April 12, 2019 at 6:23 am #2324220
That's awesome, I hope your study session went well! We are all rooting for you and this exam, keep on going!April 12, 2019 at 10:14 am #2324574Michelle1605Participant
Hey BryGuy, so did you feel ok about the overall exam? Would you say it was more difficult or about the same as last quarter?April 12, 2019 at 10:19 am #2324595BryGuyParticipant
I feel pretty good about it. I definitely felt like it was slightly easier than last quarter, but that is probably just because it is my second time taking it and I just felt way more comfortable with the content and types of questions. I wish I could give more information about the exam but I am totally blanking on a lot of the questions and sims.April 12, 2019 at 1:57 pm #2325165April 12, 2019 at 4:21 pm #2325498
@74phoenix, Hang in there. We're all battling discouragement and non-motivation. But I feel better when my scores in crease or I am able to go over the notes and understand what's going on. I'm ready for it ALL to come together. I have 32 days left, so I am turning it up tonight forward. Maybe even, do some late nighters or very early mornings. If you guys want to start a power week end let me know. I am getting that 100 mcq's not matter if I get them all wrong. I am doing 20 questions per round. maybe I need to do 10 per round. Open for suggestions.
Monday is the last day of tax season, so I'm ready!April 12, 2019 at 4:38 pm #2325513
@Tncincy – Nothing wrong with getting some MCQs wrong, at least you are learning from those. I always tend to do MCQs in sets of 10s, I find it easier to go through the information. Good luck!April 13, 2019 at 9:19 am #2325510
You have one more exam to go! You got this! I hope Ninja gives you that extra jolt of energy to keep on going. We are all cheering and rooting for you! You are going to crush this exam!April 13, 2019 at 9:54 pm #232768212tangParticipant
Why are they using the maximum allowed amount when he only has 20k in losses? I answered A…
Anscomb is an employee who also solely owns and actively participates in a rental activity which produced a $20,000 loss in the current year. Anscomb’s W2 income in the current year is $115,000. Considering only the foregoing facts, what should Anscomb’s adjusted gross income be for the current year?
Choices D (Correct) and A, B, C (Incorrect):
As an active participant, a taxpayer may deduct losses from rental activities up to a maximum amount of $25,000, with the maximum reduced by 50% of the taxpayer’s adjusted gross income (AGI) in excess of $100,000. Since Anscomb’s W-2 income is $115,000, the maximum Anscomb may deduct is $25,000 – ½ ($115,000 – $100,000), or $17,500. This would give Anscomb an AGI of $115,000 – $17,500, or $97,500.April 14, 2019 at 9:51 am #2328132
That's interesting. I went through my review course, and their example had it set up the same way, TP only had $20,000 loss, but used the $25,000 in the calculation above. I am definitely going to dig deeper into this. My only thought of using the maximum amount is to help produce the maximum loss allowed to the extent of the actual loss incurred. If you find any answers, please share!April 14, 2019 at 10:05 am #2328144
I'm finishing up tax returns for pick up tomorrow and decided to peek at the group. lol The above explanation is interesting. I would not have thought to use the $25,000 max. I think I'm going to write it down in case I don't see it again. Good question and good information. Study hard guys. I'll be jumping in within a few hours. Lord tax season is almost over.April 15, 2019 at 11:43 am #2330376
Hey Ninja's, I hope study is going well today. I had a rough day yesterday, I assumed I would have enough energy to study after doing returns all day yesterday. But I didn't get to do any mcq's, I did play my reg audio all day…some of my clients were listening attentively as they picked up their returns. Along day today as well. But I'm going to jump right in A.S.A.P. Keep studying hard guys, and post some more of those head scratching questions in the meantime.April 15, 2019 at 6:58 pm #2331366StonelotusParticipant
I read some thread and noted that there is a sample test on AICPA website. However, when I checked out, there are only 5 questions available. Any thoughts on this?April 16, 2019 at 3:16 pm #2333169
@Stonelotus true! They do not release many.
Need help guys – shareholder distribution vs shareholder basis – what is the difference? What do they really mean in simple terms?
Shareholder distribution = FMV of property + cash – liability assumed.
Shareholder basis = FMV of property + Cash received but NOT reduced by attached liability.April 16, 2019 at 4:12 pm #2333307
@Stonelotus – It is not many, I think there's 2 SIMs per testlet which is pretty nice. I think it does a fair job in giving you that first hand experience of what to expect come exam day, obviously not from a question perspective.April 16, 2019 at 4:38 pm #2333364
@74phoenix – I'm not entirely sure what you are asking? Would you be able to clarify? Are you referring to a Corporation making a distribution and a shareholder transferring property?
