Joined: 19 Jan 2012 Location: United States
Online Status: Offline Posts: 14
Posted: 19 Jan 2012 at 02:08 | IP Logged
I am currently preparing for my CPA REG exam and has
encounter has problem that I was hoping you might be able
to help me with.
When it comes to IRC research tool, what is the most
efficient way to utilize the research tool or if you have
any tips on how to make the research easier?
Sample Question: Due to economic downturn, a partnership
is anticipating huge losses over the next 2 years. The
partners are concerned about their ability ti deduct
those losses. Find the code section and subsection that
addresses this concern.
- What should I enter in the research section? (i.e
losses deduction or operating loss?)
- How does IRC arrange its sections and subsection,
should I be familiar with it?
I would really appreciate it if you have help me
regarding to this question.
Thank you very much!
Joined: 05 Sep 2011 Location: United States
Online Status: Offline Posts: 55
Posted: 20 Jan 2012 at 12:27 | IP Logged
Yeah, try jazzchic's approach. You really have to do TWO searches to find your answer. First search for partnership loss(es). This is the first layer that you need to peel off. You will get a list of results (hyperlinks). Next use another key word like duduction or duductible or something like that, but this time hit the "Search Within" button. Usually this method will save you ALOT of time. I didn't know this strategy for my FAR or AUD and it was difficult finding the codes. During my first attempt at REG, I discovered the "Search Within" function(step 2) and nailed my research question right away. Prior to this, I was struggling on almost every research question with Becker. Then, for my 2nd attempt at REG, the research questions were a piece of cake for me and the same thing during my 2nd attempt at REG, I found my code section in under 30 seconds!
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