REG Study Group Q1 2017
December 19, 2016 at 6:25 pm #1396511
Welcome to the Q1 2017 CPA Exam Study Group for REG. 🙂December 19, 2016 at 10:13 pm #1396698December 20, 2016 at 12:15 am #1396772
Can anyone explain what exactly E&P is made up of? (i.e. how to compute it?) Or am I thinking too hard about this, haha!December 20, 2016 at 7:30 am #1396836
I was hoping not to be in any more of these, but someone wants me to suffer a little longer lol. For all of us who are on our last exam we got this! Let's not be guinea pigs for the new one!
How are all the retakers studying this time around? I'm scheduled for a 1/17 rematch.
I've basically been hitting mcq's and sims for the last 3 weeks. Not sure if I should spend the time rewriting whatever notes I took or just keep doing what I'm doing and maybe just review my notes and the text as I go. I may just write out all the mnemonics in Roger's book so I have them for a quick reference.December 20, 2016 at 7:33 am #1396839
@Teal – I still have some doubt in terms of what increases it or decreases it as well. However I do have the distributions part completely mastered (or I think I have )
+Current E&P and + Accum E&P = all distributions dividends to extent of both
+Current E&P and – Accum E&P = all distributions dividends to extent of Current E&P (DO NOT NET)
-Current E&P and + Accum E&P = all distributions dividends to extent of Acc E&P (CAN NET)
– Current E&P and – Accum E&P = no part of the distributions is dividend
If not enough or negative Accum E&P and Current E&P – distributions will be return of capital to the extent that basis is greater than zero, if distribution in excess of basis is left then is taxed as capital gain
Current E&P is proprated among the distributions and Accumulated E&P is distributed first come first served basis. (Becker has a good SIM for this)December 20, 2016 at 7:45 am #1396841December 20, 2016 at 7:47 am #1396842December 20, 2016 at 8:23 am #1396853
E&P you can get through a good chunk of scenarios using common sense. The concept of it is taking your tax income and working to book income. The key is knowing what you can reduce for federal tax purposes. For example. Federal income tax is a non deductible expense for tax however from a book income perspective it IS an expense and needs to be recognized–so going from tax income to book income you will need to reduce this. Item that are recognized in both obviously need no adjustment (ex regular operating expenses). And then finally items that get extra expenses for tax purposes need to be added back to get to your book income (ex. Accelerated depreciation, however depreciation can swing either way depending on the scenario).December 20, 2016 at 9:29 am #1396905
Glad to be a part of this group, ready to tackle REG as my first exam! I've been studying for roughly 4-5 weeks now and will be sitting for the exam in mid-January. I'm using Becker and Ninja MCQ, hopefully that's enough to get the win. Hard to stay focused right now with a 2 month old at home, starting an internship with a Big 4, and also planning to take BEC at the end of the window. Let's do this!December 20, 2016 at 9:35 am #1396910December 20, 2016 at 9:49 am #1396925
@dtatham10 I tried to time it just right so that by the time I start the internship, I will be in my 2 week review phase. Hopefully the holidays won't distract me too much!December 20, 2016 at 10:06 am #1396944
Haven't started studying yet, but I'll be here with you guys. Taking a slight break after BEC. This my last section, so here's to all of us passing in one shot!December 20, 2016 at 10:10 am #1396946
Good luck to you JMG and congrats on the baby! It's not easy having a little one at home. I would try and knock out as many exams as you can while the baby is still young and doesn't require as much attention. My son will be 11 months soon and he's all over the place lol. Plus he's been waking up a lot in the middle of the night, which he never used to do. I've been up since 4am and it's hard to focus when you have to study in the evenings after working all day and taking care of a baby.December 20, 2016 at 12:10 pm #1397063
I plan to take reg on Jan 2017. I don't know which year's number I should use for personal exemption. 2015 or 2016? Thanks.December 20, 2016 at 12:54 pm #1397115
The books have 2016 numbers for indexed amountsDecember 20, 2016 at 1:04 pm #1397130
hey guys, going on attempt #5 with Reg. Yes, FML. all previous attempts i scored weaker on biz law and i noticed Ninja MCQ has 736 biz law questions which is like 40% of the test bank. does anyone actually recommend going through all 736?December 20, 2016 at 1:06 pm #1397132December 20, 2016 at 1:28 pm #1397157
@dtatham10 – 5th time better be a charm bc if i end up taking it for #6 in april, i won't know if i passed until august and i will lose BEC after april.
how are you studying this time? you prob feel like you know your stuff at this point… but what's so frustrating is the mix of questions they ask you…for me… attempt #3 i did comparable on mcq/weak SIMs. attempt #4, weak MCQ/strong SIMs. just can't get the right combo and pull it together!!December 20, 2016 at 1:49 pm #1397181
@claudia408 I feel like I've tried it all. My study material has been Becker, Ninja MCQ, and Gleim. I purchased Gleim the last 2 weeks of my last attempt solely for the SIMS. Everyone has raved on them and I can see why they are beneficial but the sims on my actual exam still managed to trip me up :/.