Also – When calculating a shareholder's basis, you shouldn't be using the FMV of the property, you should be using the Adjusted Basis of the property. Distributions from Corporations would be using the FMV of the property.April 16, 2019 at 10:57 pm #2334234StonelotusParticipant
I just took REG today. It was hard, yes. There is not a lot of calculation or limitation. I was so confident with the 1st testlet, the 2nd is harder
I could not find the IRC though, spent 10 – 15 mins on it and passed. I also failed on 1 SIM 🙁
Just wait for the resultApril 17, 2019 at 7:38 am #2334447
@CH89 Yes that's what I am referring to, but honestly don't know my question. I am just confused as to the significance of these topics and why the liability is assumed for one calculation and not assumed for the other.April 17, 2019 at 12:02 pm #2335209
Hello Gang, I made it through tax season. Although it's officially over, I still have those that doesnot care about the deadline and did not file an extension. Work is not hectic so I'm going to do a round of mcq's to get back in the swing of things. Hope study is going well for you all.
@Stonelotus thanks for the update. I'm good if the calculations are limited. (I think ).
Keep studying hard guys.April 17, 2019 at 1:12 pm #2335416
@Tncincy congrats! Are you still going for 100 MCQ a day? You are helping to motivate me – I usually only do about 40….April 17, 2019 at 2:02 pm #2335578
Yes, I am going for 100 mcq's…even more if I have to just for my mind sake to be ready. I am doing 10 at a time then go over notes, then do another 10 etc….If i don't get distracted. (Fingers crossed)
I haven't reached 100 yet. I have no excuses now because work is very slow.April 17, 2019 at 5:59 pm #2336109nick8503Participant
Hello everyone, just getting back into REG after taking BEC in January and AUD in March, with a re-take yesterday.. Hopefully get good news on 5/7 when scores are released..
Good to see some activity in here, I'll be sure to keep an eye on this thread, and try to contribute when and where I can.. Hang in there everyone, we can do this!!April 18, 2019 at 9:06 am #2337174April 18, 2019 at 12:49 pm #2337882
I did not study at all yesterday. One thing after the other. So, I closed my office for the rest of the day, and I am studying the rest of the day. I will post an update on my success. I am doing this for an accountability to keep from procrastinating.
@Nick8503 Hey, Good luck to you. Thanks for the well wishes. Keep those fingers crossed for the rest of us.April 19, 2019 at 8:52 am #2339736
@Tncincy how did it go? I did not study at all yesterday…..I need to prioritize it but was very lazy.April 19, 2019 at 11:26 am #2340267
@74phoenix So I did 50 mcq's. I didn't save one session of 10 because something went on with my computer. My daughter was trying to print from her laptop on this new wireless all in one printer I bought. Well, the printer disconnected from my computer and the wifi. The message was saying printer offline, and not connected. So two of my engineer buddies were coming by for a meeting (not with me) and they decided to fix the printer problem and re-connect the wifi. Yes, they made it worse so I spent 3 or more hours listening to audio because I couldn't get to my computer nor could I get wifi to do more questions. I did go over the ones I got wrong. I'm stuck on the sold shares type of questions. My first couple of rounds were a little shaky. But as soon as I was getting more correct is when the problem started. So today I am getting started again. I fixed my printer and my computer and I'm in business again. My daughter has not tried to print anything, and I don't think I'm going to let her. (lol)
Again I'll post my progress for accountability. I have keep going. The clock is ticking.April 19, 2019 at 1:09 pm #2340564
Ohhh, I am beginning to feel anxious. My trending is not moving. 🙁 P.S I just figured out the blue print areas. Oh this is going to be a long day.April 19, 2019 at 7:05 pm #2341359
So I went through 50 mcq's, my trending is not changing 🙁 . I'm beginning my evening session. My goal is another 50 then I'll go over the ones I missed. Keep studying gang, the clock is ticking.
Come on 74phoenix, Where are you? You studying? You ready to pass?April 19, 2019 at 8:42 pm #2341518April 20, 2019 at 10:13 am #2342400
@CH89 that is what I intend to do too!! @tncincy do not get discouraged – this is also a mental game and we CAN DO IT! Today I have reviewed some key notes and trying for 150 MC. I have been doing flashcards and want to do those as well. Going to have my boyfriend start quizzing me when we are together. I am in this to win this. I am in control of my schedule and do not have to celebrate Easter ALL weekend – MUST study! God knows!!!April 20, 2019 at 11:29 am #2342628
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