REG Study Group 2019 - Page 22

Viewing 30 posts - 631 through 660 (of 663 total)
  • Author
    Posts
  • #2602977
    75
    Participant

    I need some help with these questions pls.
    In Bankruptcy rules, does the The 2 and 3 year tax priority rule concern only Income Taxes or also other types of taxes?
    Also, does this mean that the tax gets discharged in bankruptcy if older than 3 years and filed at least 2 years before filing for bankruptcy?
    Thanks

    #2603007
    75
    Participant

    In Bankruptcy: What happens to payments voidable (set aside by the trustee)?
    Does the creditor who received that money need to pay it back to the bankruptcy trust and get in the line as a general creditor?

    thx

    #2603766
    Tncincy
    Participant

    @74phoenix, are you in this score release?

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2652552
    se7en.14
    Participant

    hello

    Does anyone have a good method of learning the different items for book/tax differences (M1 M3 schedule)? there are just so many and how do i know if I should add/subtract it?
    How are you guys studying for this topic?

    thanks!

    .
    #2652879
    KeepPushing
    Participant

    @Se7en.14 I just studied for it and it confused me too. I used Becker. not sure which you have but what I noticed is that the questions, specifically the Sims, would ask them in a different way, for example, they wanted me to take out the whole depreciation and then put what was allowed for tax purposes or other times they wanted me to just simply put the difference in depreciation so if the company took out too much I'd take away from it or add from it if they had taken too little. SO I had to really think about how the question was laid out. I suggest looking the actual M-1 tax form it helped me a lot to see a visual of how it actually is asked so I can have a strong base understanding of it. I focused on knowing the ones that they always seemed to test me on becker like depreciation charitable contributions, and just the ones that are shown on M-1 which aren't as many so if I mastered the ones on the M-1 I felt like I could work my way around others.

    FAR - 69, 84

    AUD- 81

    REG- 87

    BEC- 88

    #2654814
    bigstakk
    Participant

    Question about AMT- is this tested for individuals after Q2 '19 since it is not applicable for returns filed for tax year 2019?

    AUD - 81
    BEC - 87
    FAR - 80
    REG - 82
    ______________
    #2658318
    bigstakk
    Participant

    Sorry- meant *corporations not individuals.

    AUD - 81
    BEC - 87
    FAR - 80
    REG - 82
    ______________
    #2665206
    Bobsacajawillie
    Participant

    Can anyone help with this question. I can't figure out why they would allow John's expenses to be itemized being that he is 26 and makes more than $4,200. Thanks,

    During 2019, Mr. and Mrs. Benson provided substantially all the support, in their own home, for their son John, age 26, and for Mrs. Benson's cousin Nancy, age 17. John had $6,000 of income for 2019, and Nancy's income was $2,500. The Bensons paid the following medical expenses during the year:

    Medicines and drugs
    For themselves $400
    For John 500
    For Nancy 100
    Doctors
    For themselves 600
    For John 900
    For Nancy 200
    What is the total amount of medical expenses (before application of any limitation rules), that would enter into the calculation of itemized deductions on the Bensons' 2019 tax return?

    $1,000
    $1,300
    $2,400
    $2,700
    This Answer is Correct
    Deductible medical expenses include those incurred by a taxpayer, taxpayer's spouse, dependents of the taxpayer, or any person for whom the taxpayer could claim a dependency exemption except that the person had gross income of $4,200 (2019) or more, or filed a joint return. Thus, the Bensons may deduct medical expenses incurred for themselves, for John (i.e., qualifies for exception of no dependency exemption only because his gross income is $4,200 or more), and for Nancy (i.e., a dependent of the Bensons).

    AUD - 81
    BEC - 86
    FAR - 79
    REG - 81
    Fly you fools!
    #2665245
    Tncincy
    Participant

    The answer to your question is in the answer. Because john is a relative, and lived with his parents, the parents can claim his medical expenses. I think, I am sure there is another reason. But this is the more obvious reason to the why.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2677146
    se7en.14
    Participant

    Hi all,
    I'm doing MCQs and coming across questions on AMT about which deductions are added back to reg income tax. For example- real estate and state income tax is added back. I'm using becker and don't see where this is in the book. or maybe i'm just not understanding AMT…
    Is there a list somewhere that I should know these deductions under only AMT?

