CPA REG Exam-"Best Bets" by Darius Clark-CPAexamTutoring.com

If you are taking REG in the next few day, here are some of my "Best Bets" on taxation topics that will be tested from Corporate Tax, Individual Tax, Property. Partnerships etc. The CPA REG Exam requires a candidate to understand Individual Taxation topics such as dividends, interest, capital gains, Schedule C sole proprietorship income, wages, workers compensation, unemployment, social security, and deductions to arrive at AGI and itemized deductions. Partnerships Tax is also tested and to pass the CPA REG exam, candidates need to be familiar with partnership distributions both liquidating and non-liquidating, basis of partner, K-1 to 1040 items such as separately stated items. S Corporations are also tested in REG and the formation, taxation, distribution of S Corp income is also required before you meet the AICPA at your local NASBA sponsored Prometric Center. C Corporations are also in the REG blueprint and could be tested in multiple choice and simulation. Topics such as dividend received deduction, charitable contributions, distributions, M-1 reconciliation are often exam favorites. Property taxation topics such as like kind exchanges and depreciation are also tested. Business law subjects such as contracts, secured transaction terms like attachment and perfection, bankruptcy, agency and surety also could be on your test. Don't forget about ethics and tax preparer penalties. Other Taxation terms and topics likely for simulation and multiple choice include earnings and profits, suspended losses, passive losses, Section 1231, Section 1245, Section 1250, Qualified business income and deductions, tax basis, stock basis, depreciation recapture, ordinary loss, half- year convention, mid-month convention, authoritative literature, multi jurisdictional tax, credits, foreign tax, American Opportunity, Lifetime Learning, General Business, Earned Income, liquidation, 80% rule, AGI, Circular 230, Child Care Credit, Dependent Care Credit, Family Tax Credit, at-risk, recourse debt, non-recourse debt, Section 199a, gifts, related party transactions, inheritances, alternate valuation date, wages, payroll taxes, meals and entertainment, cash basis, accrual basis, health insurance, health savings account, IRA, Roth IRA, Education IRA, Section 529 college savings plan, 401K, retirement, FICA, social security and Medicare, cancellation of debt, gambling winnings, gambling losses, adjustments, moving expenses, accuracy related penalty, reasonable basis, disclosed position, tax court, appeals, district court, federal claims, net operating loss deduction, apportionment, state and local taxes, built-in gain, built-in loss, mortgage, boot, amount realized, recognized gain, cost, fair value, services, proceeds, adjusted basis, life insurance, tax exempt, warranty, holding period, active participation, rental, goodwill, installment, treasury stock, limit, Schedule K and K-1, debtor, creditor, separately stated, non-separately stated, conveyance, salary, Section 179, bonus depreciation, charitable contributions, casualty loss, refundable credit, non-refundable credit, phase-out, Alimony, SEP, Education credits, saver's credit, disability, energy credit, adoption, residential energy, filing status, dependent, kiddie tax, annuity, self-employed, termination, eligibility, organization and start-up, accumulated earnings tax, personal holding tax, stock redemptions, parent-subsidiary, controlled groups, affiliated groups, consolidated tax return, uniform capitalization, primary residence, involuntary conversion, wash sales, collectibles, Obamacare, negligence, fraud, legal liability, constructive fraud, gross negligence, estate, estimated taxes, licensure, disciplinary actions, tax avoidance, tax evasion, research, audit selection process, statute of limitations, trusts, DNI, employee stock options, sales tax, nexus, jurisdiction, U.S. source income, foreign source, sale of goods, contract breach, remedy, specific performance, liquidated damages, compensatory damages, punitive damages, limited liability, attachment and perfection, corporation, company, secured claims, unsecured claims, priority, preferential transfer, tax planning, tax practitioner, preparer, Taxpayer First Act, Secure Act, Cares Act, American rescue plan of 2021, fringe benefits, qualified improvement property, primary residence, principal, interest, employees, tuition, medical expense, real estate taxes, personal property tax, ad-valorem, work opportunity credit, family and medical leave, business structures, small business stock section 1244, redemptions, re-organization, sale, pass-through, flow through