Read this post for a general overview on how to pass any section of the CPA Exam.
However, because each section is different. We need to go over some section-specific information.
REG is comprised of Taxation+ Ethics + Business Law. It’s no walk in the park…not even for Tax folks.
The taxation part is made up of Individual, C & S Corporation, Partnerships, Property, Trust & Estate Taxation.
There really isn’t plenty remarkable things to note for REG. Just follow your review course recommendations and master as many of the topics are you can.
Be sure to keep an eye out for Estates and Trusts. Don’t sleep on it. 🙂
Business law is supposed to be the easier and least tested part. But as you’ll find on the exam, there’s no such thing. Business Law can be your undoing if you fail to accord it the respect it deserves.
Note 1: It can appear way more than they say it does.
Note 2: It can be more challenging than it looks.
So devote ample time to mastering that part.
I found REGs TBS Research questions to have the potential to be the most challenging. There’s a chance that you’ll get an easy question whereby you can search the keyword in the question, just like in FAR.
But that wasn’t the case for me. During my REG exam, the research question(s) I got required me to understand what topic they were referring to in the question.
No keyword in the question would have helped me arrive at the correct answer.
So I had to construct my own keywords to search….in the TAX CODE.
When the search results appear, you’ll have to discern from the tax code which subsection contains the exact answer they want. There can be some ambiguity here.
For example, you might get a question that says,” In year 2, Amazon, Inc. sold one of its stock investments and realized a loss. What code section and subsection provide the authority regarding the treatment by corporate taxpayers of this realized loss?”
You’d have to search for terms like “Capital Assets”, “Limitation on capital losses”, “Corporation losses”, etc
Just know it can be easy or hard. It’s down to the luck of the draw on any given Test-Day.
So be ready for either scenario.