    Thanks.

    .
    #2691768
    Captain Awesome
    Participant

    I am beginning to study for REG, my last section, but I'm having trouble figuring out where/how to start. It took four tries to conquer BEC and FAR so I felt very comfortable with the material by the time I finally passed, having studied and tested so many times. AUD I passed on the first try with two months of studying, but I thought that 20% of it was common sense and there is an order to auditing so I just started at the beginning and everything built from there.

    REG is beginning to remind me more of BEC and FAR in that it's a lot of random stuff in no particular order. I don't want to take REG mulitple times so I ask, what strategies did you use to grasp all the material? My current plan is to watch all the plus videos and then begin MCQ using the book and notes as reference. I tried reading the book right away, but boy is it dry.

    AUD - 80
    BEC - 80
    FAR - 82
    REG - NINJA in Training
     

     

     

    #2740899
    MIchelle
    Participant

    Hello!

    I am not sure if this is still active or not… but this is my 3rd attempt into REG after taking time off from studying. I recently passed BEC with a 79 and using Becker material. Any tips or anything I should focus on? Or lead me to the right study group for REG?

    Thanks!

    AUD - NINJA in Training
    BEC - 79
    FAR - NINJA in Training
    REG - NINJA in Training
    Michelle Quiroz
    #2741478
    KostasKostas
    Participant

    Hello everyone,
    For those who are scared the Mock Exams. I don't know if this will help you but I must share my story. I've been using the Becker CPA review.
    For FAR, I scored 51%, 57%, and 51%. I passed with 75.
    For AUD, I scored 60%, 62%, and 63%. I passed with 78.
    For REG, I scored 28%, 52%, and 50%. I passed with 76.

    Moral of the story: Don't let Mock Exams to let you down. They're more difficult compared to the real test, you should not be disappointed by a bad score.

    Good luck everyone!!

    #2749065
    lasciels
    Participant

    Hi everyone,

    Can someone explain what is Unreasonable Position? I have reading Becker's text book over and over again and did some research online, but I still could not understand the meaning of this term.

    THank you!

    #2753682
    Amber
    Participant

    I've heard a lot about people skipping REG lectures in Becker to just read the material instead for time saving. I just started, work full time, and sit December 9th. Has anyone had luck with this?

    #2760654
    olabisiolayinka
    Participant

    I plan on taking REG on November 30th. This will be my first attempt at REG and it is also my final exam. I am using BECKER. Any advice?

    #2760852
    ineedthiscpa45
    Participant

    Taking Reg nov 2nd, first time taking it

    BEC - 74, 70, 76

    AUD - 67

    REG - N/a

    FAR - N/a

    "Whether you think you can or can't do it, your right"

    #2762445
    James
    Participant

    Study study study Individual taxation (all of it). Always a SIM it seems on it. Know partner basis changes. Blaw/Ethics feels like Govt accounting in FAR on the exam…. basically it feels like it is half the MCQs.

    Taking the exam Monday… Passed it back years ago but I'm sure much has changed. Hopefully there is not too much QBI deductions on it.

    AUD - 76
    BEC - 78
    FAR - 82
    REG - NINJA in Training
    Don't Give Up!

    My lesson learned is to commit to studying. If you don't, life moves on.... but you won't.

    Passed and failed numerous others back in 2016-2017.... dropped out after having a kid, decided I needed to get this finished. Passed AUD then found out we were having our second child.

    #2763255
    olabisiolayinka
    Participant

    Thanks @James. I wish you all the very best. I pray you pass and have time to enjoy your family.

    #2778357
    Mercenary
    Participant

    Just finished the exam. Felt I did mostly okay on MCQs, flew through them pretty quick. Whole exam took 3 hours. But I know messed up totally on at least 1 TBS, like guaranteed I missed half of the points on it at best an most likely most of the points. Hopefully the other TBS and MCQs balance it out.

    Ill just say that its a good idea to know basis very well along with the differences between how liquidating/non liquidating distributions are handled among different business structures.

