September 27, 2018 at 3:39 pm #1999574
1. Scheduled REG for November 26, 2018.
2. I'm most comfortable in generally most of the tax topics. I've been working in the field too many years and have no excuse for not having my CPA license by now…
3. I am least comfortable with AMT calculations and dreading a task based simulation on AMT.September 27, 2018 at 4:08 pm #1999616
1.) Late November
2.) Most comfortable with agency law
3.) Most uncomfortable with debtor-creditor relationshipsSeptember 27, 2018 at 4:33 pm #1999637
Hello future CPA's, my exam is coming up next week, and I really need to know whether I should be memorizing all the phaseouts and percentages. There are so many of them, like the AMTI exemption and limitations on R&D credit. I am really worried that will have a blackout on the exam and I won't be able to remember the correct percentages…September 27, 2018 at 6:21 pm #1999724
@chandler, thanks! I'll have to see. I could've swore I saw some questions where it said stock redemption are free. I'll post again when I see it!September 27, 2018 at 6:25 pm #1999730
1. Approx exam date: 12/10/18
2. Topic you're most-comfortable within this exam section: Business Law
3. Topic you're weakest in / worries you the most: Corporate TaxationSeptember 27, 2018 at 6:36 pm #1999751
1. Approx exam date: Late October (10/21)
2. Topic you're most-comfortable within this exam section: Federal Taxation of Individuals and Entities
3. Topic you're weakest in / worries you the most. Business LawSeptember 27, 2018 at 6:56 pm #1999775
1. Approx exam date (Late October, mid-November, etc) – OCT. 28th
2. Topic you're most-comfortable within this exam section – Federal Taxation of entities
3. Topic you're weakest in / worries you the most. – Property transactionsSeptember 27, 2018 at 8:23 pm #1999910
I am retaking REG, as my previous credit expired. Hoping to take it in early dec 2018. More comfortable with business law, have forgotten tax rules, so will need to memorize it all again.September 27, 2018 at 8:36 pm #1999940
Exam date: November 24.
Most-comfortable within this exam section: You are joking, right?!? Comfortable?!? CPA exam section?!? Those sentiments don't work together.
Weakest in / worries you the most: Trusts, estates, partnerships, and the odd ball topics like AMT, liquidations, etc.September 27, 2018 at 8:50 pm #1999949
Wow a lot of people here testing this window for REG! Good luck with prep guys!! I plan to start hitting the books tomorrow. Hoping I remember some of the stuff from my previous retake.September 27, 2018 at 10:00 pm #1999994
1. Approx exam date – Early December
2. Topic I am most-comfortable within this exam section – Individual Tax
3. Topic I am weakest in / worries me the most – AMT (both) and Corporate TaxSeptember 28, 2018 at 2:46 am #2000021
2. Calculating basis on entities
3. Having hard time on AMT on both INDIVIDUAL and Corporate. Also M1 is driving me crazy 😝September 28, 2018 at 7:44 am #2000150
So I am so nervous, I know I am not prepared for Reg. My test day is 10/12, So if do not take the test on the 12th will I be able to get another NTS and will there be enough time to pass reg before the changes. Or just for get about the changes and just study for the test. I am so stuck between decisions. My percentage is 50% so I'm not doing too hot on the mcq's. So I don't know if I have enough time to go section by section, or continue to do random sets of mcq's. Basis and property transactions seem to be my problem. I know study is intense right now, but I am not building courage either. I'm just stuck 🙁 . I guess I'm thinking too much. Well today is a new day, I guess I better study.September 28, 2018 at 11:35 am #2000501
@tncincy You can reschedule your test date for a small fee without getting a new NTS. When does your NTS window expire?September 28, 2018 at 11:47 am #2000519
My notice expires 10\12. 🙁 . There is no more time on this notice.September 28, 2018 at 1:46 pm #2000630
You should be able to cancel your test and get a new NTS and schedule a new test this window.September 28, 2018 at 3:10 pm #2000717
So how long will it take to get another nts if I cancel? a couple of weeks? I really don't want to prolong this anymore. I am going over my ninja materials, and going over my weak areas with a fine tooth comb. I am also resorting to the old college days and planning to stay up all night if I have to. I am going to pass this once and for all.September 29, 2018 at 5:48 am #2001167
I am taking REG late October. I started studying in August but work was super busy and I could not focus. I'm hoping to win the monthly subscription to help me in my final review.
The topic I'm most comfortable with is individual tax.