For this attempt I am working back through Becker chapter by chapter. I felt like its much more structured the Ninja, however I feel like Ninja does a good job at showing you where your weaknesses are with their detailed score report. I also purchased Becker flash cards (really trying anything at this point!) to glance at during dead periods of the day. Finally, I'll use Gleim primarily for my SIMS again. I'm not going to kill myself with studying–I burnt myself out my last attempt. I need a functioning brain this time for the exam lol.
How have your first 4 attempts been? Are you scoring close to passing?December 20, 2016 at 1:58 pm #1397189
@dtatham10 – my scores were all pretty much the same: 67,66,65,67… final scores are all similar but the breakdown is totally different. finally got over the SIM hump getting stronger last attempt, but bombed MCQ. what they ask really is luck of the draw, at least for me. it sounds like it is for you too, they are bound to ask the right mix of questions at some point!? lol.
this attempt gonna keep hammering weak areas, dissecting the questions and not worry about how many i go through versus trying to pick up on the concept and what they are asking.December 20, 2016 at 2:01 pm #1397195
@claudia408 I got up to around 600-700 of the Blaw done in two weeks, but I decided to work the MCQs first because I couldn't stand reading through the material in the book (beyond boring). If you don't have time to do all of them, I'd suggest breaking it down to sub-sections and just focusing on your weaker areas.December 20, 2016 at 2:03 pm #1397201
@claudia408 honestly part of my strategy every time for these REG exams is just getting lucky with the questions lol. But looks like we are consistent with our scores mine are..71,74,72,71…this last one was the first time I have done poorly on the mcq's. Like I said before, I think I am just killing my brain with all this studying. I'm trying to walk a fine line between studying enough and not overdoing it.December 20, 2016 at 2:26 pm #1397232
Guys I am getting scared with those patterns!December 20, 2016 at 6:56 pm #1397516
I'm surprised that you saw my post. So what do you think are your struggles with REG? Is it retention or application? I only suggest the notes because my coworker took REG 4 times and she ended up using the notes (though I don't know if that's the reason she passed). Also, we both had to find our own ways to memorize REG text.December 20, 2016 at 7:33 pm #1397532
@hasy – I think using notes or creating your on very well resumed notes (mnemonics and tables that sort of things) and re writing them at east 3 times a week help a lot. I did that for BEC and AUD and passed the first time around. With REG I had so much stuff going on that I passed on that and I regret it since I got a 72. But I guess that is personal to each person. To me it does work.December 20, 2016 at 8:39 pm #1397570
@hasy I'm not sure I can pinpoint what the reason is. For one, there is so much material it's hard for me know where to put my focus. I fail, step back and try to find my weaknesses–focus all my attention in that one area then fail again and this time its in a new area so I focus on that area…so it's just a vicious cycle.
@aatoural that's discipline there is no way I could retype my notes 3 times a week–I would go absolutely crazy. My notes that I started from scratch last retake ended up being around 1,500 lines on excel. One thing I did do in my first attempt at REG was memorized a ton of mnemonics. I would write them down probably close to 100 times a day while I was at work. It has basically stuck with me since–so adjustments to gross income, itemized deductions, AMT, etc. I have down pat. There are just a ton of little topics which jumble in my brain.December 20, 2016 at 8:45 pm #1397574
TealParticipantDecember 20, 2016 at 8:55 pm #1397576
@teal 2nd quarter 2017 is when they release the new formatted exams. Because of this change the AICPA has extended the score release schedule to 10 weeks! It's ridiculous!December 20, 2016 at 9:11 pm #1397588
First attempt at REG 1/18. Hoping one and done but if history likes to repeat itself I'll be at it a little bit longer. Fortunate to have the week off work and extremely jealous of those who have the opportunity to study full time.
Reviewing all my notes, adding the little tidbits I missed the first time around, going back through all my handwritten flashcards and hitting the MCQs and Sims.
Feeling like there is still so much I need to cement.
Wishing everyone lots of luck. Let's crush Q1!December 20, 2016 at 9:21 pm #1397598
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