    AUD - 85
    BEC - 86
    FAR - 91
    REG - 84
    CMA Part 1 - January 2020

    CMA Part 2 - February 2020

    #2782203
    April94
    Participant

    Hi all! I will be studying for REG soon and was wondering how everyone studied? I passed FAR and AUD and was going to use the same study techniques for REG, but wanted to see if anyone had any other tips/tricks to studying/passing REG! I have heard it is a beast…

    "It takes as much energy to wish as it does to plan." -Eleanor Roosevelt

    FAR-72, 55, 82

    AUD-92

    REG-TBD

    BEC-TBD

    #2790198
    74phoenix
    Participant

    Hi all, I'm back again for another attempt at REG…. @April94, good luck! It is crazy. I recommend as many MCQ as possible so you can drill the rules into your head. B

    Can anyone help me understand Becker's CPA-02280 question? It's about section 1245 depr recapture and 1231 gain/loss. I just don't know how to figure out what is 1245 depr recapture or not….

    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!
    #2790222
    jeff
    Keymaster

    How was everyone's study weekend?

    #2790228
    CH89
    Participant

    @74phoenix – I do not have access to Becker, can you please post the question?

    #2790477
    74phoenix
    Participant

    Wally Inc. sold the following three personal property assets in Year 6:
    Asset Purchase Date Cost Accumulated Depreciation Selling Price
    A 5/1/Year 3 $5,000 $3,000 $2,300
    B 8/13/Year 4 $1,200 $500 $2,000
    C 2/18/Year 4 $3,800 $1,800 $1,500

    What is Wally’s net Section 1231 gain or loss in Year 6?
    A. $500 loss
    B. $300 gain
    C. $800 gain
    D. $1,600 gain

    Explanation
    Choice “B” is correct. All of these assets are Section 1231 assets. The gains and losses
    are as follows:

    Asset Selling Price
    Adjusted Basis
    Cost—A/D Gain/(Loss)
    1245
    Recapture 1231 Gain/(Loss)

    A $2,300 $2,000 $300 $300 $0
    B $2,000 $700 $1,300 $500 $800
    C $1,500 $2,000 ($500) $0 ($500)
    Each of the gains are subject to Section 1245 recapture up to the accumulated
    depreciation. The remaining gains and all losses are Section 1231. The net Section
    1231 is a $300 gain ($0 + $800 – $500).

    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!
    #2791392
    CH89
    Participant

    @74phoenix – I'm going to try and explain this the best that I can! When we look at Asset A, we know it has an accumulated depreciation of $3,000, and a gain of $300. Per Section 1245, we are going to recapture the gain up to the accumulated depreciation amount. Any excess of that amount will go under Section 1231. So the gain of $300 does not exceed the accumulated depreciation for Asset A, making the entire gain Section 1245. Let's look at Asset B. The accumulated depreciation for Asset B is $500, and we are recognizing a gain of $1,300. The gain on Asset B exceeds accumulated depreciation by $800. So, for Asset B, $500 will be Section 1245, and the excess which is $800 is going to be Section 1231. For Asset C, since we have a loss, the entire loss will be recognized as Section 1231, giving us a Section 1231 gain of $300. The big picture here for Section 1245 is to compare the accumulated depreciation and the gain on the sale of the asset. If the gain exceeds the accumulated depreciation, that excess amount is going to be Section 1231.

    I hope this helps. Please let me know if anything needs more clarification.

    #2794680
    74phoenix
    Participant

    THANK YOU SO MUCH! Will have to write that down. Good to hear from you 🙂

    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!
    #2797149
    74phoenix
    Participant

    How we feeling guys?

    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!
    #2799798
    Ash
    Participant

    Keep it up!

    AUD - 84
    BEC - 88
    FAR - 81
    REG - 75
    We are all going to make it.
    #2805027
    Pravi.iyer
    Participant

    Guys,

    I am preparing for REG with Wiley but I feel it isn't very student friendly for an international student like me –

    Any of you looking to discard/sell your old Becker REG book that is applicable for this quarter? I am very interested.

    Thanks

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    Thanks.
Viewing 30 posts - 631 through 660 (of 663 total)
  • You must be logged in to reply to this topic.