REG Study Group Q4 2018

CPA Exam Review CPA Exam Forum REG REG Review REG Study Group Q4 2018

This topic contains 201 replies, has 118 voices, and was last updated by  jaya 1 week, 1 day ago.

Viewing 30 posts - 61 through 90 (of 202 total)
  • Author
    Posts
  • #1999574

    Jackie
    Participant

    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.

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    Jackie
    #1999616

    Scot
    Participant

    1.) Late November
    2.) Most comfortable with agency law
    3.) Most uncomfortable with debtor-creditor relationships

    #1999637

    zrula
    Participant

    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…

    Hustle.. Good things happen to those who hustle.
    #1999724

    gryfi
    Participant

    @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!

    #1999730
    felixsphone
    felixsphone
    Participant

    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 Taxation

    AUD - 75
    BEC - 83
    FAR - 85
    REG - 73
    He who controls others may be powerful, but he who has mastered himself is mightier still.

    Lao Tzu

    #1999751

    TMarie019
    Participant

    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 Law

    T. Warren
    #1999775

    Anonymous

    Clint

    Participant
    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 transactions

    #1999910

    nis.shrestha
    Participant

    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.

    #1999940

    Anonymous

    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.

    #1999949
    Allsheneededwassome
    Allsheneededwassome
    Participant

    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.

    80(E)🤦🏻‍♀️

    66,69,70,81!

    A 71,66,70,72,83!

    80(E),82 

    #1999994

    Courtney
    Participant

    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 Tax

    #2000021

    lj
    Participant

    1.mid-October
    2. Calculating basis on entities
    3. Having hard time on AMT on both INDIVIDUAL and Corporate. Also M1 is driving me crazy 😝

    #2000150

    Tncincy
    Participant

    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.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2000501

    Tim
    Participant

    @tncincy You can reschedule your test date for a small fee without getting a new NTS. When does your NTS window expire?

    Studying with Gleim
    FAR - 97 (10/12/17)
    BEC - 95 (01/15/18)
    AUD - 88 (04/06/18)
    REG - 89 (11/16/18)
    #2000519

    Tncincy
    Participant

    My notice expires 10\12. 🙁 . There is no more time on this notice.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2000630

    Tim
    Participant

    You should be able to cancel your test and get a new NTS and schedule a new test this window.

    Studying with Gleim
    FAR - 97 (10/12/17)
    BEC - 95 (01/15/18)
    AUD - 88 (04/06/18)
    REG - 89 (11/16/18)
    #2000717

    Tncincy
    Participant

    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.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2001167

    Anonymous

    Hello,
    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.

    #2001374

    Chigracy
    Member

    1. Approx exam date – December

    2. Topic you're most-comfortable – Individual Taxation

    3. Topic you're weakest in / worries you the most – Everything lol

    #2001545

    robinpensa
    Participant

    1. November 30th
    2. Most comfortable with Corporate Taxation
    3. Most uncomfortable with property transactions and individual taxation.

    #2001680

    seepeehay
    Participant

    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!

    AUD - 89
    BEC - 92
    FAR - 86
    REG - NINJA in Training
    An invincible determination can accomplish almost anything and in this lies the great distinction between great men and little men.–Thomas Fuller
    #2001827

    LeAnne
    Participant

    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.

    #2001833

    gryfi
    Participant

    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????

    #2002016

    Tncincy
    Participant

    @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.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2002058

    gryfi
    Participant

    @tncincy so appraisal fees only with casualty losses can be deducted? other times it's not?

    #2002097

    Tncincy
    Participant

    @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.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2002883

    gryfi
    Participant

    @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)
    B) $15,000
    C) $25,000
    D) $39,000

    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.

    #2003825

    Anonymous

    1. Approximate exam date- beginning of December.
    1.Most comfortable -Federal Taxation of Individuals
    3. Most uncomfortable – Business Law

    #2003828

    gryfi
    Participant

    @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
    Cost 30,000
    Par value 9,000
    What amount of capital gain should Lee recognize in 2018 on the sale of this treasury stock?

    A) $0
    B) $ 8,000
    C) $20,000
    D) $30,500
    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?

    #2004002

    Trevvor
    Participant

    1) sitting for REG in late November
    2) best area: partnership tax
    3) worst area: business law

Viewing 30 posts - 61 through 90 (of 202 total)

You must be logged in to reply to this topic.