I came across this pic and want to learn how to do this effect, but cannot find anything on how to accomplish this. If anyone here could please help me I would be greatful.

I see a few people have looked, but noone has offered any advice. Is it the effect, or is it me? Just curious........

You're obviously not the patient kind, are you? ;)

Since no one has given any hint yet, I'll be glad to do so:

Create a layer mask, use an artistic brush to create the border of the torn paper. Mask the part where it's supposed to be torn away. Drag the underlying image in a new layer underneath the picture. Now CTRL click the layer mask from above, select/modify/border and make a border of approx. 10 pixels. Fill the selection with white. Now the only thing left to do is to paint the part where it's supposed to show white (the backside of the image flipped to the front).

There you go ;)

I think the way I would do it would be to tear a plain piece of paper and photograph that, then use that as another layer in the image, suitably masked.

P.S. When you post a "how do I do this" request, and people look at it, many of them then go away to play with Photoshop and see if they can work out how to do it. Many of them also have to work/raise their families/sleep in this period too (depending on lifestyle and timezone), so you can't really expect a detailed how-to breakdown in less than four hours.