Chapter 5 – Federal Taxation of S Corporations, Partnerships, and Limited Liability Companies
If you are studying full time, our hope is that you are studying 6 to 8 hours a day, 5 days a week. Remember, if you are planning to study seven weeks (full-time) for regulation, you should be working through the nine chapters in about five weeks and have about two weeks for final review. If you are studying part-time, you should be studying about 20 hours per week. Remember, these are just averages. The most important thing is not meeting these deadlines. THE MOST IMPORTANT THING IS LEARNING THE MATERIAL, RETAINING THE MATERIAL, AND APPLYING THE MATERIAL TO THE MULTIPLE CHOICE/SIMULATIONS AS YOU GO THROUGH THIS PROCESS!
Related to retaining the material, we hope around the end of your studies for Chapter 4 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).
Now to Chapter 5! Chapter 5 of BOOST covers some of the most difficult topics (i.e., S corporations and partnership) on the REG section of the CPA Exam. Please don't rush through this material and take your time to understand it. Remember, an additional week of studying (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!
Good luck as you begin your studies of Chapter 5! 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 5.
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 six videos for Chapter 5 of BOOST:
There is a page missing in the REG BOOST textbook at the end of Unit 5-3. Before starting Unit 5-3, please print the attached page and insert into the REG BOOST textbook after page 166. Missing Page
As noted at the end of the lecture for Unit 5-4, you should take some time to review the rules for C corporations, S corporations, and partnerships before moving forward. Given the importance of these topics, we have created a summary outline and related video lecture regarding the federal tax rules for C corporations, S corporations, and partnerships. Please download the following outline and watch the related video.