Chapter 3 – Federal Taxation of Property Transactions

We hope your studies are going well and you are in a good rhythm with the BOOST outlines/videos and completing the multiple choice and simulations (yes, rhythm is the word of the year). You are probably overwhelmed by the quantity of information (because it is natural to feel that way) but, as we have said before, you must take this step-by-step!

Related to retaining the material, we hope around the end of your studies for Chapter 2 of BOOST, you took a practice test on the previous material to provide you feedback regarding how well you understand this material and are retaining it (remember, if you are not retaining it, you need to consider changing your study plan).

Also, you should be placing into memory a subsection of the BOOST outlines. This process may involve reading the outlines or creating a subsection of the outlines that you read over and over again, creating your own flash cards, or something else (Creating flashcards is NOT recommended given the time it takes to prepare them and the significant amount of information on the CPA exam. Overall, you MUST memorize the important rules but hopefully you have another approach to do this). The key is that your approach to placing this information in your memory should be efficient (i.e., not taking too much time to adapt our outlines-some students spend too much time just taking notes) and effective (i.e., seeing in the practice tests that you are scoring well).

At this point in the regulation BOOST program, we are moving from taxation of individuals to taxation of property transactions. You will see an increase in the overall difficulty of this material compared to Chapters 1 and 2 of BOOST. So, please keep this in mind, DO NOT rush through this material, and take your time to understand it. Just take it step-by-step! Remember, an additional week of study (if needed) will be well worth it if the additional time is the difference between passing and failing the regulation section of the CPA exam!

Also, when you are close to completing Chapter 3 of BOOST, you should take a practice test (with only multiple choice) for the content noted on page one or two of the document with content comparisons of BOOST and Becker, Roger, and Wiley CPAexcel. This practice test will help you determine how much of the Chapters 1 and 2 BOOST information you have retained and how well you have integrated the various topics in Chapters 1 and 2. You should review your notes (which are a subsection of the BOOST outlines) periodically during the week to keep this information fresh in your mind. 

Good luck as you begin your studies of Chapter 3! Some of the page numbers in the videos are not the same as the page numbers in the BOOST textbook. Please use the page numbers in the BOOST textbook. Remember, please contact BOOST CPA Review by email if you have any questions as you work through Chapter 3.

AFTER WATCHING EACH VIDEO BELOW, please complete the appropriate multiple choice and simulations related to each of these videos. Please refer to the document with content comparisons of BOOST and Becker, Roger, or Wiley CPAexcel to determine which multiple choice and simulations to complete.

Here are the four lecture videos for Chapter 3 of BOOST. GOOD LUCK!