November 3, 2018 at 2:15 pm #2045801
@Tim, Gleim does that across the book! There was a question where they gave the AGI of the individual, the description of dependents and then asked what would be the amount of the personal exemption that the taxpayer can claim. Well, its Gleim, so obviously the AGI given in the question was exceeding the threshold. Now you need to “remember the threshold” for 5 different categories of filing status and then reduce 2% for 2500 increase. I am not even sure if this is to be remembered, but its crazy!
Though I believe they are trying to prepare us well for the exam but some questions feel like they are there to troll you! :pNovember 4, 2018 at 8:12 am #2046317
I'm pretty confident we don't need to memorize these phaseout amounts and phaseout rates. The base amounts like what the standard deduction amount is or the personal exemption amount may be fair game, though. So my solution to this is when I run into a problem in Gleim that may exceed the phaseout I just look it up in the book. It's definitely frustrating, though. I've struggled hard with Gleim's REG section, it's way more ridiculous than FAR was.November 5, 2018 at 1:07 am #2047322
Hey everyone, this is off the AICPA practice exam and I was wondering if someone could help explain it to me?
Strom acquired a 25% interest in Ace Partnership by contributing land having an adjusted basis of $16,000 and a fair market value of $50,000. The land was subject to a $24,000 mortgage, which was assumed by Ace. No other liabilities existed at the time of the contribution. What was Strom's basis in Ace?
From what I understood I would take the adjusted basis of 16,000 and add the other 75% of the mortgage assumed to come to Strom's basis in Ace. It would of come out to be 34,000, however AICPA lists the correct answer as 0.00$. What concept/rule am i missing?
Thanks!November 5, 2018 at 5:55 am #2047358
@To0ld2Pass you actually subtract liabilities assumed by other partners in the partnership from the contributing partners basis. So it’s .75×24000=18000. Subtract 18000 from 16000 = 0November 5, 2018 at 11:11 am #2047892
@Amens doh! Thanks!November 6, 2018 at 9:48 am #2049152
Why does time go by so fast? I am procrastinating, dealing with sick parents, procrastinating, and dreading studying. It is Nov 6. Almost less than 30days left until Dec 10th (reg test date). I'm tearing myself away from the election and all the stuff that come with it and make this week a power week of study. I need momentum. Oh Lord, I need momentum. Where did the time go?November 6, 2018 at 10:10 am #2049188
Probably because the REG material is so dry and boring. But keep at it. I super struggled with motivation for this section myself. Once I was through all the material and went into review phase, though, I realized it really isn't that bad and a lot of my anxiety has disappeared.November 6, 2018 at 5:56 pm #2049731
Good luck all! I will be taking this test in 10 days. I dont know if I am readyNovember 7, 2018 at 6:04 pm #2050856
Exam tomorrow! Studied some today but burnt out tonight. Just gonna give it a rest for the night. Good luck everyone!November 8, 2018 at 5:38 pm #2051945
Roaming around the board, no new topic adventures 🙁 Hope study is going well for everyone. Starting my evening study session.November 8, 2018 at 8:28 pm #2052194
Just took REG… jeesh what an epic failure. MPQ were no prob but I'm lucky if I got any of the sims right. I now know the feeling people talk about when leaving exam defeated.November 9, 2018 at 7:56 am #2052443
The good thing about Sims is partial credit. Even if you didn't get them all right you still may get a decent amount of credit for them.November 9, 2018 at 12:44 pm #2052698
Man I've done 534 MCQ's in Ninja and 1,198 MCQ's in Gleim and I'm still frequently running into questions pertaining to obscure details that I hadn't run into before. There's just too much to learn. I still have 7 days left until my test and I can easily see myself doing another 1,000 or more MCQ's in that time. I still have to do the AICPA practice test, too, and I kind of want to practice some more sims since I keep reading about people doing fine on the MCQ's but bombing the sims in REG.November 9, 2018 at 3:25 pm #2052890
I am nervous about sims too. All but one sim on my first try seemed foreign to me. I honestly spent so much time trying to think of what they were afterwards so I could go look them up, but they were so weird. I hope they aren't the same this time. My studying is going much better this time around, but what everyone is saying about the sim has be terrified.November 11, 2018 at 7:54 am #2054939
I'm feeling like I've hit a wall. I'm still only averaging like 75% in Ninja. I don't think I can cram any more information in my head. Even Ninja had that question about AMT which required me to know the base amount, phaseout amount and phaseout percentage. I'm sorry I'm just incapable of memorizing this much stuff. So many little details and it seems like they're all fair game. I feel like this should be an open book test.
