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The explanation states that "R&D expense does not include:" and includes 4 bullet points. My first response to each of the "not" definitions is by trying to classify it where it should go. Routine repairs and maintenance and even improvements are classified as Repairs and maintenance or even capitalized as asset improvements in PP&E. Legal fees when successfully defending an intangible asset are capitalized as an intangible asset. where is market research expense? (cost of sales?) Computer Software that is developed internally is capitalized as an intangible asset. PLEASE correct me if I am wrong.
Just received the results, and I passed REG with a score of 91. For this exam I relied even more heavily on CPA review for Free because my study guide did not have the new tax reform changes (I did not want to purchase an updated version). The difficulty level of the questions on the site is very comparable to the exam. And the simulations are a plus. Thank you again for providing this affordable resource. I have BEC left and will attempt this sometime this summer.