you know what the Phase out amount is? is it a given amount or do I have to calculate it someohow?

    Thanks.

    .
    #2309736

    Tncincy
    Participant

    Work is slow today, so I'm hitting mcq's. I plan to get in 100 or more today. I am working on Corporate, I'm not too confident with it right now. Hope everyone is studying hard, the clock is ticking.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2312997

    Tncincy
    Participant

    So I'm doing mcq's, trying to get 100 per day (not quite there) but I see already what I am miss the most, should I keep doing questions or start working on my weak area right away. I can do a few more random questions, but just wondering…..

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2316054

    74phoenix
    Participant

    I recommend hitting those weak areas and focusing on getting your scores up for that.

    AUD - 80
    BEC - 77
    FAR - 79
    REG - NINJA in Training
    Sick of having the CPA cloud hanging over my head. Need to get it and move on in life!
    #2317728

    Tncincy
    Participant

    Thanks, That's what I decided to do. The same area I keep missing the most questions. I am also missing a lot of basis questions :-(. At it again today. I am determined I am not re-scheduling or canceling the exam. Yes, I am nervous and full of anxiety.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2319099

    asdf
    Participant

    Mandy is a limited partner in a limited partnership in which Strasburg and Hua are the general partners. Which of the following may Mandy do without losing limited liability protection?

    I. Mandy acts as an agent of the limited partnership.
    II. Mandy votes to remove Strasburg as a general partner.
    —————————————————————————————–
    Answer is Both I and II.
    —————————————————————————————–
    I chose “II Only” and my reasoning was this:
    Limited partner in LP is NOT an agent and can NOT bind the p-ship to a contract, only general partner does.
    If Mandy acts like an agent and third party thought she is a general partner, she will have apparent authority and this will make Mandy PERSONALLY LIABLE and not in limited liability any more.
    Am I wrong on this or am I missing something here again!! Please help!! thank you all!!

    FAR - Passed

    REG - 1Q19

    AUD

    BEC

    #2319906

    74phoenix
    Participant

    @Asdf I am confused, as well. What does the explanation of the question say?

    AUD - 80
    BEC - 77
    FAR - 79
    REG - NINJA in Training
    Sick of having the CPA cloud hanging over my head. Need to get it and move on in life!
    #2320023

    asdf
    Participant

    @74phoenix

    All the explanation says was this
    —————————————————————————-
    A limited partner is allowed, without losing the protection of limited liability, to act as an agent of the limited partnership.
    —————————————————————————-
    which I couldn't agree (sigh)

    FAR - Passed

    REG - 1Q19

    AUD

    BEC

    #2320092

    Tncincy
    Participant

    I would have chosen both, because even though it is a limited partnership, her voting to remove Strasburg as a general partner will not cause them be less than a llp, they are still two or more partners. And one can act on behalf of the partnership. So I would choose Both I and II.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2320110

    cpaswag
    Participant

    anybody here take REG this quarter or will take soon and can give feedback?

    #2320140

    Tncincy
    Participant

    I'm taking it may 15th I'll let everyone know how it goes. Lord, I need to keep studying, time is going by so fast.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2320194

    74phoenix
    Participant

    Maybe the difference is acting as agency vs making day to day decisions (gen partner)…. @asdf

    AUD - 80
    BEC - 77
    FAR - 79
    REG - NINJA in Training
    Sick of having the CPA cloud hanging over my head. Need to get it and move on in life!
    #2320311

    Tncincy
    Participant

    Ok, so, the last round of mcq's made me really focus, and READ the ninja notes, not just re-write them because I am looking specifically for basis calculations and etc. I'm having a good study session today. Hope you guys are pouring it in as well.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2320326

    BryGuy
    Participant

    So, I just took REG yesterday and it was my second time around (72 on the first one) and I was surprised to see very minimal questions on BLaw. I felt like there were quite a bit of partnership interest questions and quite a bit of Corp and individual tax questions.

    #2320401

    asdf
    Participant

    @74phoenix

    yes.. that's what I'm thinking too..
    I have read the textbook again to clarify.
    Some knowledge in the textbook here below is somewhat mixed up in my head it seem..

    “Limited partner has no right to take part in the management of the business.
    Limited partner is NOT an agent of the business and generally CANNOT bind the business in contract.”

    “Under the Revised Uniform Limited Partnership Act of 1976, a limited partner who participates IN CONTROL OF (not agency) the business
    is liable to any creditor who reasonably believes that he is a general partner.”

    “Under the Uniform Limited Partnership Act of 2001, partners cannot be held personally liable for participating in management.”

    FAR - Passed

    REG - 1Q19

    AUD

    BEC

    #2320989

    74phoenix
    Participant

    Can someone help me understand why they use Basis for Porter and FMV for Corley in the question below? I chose answer D incorrectly.

    Porter, the sole shareholder of Preston Corp., transferred property to the corporation as a contribution to
    capital. Two years later, Corley transferred property to the corporation in exchange for a 10% interest in
    corporate stock. The property transferred was valued as follows:
    Porter's transfer Corley's transfer
    Basis $50,000 $250,000
    Fair market value 200,000 500,000
    What amount represents the corporation's basis in the property received?
    A. $700,000
    B. $550,000
    C. $450,000
    D. $300,000
    Explanation
    Choice “B” is correct. Porter's transfer is not taxable because the 80% control test is met. The
    corporation's basis in the property is the basis of $50,000. Corley's transfer is taxable because the 80%
    control test is not met. The corporation's basis in the property is $500,000. The corporation's total basis
    in the properties is $550,000 ($50,000 + $500,000).

    Choice “D” is incorrect. $300,000 would be correct if the basis of both properties used carryover basis.

    AUD - 80
    BEC - 77
    FAR - 79
    REG - NINJA in Training
    Sick of having the CPA cloud hanging over my head. Need to get it and move on in life!
    #2321001

    CH89
    Participant

    So here is the explanation my review course provides for this question: Porter's capital contribution of property would be nontaxable, and Porter's basis of $50,000 would transfer to Preston Corp. In contrast, since Corley only received a 10% interest in Preston Corp., Corley's transfer would not qualify for Sec. 351 treatment and would be taxable. As a result, Preston Corp. would have a FMV basis of $500,000 for the property received from Corley. Preston Corp.'s total basis would be $50,000 + $500,000 = $550,000.

    So the big take away to my understanding here is % interest received and whether or not it meets the control test. Hope this helps!

    #2321760

    74phoenix
    Participant

    So Porter's event is nontaxable due to the following rule:

    Formation of a C Corp is generally non taxable if 80% control rule is met.

    And I understand nontaxable = basis. And that taxable event here uses FMV.

    Thanks @CH89

    AUD - 80
    BEC - 77
    FAR - 79
    REG - NINJA in Training
    Sick of having the CPA cloud hanging over my head. Need to get it and move on in life!
    #2321847

    TommyL
    Participant

    @BryGuy that's good cuz Blaw makes me wanna tear my hair out

    AUD - 81
    BEC - 84
    FAR - 78
    REG - NINJA in Training
    Half Way There!
    #2322090

    CH89
    Participant

    Don't worry Tommy, you are not alone on that one. BLaw is definitely my weak area. Too many rules and facts in my opinion haha.

    #2322447

    Tncincy
    Participant

    Looks like you guys are having a good study session. I am working on Basis as well.I'm going over notes before I start my 100 mcq's.

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