Besides. Ninja and Gleim have very different amounts they're teaching. Like estate tax exclusion in some of Ninja's questions is 5,450,000 but in Gleim it's 5,490,000. And to further complicate it Gleim sent me an update which showed the 2018 numbers without the tax law which states the gift tax exclusion is 5,600,000. Which one do I learn? People have said they give these to you, but if that's the case, why are there so many questions in both Gleim and Ninja where they expect you to know it?November 11, 2018 at 1:03 pm #2055278
How did you do with Reg? I have the test next weekNovember 11, 2018 at 1:06 pm #2055296
what was the SIMS about? i have my test in 6 days and i feel so bad about sims 🙁November 11, 2018 at 9:55 pm #2055815
@Ace CPA can't really say what they were about but I can say what they stressed in Becker and what Jeff stressed in his audio was on point lol. I thought i was suffecient in the areas and I believe I did well on the MPQ in those areas but applying them is where I failed. I think both prep programs did well at pointing out what i should of mastered/November 12, 2018 at 2:00 pm #2056757
Are there going to be a lot of sims that we need to fill out tax forms? Roger's software is messed up so I can't really practice those questions. I tried reaching out and they said they're “working on it”November 13, 2018 at 12:23 pm #2057951
Starting power study for today. No real schedule or other things to do so I guess I can study all day. It certainly will help me to study all day. Hope study is going well for everyone.November 13, 2018 at 12:53 pm #2057975
I felt like practicing MCQ's wasn't really getting me anywhere so I've been doing Gleim sims the last couple days. I think the big picture element of the problems is helping me more than the MCQs were. I like the sims where you take one concept (such as when to recognize gain/loss on property transactions) and it gives you a bunch of different scenarios which highlights the different applications of the rules.
A little trick I've been doing is I submit the sim blank. That way when I fill in the answer it tells me immediately if it's right or wrong and I can look at the answer explanations to see why. I find this a lot more valuable for studying than doing all 5 sims in the testlet before getting any feedback on them.November 13, 2018 at 6:07 pm #2058365
Wanted some advice on what you guys think. I took REG yesterday, finished the MCQ in about an hour and felt like I killed it honestly. Hopefully I don't jinx myself. The sims were okay, from thinking back I think I scored 3/5 on one sim, 2-3/5 on the next (these would be medium level), authoritative literature was a breeze, the next sim I feel like I scored 4-5/8, one after that maybe 2/5 which was brutal (didn't know how to do two of them, last two more difficult sims), a sim I believe I could have scored 5-7 out of 7 (medium level), another 3/6 (easier to medium, just messed up on a calc), and the last one I would say 6-8/10. This is my second time taking the exam. When I took it the first time, I did comparable on MCQ and weaker on sims for an overall of 69. I wonder if I got some easier questions wrong on the sims if I will get docked. I'm actually really worried. Need to have this done by Dec. Do you guys think this partial credit could spark a passing grade? I tend to overthink the entire exam after taking it. Would this partial credit be sufficient enough maybe for a passing score or will it really depend on how the rest of the candidates test on these sims?
Thanks.November 13, 2018 at 7:17 pm #2058470
What did you struggle with for the sims? Did you feel a lot were doable but you just happened to make some little mistakes in calculations here and there?November 14, 2018 at 6:06 pm #2059553
I know there is a different rule regarding the standard deductions for a dependent who was claimed on someone else's return but regarding the personal exemption; can a qualifying child who someone else claimed a dependency exemption for; still claim a personal exemption on his/her personal tax return (assuming the dependent is filing his own tax return to be able to get a refund).?November 15, 2018 at 7:45 am #2059925
No, it says right on the 1040 that if someone else can claim you as a dependent then do not check the box for your personal exemption.November 15, 2018 at 7:52 am #2059934
Well T-1 day to my exam. I will not be studying today. I really wish I had 2-3 more weeks to study. While I have all the main concepts down there are so many little details that I still don't know. I'm fairly confident I'll pass but I think this will be the most painful exam of the 4 for me. Hopefully this is the end for me and I will be done on Dec. 19 when the scores are released.November 15, 2018 at 8:35 am #2059955
Thank you Tim…a good thing I see would be to print out these individual tax forms and read through the instructions.November 15, 2018 at 8:38 am #2059958
@Tim All the best and you have the icing on the cake for passing-confidence.November 15, 2018 at 6:12 pm #2060585
@Tim good luck bud. I took it a few days ago. It was my last one as well. Hoping for the best Dec. 11.November 15, 2018 at 8:04 pm #2060885
@tim good luck!
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