Ahead of Schedule + Moving along in REG

22 Oct 2013


Brent is a NINJA CPA Blogger.

I am moving along ahead of schedule and will have two weeks before my scheduled exam for a final review of the material. The study process I have implemented for this exam is the same that I used for prior exams.

After completing a chapter in my review materials, I work the multiple choice questions and print the ones that contain helpful information or ones for which I answered incorrectly. Then I mark the printed questions with their corresponding chapter number and set them aside for later review.

When I go over the problems for the second time, usually the next day, I place a check mark at the bottom indicating to me that I have reviewed it for a second time and feel that I know it. However, if I answer the problem incorrectly for the second time or if I feel that it warrants additional attention, I mark it with an X and place it on top of the problems marked with a check so I know that it will need to be reviewed during my final review.

Working the multiple choice questions and reviewing the explanation for the right and wrong answers is where I seem to learn and retain most of the information.

The business law chapters have surprisingly been enjoyable and provided me new information that I was unaware of. This section has been my rest stop to use a review of all the information I have covered thus far.

I have narrowed down the areas that I will need to focus greater attention which include: The treatment of IRA distributions and withdrawals for the various types of IRAs, mom & pop exception for real estate passive activity losses, individual and corporate AMT calculations, corporate earnings and profit relating to liquidating and non-liquidating distributions of property, corporate dividends received deduction, and lastly the calculations for basis, realized and recognized gains and losses for the distribution of assets to shareholders.

At this point in my coverage of the material, I am feeling more confident with my overall knowledge compared to that of prior exams. The section on individual taxation will be a strong area for me since individual taxation is a large portion of the work we do.

Corporate and partnership taxation will be an essential area that I will need to strengthen my knowledge in and I have already identified my weak areas. My plans for the weekend are to take a progress test and go back over questions for a second time. I encourage everyone out there studying to keep up all the hard work. It will pay off!

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