[Determined24]

@Han I am wondering if after going through the material a months worth of mcq and SIM practice in Becker is enough to pass; I don't want to push my exam back anymore but I am wondering if one month is enough. How long did your practice phase last?

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[Determined24]

Anyone here passed FAR with With Wiley and Ninja?

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[Determined24]

Anyone already passed FAR; also using Wiley and Ninja ?

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[Determined24]

Hi Guys:

I am halfway through the material with FAR and I do not feel anything is sticking not to mention mcq not getting right. Can anyone who is even retaking offer me some advice on strategy, please.

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[Determined24]

Hi Guys I am starting FAR my last section (been waiting to type this for years). I do not like to get hung up on watching review videos and i would like to sit FAR before June; can I just use Ninja text and hammer the MCQs to get through FAR in 3 months?

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[Determined24]

Passed REG 88. Ninja is the best. Thanks Jeff because I was using one of the main review course that has been in the course provider business a much longer time and attempts REG with them 3 times it was not until I did your course in 3 weeks I came across concepts that I did not even understand before. Quality over quantity.

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[Determined24]

@Typical and @Hopefulfor75 Hi guys just checked my score 88 after 6 tries (I would not count the first 2) and tax is the toughest as an international student.

@Hopefulfor 75 you'll get it next time and for sure audit can be redone in that time I find it to be the easiest as an auditor.

@typical congrats and hope to meet you on the completion side soon.

PS: I think Ninja was what did it for me this time.

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[Determined24]

@ Typical @Hopefulfor75

Hi Guys how was it for you this time for you with the recent score release?

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[Determined24]

@reymundo03 Working on this question and decided to share for you. The answer figures are posted with the question in the test so I am assuming you need the workout.

The question starts with Net income per books. You would make the adjustment to it as follows:
Line 2. ($40,000): Book depreciation 200,000 less MACRS depreciation $224,000 PLUS Sec. 179 deduction 16,000 (both MACRS and SEC 179 can be taken for tax purposes. This is saying to arrive at Tax income you can deduct more depreciation if you had use MACRS plus SEC 179 but of course for book income have to follow GAAP or IFRS (not discussed in REG in FAR) that is why you ended up with this temporary difference.

Line 3. No adjustment for this $0. We do not deduct dividends from Net income either for tax nor book-it comes from Retained earnings adjustment for Sch M-2, not M1 or M3.

Line 4. For tax purposes, the company has enough Net income to suffice the 10% limit on charitable contributions for tax purposes so the #30,000 is fine-no adjustment needed. However, the 10000 needs to be put back into net income because though accrued it was not paid timely to be deducted on that year's return (have to wait until next year). This is how we knew “and paid on the extended tax return filing date” that means it got paid around October and tobe deducted on current year it have to be paid by March 15 if it is a calendar year Corp providing it was properly approved and accrued.

Line 5. The capital gains for book is different from tax reason being that the depreciation system used to calculate depreciation on the equipment before sale is different from the one used in tax. Book uses straight line while tax uses MACRs so the basis of the asset would be different if we were to recalculate the basis of the asset at the time of sale for tax purposes. This results in the difference in gain.

Line 6 For tax purposes capital losses are only deducted up to the amount of capital gain. For book purposes the corporation deducted $4000 plus $8000 of capital loss but it only has $7000 of gains; therefore to arrive at tax income then put back the $5000 extra of capital loss that they deducted in book income making it ok now for tax.

Line 7 This is not a related party because this shareholder does not own more than 50% stock. The shareholder in Line 5 is a related party because he owns more than 50% stock but while gains for related party can be recorded in the books for tax purposes the losses cannot. On the other hand this 25% shareholder, both the gains on losses can be recorded for tax purposes; so no adjustment needed.

Disclaimer: Please note that the attempt above at answering the question2 from Testlet 5 from the AICPA REG sample test in no way represent any official answers that might have been posted from AICPA nor directly linked to the material of any course providers. They are answer attempts from my personal recollection of knowledge gathered from studying various topics in pursuit of the CPA designation and shared with the intention of assisting fellow candidates in answering said question noted.

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[Determined24]

I am so worked up and stressing out about the rules under 1934 and 1933 and the rules for the different securities that are exempt from Registration under 1933…It's making me forget the other sections; I read the chapters but the MCQs just keep throwing me all over the place with the tricks; its just never straightforward. 🙁

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[Determined24]

@Typical haha if there is such a thing as being over prepared in REG I would be glad to have experienced it. My results from the last quarter said I am weaker in SIMs so you are right I should be doing SIMs.

All the best tomorrow.

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[Determined24]

Hi Guys
I am currently trending 80s on mcq both NINJA and Wiley. If I do 100 mcqs my score always comes up around 80s and I have been doing this for about 4 weeks in prep for a retake. I am so nervous to schedule. Should I go ahead and schedule now or practice some more. I am also tired and feel like I am forgetting little bits of information as I have been going at it for a while now; as I write I have refreshed and started over the course from ground zero as some sort of final review. This is my 3rd part to pass and I want to move to FAR next. Any advice?

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[Determined24]

Good luck to you guys too. @Hopefulfor75 was this your first take at REG?

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[Determined24]

I came here to discuss this QBI myself and see you guys are already on the topic @typical I don't feel it could be heavily tested I have read several articles on the topic and 3 different review courses I am seeing that potential users of the information themselves do not fully understand it. For example, I am seeing where there is a difference in the review courses in agreeing on what is classified as SSTB versus qualified trade or business. The most common is partnership interest…how would you classify this as SSTB or a qualified trade or business?
I agree with mastering what we know really well

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[Determined24]

@Hopefulfor75 I am using Wiley too failed so many times with it, and it keeps drawing me in due to their access until you pass with updates. However, now I am hoping to get through with NINJA.

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