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  • in reply to: AUD Study Group #2548407
    Boardmangetspaid91
    Participant

    Hi all

    Its going to be my first time taking AUD (no experience in this area) and want to take it in 5 weeks. Lately Ive been thinking it might be best to study by taking sets of 10 or 20 mcq as open book tests. I am using a wiley book and printing out the MCQ that they have in the back. Ill answer like its a normal quiz but I have no clue I will look for detail in the applicable chapter. Has anyone ever tried this? Going through the book without seeing the questions first will put me to bed and jumping blindly into MCQ can be defeating.Hoping this method will help me better grasp the material before I jump heavily into MCCQ/Sims.

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 81
    REG 81 7/2019

    BEC TBD 12/2019

    AUD TBD 9/2019

    FAR TBD 10/2019

    in reply to: REG Study Group #2522298
    Boardmangetspaid91
    Participant

    Been hammering MCQ but don't feel like Im progressing much. need advice as my retake is in a couple of days!

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 81
    REG 81 7/2019

    BEC TBD 12/2019

    AUD TBD 9/2019

    FAR TBD 10/2019

    in reply to: REG Study Group #2519337
    Boardmangetspaid91
    Participant

    @krstnam what are you average in Gleim right now? im at 61% not sure if it means im not ready or that its just really hard. I got a 73 when I took it a couple weeks ago. Still don't feel like im as prepared when I walked into that exam especially with these low gleim scores

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 81
    REG 81 7/2019

    BEC TBD 12/2019

    AUD TBD 9/2019

    FAR TBD 10/2019

    in reply to: REG Study Group #2518668
    Boardmangetspaid91
    Participant

    Working problems in gleim seem a bit more difficult than other cpa banks anyone else have the same experience? Getting 80s in old test bank but 60s in gleim. its frustrating

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 81
    REG 81 7/2019

    BEC TBD 12/2019

    AUD TBD 9/2019

    FAR TBD 10/2019

    in reply to: REG Study Group #2496171
    Boardmangetspaid91
    Participant

    Goal is to retake Reg the first week of July as I think much of it is still fresh in my head. I've done about 75 cumulative questions after reseting my stats and Im trending at an 82 and averaging 76.(small sample size) Should I get another test bank or use the same one? I am currently using Surgent and after doing those 75 questions Im already back at the review phase. Thoughts? Anyone else giving themselves little time before a retake?

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 81
    REG 81 7/2019

    BEC TBD 12/2019

    AUD TBD 9/2019

    FAR TBD 10/2019

    in reply to: REG Study Group #2487228
    Boardmangetspaid91
    Participant

    Just found out I failed REG with a 73…. Thoughts on retaking in early July? Giving myself 2 weeks to study

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 81
    REG 81 7/2019

    BEC TBD 12/2019

    AUD TBD 9/2019

    FAR TBD 10/2019

    in reply to: REG Study Group #2171359
    Boardmangetspaid91
    Participant

    Doing a little power weekend. Feel free to join! Will be studying the majority of today and tomorrow. Trying to get my trending score in the 70s before tomorrow night. Currently trending 61%

    Working through MCQs in Business Tax and Blaw as my main focus for today.

    Saturday goal:

    100 MCQ in Business Tax

    100 Blaw

    50 Cumulative questions

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 81
    REG 81 7/2019

    BEC TBD 12/2019

    AUD TBD 9/2019

    FAR TBD 10/2019

    in reply to: REG Study Group #2165164
    Boardmangetspaid91
    Participant

    @Busiest this is a post from @Tax Lady back in 2014 I think it would be very beneficial for all of us.

    1) Non-liquidating – Corps.
    Shareholder basis = AB (adj basis) of property transferred
    + gain recognized (only if less than 80% ownership)
    – boot rec'd (such as assumption of a liab.)
    = shareholder basis
    **if shareholders have 80% control after a property transfer, no taxable event occurs
    **if liability exceeds basis on contributed property to corp. then gain is recognized
    **a non-liquidating distribution of a corp will reduce the retained earnings of the corp and are taxable as a dividend to the shareholder if E&P exists. (current E&P); distribution of accumulated E&P is a return of basis and distribution of any remainder is a capital gain.
    2) Liquidating Dist. – Corps
    Property distributed uses FMV, not AB
    If a corp distributes property with a FMV below basis, there is no loss
    If a corp distributes appreciated property that is capital in nature, then it's a capital gain to the corp
    If a corp distributes appreciated property that is non capital, then it's ordinary income
    3) Non-liquidating partnership distributions
    -property exchanged for a partnership interest has no gain/loss unless the property has a liability attached that exceeds basis, then a capital gain is recognized by the partner (which also increases their basis)
    -again property is valued using partner's adj. basis
    -If a partner exchanges his services in exchange for a partnership interest, then it is taxable to the partner (FMV of service * p-ship interest); Also, if partner receives assets instead of cash for payment, then use FMV of assets to determine amount of income to partner
    -a partner that purchases his p-ship interest uses the amount of purchase as his basis and if a p-ship interest is gifted to a partner, then use the gift basis rules
    – guaranteed payments do not affect p-ship basis
    -liabilities taken on by p-ship from the partner, decrease the partner's basis, but will increase their basis by their percentage of the amount of debt
    4) Liquidating distributions for a p-ship
    -property distributions take basis to zero, never below
    -liquidating dist. are the only way a loss can occur
    -things that cause a loss: Cash, or hot assets
    -hot assets = unrealized receivable, and appreciated inventories and these cause an ordinary loss

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 81
    REG 81 7/2019

    BEC TBD 12/2019

    AUD TBD 9/2019

    FAR TBD 10/2019

Viewing 8 replies - 1 through 8 (of 8 total)