The topic that scares me the most is AMT/Property Transactions.September 29, 2018 at 9:38 am #2001374
1. Approx exam date – December
2. Topic you're most-comfortable – Individual Taxation
3. Topic you're weakest in / worries you the most – Everything lolSeptember 29, 2018 at 1:05 pm #2001545
1. November 30th
2. Most comfortable with Corporate Taxation
3. Most uncomfortable with property transactions and individual taxation.September 29, 2018 at 2:36 pm #2001680
This is my last exam. This section is foreign to me, I only took one tax class that focused on individual and a little bit of corp so I'm like a blank slate coming into this process. But as what lecturers said that the review materials assume that the candidate has little to no knowledge of the subject, I'm trusting them and hopefully will make it through. Good luck everyone!September 29, 2018 at 4:06 pm #2001827
I am taking REG beginning of December.
I feel the most comfortable with Federal Taxation of Individuals
The topic that scares me the most is anything in Business Law. I am having the most trouble with that area.
I have been out of school for many many years and feel like I am re-teaching so much stuff to myself.September 29, 2018 at 4:12 pm #2001833
The following is 2018 information pertaining to Sam and Ann Hoyt, who filed a joint federal income tax return for the calendar year 2018. The Hoyts had adjusted gross income of $34,000 and itemized their deductions for 2018. Among the Hoyts' cash expenditures during 2018 were the following:
$2,500 repairs in connection with 2018 fire damage to the Hoyt residence. This property has a basis of $50,000. Fair market value was $60,000 before the fire and $55,000 after the fire. Insurance on the property had lapsed in 2017 for nonpayment of premium.
$800 appraisal fee to determine amount of fire loss.
The appraisal fee to determine the amount of the Hoyts' fire loss was
A) Deductible from gross income in arriving at adjusted gross income.
B) Subject to the 2% of adjusted gross income floor for miscellaneous itemized deductions.
C) Deductible after reducing the amount by $100.
D) Not deductible.
The answer is B… I thought appraisal fees were non deductible????September 29, 2018 at 6:57 pm #2002016
@Grifi If the appraisal fee was to purchase the house it would not be deductible, but since it is a casualty loss, the house will have to be appraised. I explanation makes sense.September 29, 2018 at 7:33 pm #2002058
@tncincy so appraisal fees only with casualty losses can be deducted? other times it's not?September 29, 2018 at 8:09 pm #2002097
@gryfi , I'm afraid not. The initial appraisal fee is used to get a mortgage and considered a closing cost which is not deductible. But to determine the casualty loss, the appraisal fee is necessary. Appraisal fee is not an itemized deduction.September 30, 2018 at 12:07 pm #2002883
@tncincy thank you!
Would you happen to know this one?
David Price owned machinery which he had acquired in 2017 at a cost of $100,000. During 2018, the machinery was destroyed by fire. At that time it had an adjusted basis of $86,000. The insurance proceeds awarded to Price amounted to $125,000, and he immediately acquired a similar machine for $110,000. What should Price report as ordinary income resulting from the involuntary conversion for 2018?
A) $14,000 (ANSWER)
The realized gain resulting from the involuntary conversion ($125,000 insurance proceeds − $86,000 adjusted basis = $39,000) is recognized only to the extent that the insurance proceeds are not reinvested in similar property ($125,000 − $110,000 = $15,000). Since the machinery was Sec. 1245 property, the recognized gain of $15,000 is recaptured as ordinary income to the extent of the $14,000 of depreciation previously deducted. The remaining $1,000 is Sec. 1231 gain.
I am guessing this is like a boot/ like kind exchange question? I got confused bc the wording is so different.September 30, 2018 at 8:19 pm #2003825
1. Approximate exam date- beginning of December.
1.Most comfortable -Federal Taxation of Individuals
3. Most uncomfortable – Business LawSeptember 30, 2018 at 8:23 pm #2003828
@chandler I found one q!
The following information pertains to treasury stock sold by Lee Corp. to an unrelated broker in 2018:
Proceeds received $50,000
Par value 9,000
What amount of capital gain should Lee recognize in 2018 on the sale of this treasury stock?
B) $ 8,000
You Answered Correctly!
A corporation will never recognize gain or loss on the receipt of money or other property in exchange for its stock, including treasury stock.
How does this differ from the other question on redemption of stock?October 1, 2018 at 4:18 am #2004002
1) sitting for REG in late November
2) best area: partnership tax
3) worst area: business law
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