This module, which contains questions and answers regarding enrolled agent topics covered in the EA exam. Get the EA exam preparation you need.
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These flashcards will cover these topics:
A. Partnerships – contribution of property, pass-through entity, calculation of partner’s basis, services rendered, changes in liabilities, organizational expenditures, partnership losses, transactions outside capacity as partner, sale of partnership interest, substantially appreciated inventory, guaranteed payments, partner distributions, tax basis upon nonliquidating distribution, tax basis upon liquidating distribution, termination of partnership interest.
B. Depreciation and Amortization – depreciable property, MACRS, classes of personal property, classes of real property, date placed in service, depreciation conventions, Section 179, Section 197, depletion.
C. Sales and Exchanges – principal residence, involuntary conversions, replacement property, related taxpayers, like kind property, installment method.
D. Security Transactions – wash sales, short sales, selling short against the box, tax shelters, at-risk limitations, passive activity loss limitations, qualified small business stock.
E. Other Topics - cash method vs. accrual method, constructive receipt, uniform capitalization rules, establishment and types of accounting periods.
F. Taxable Income, Computations, Credits and Penalties – determination of taxable income, book to tax, limitations on corporate charitable contributions, goodwill, organizational costs, bad debts, warranty costs, meals and entertainment, casualty losses, interest expense, R&D costs, business gifts, taxes, life insurance premiums, foreign tax credit, tax filing process.
G. AMT, NOL, AET, PHC and ACE – PHC penalty tax, two requirements of PHC, accumulated earnings, affiliated group, dividend received deduction, controlled group, estimated tax payments, corporate AMT, ACE adjustment, NOL rules.
H. Contributions, Distributions, Liquidations and Reorganizations – stock distributions, corporate reorganizations, complete liquidations, money/property distributions, nonliquidating distribution, stock redemptions, capital contributions, property contributions.
I. S. Corporations – eligibility requirements, allowable trusts, qualified subchapter S subsidiary, election of S status, termination of S status, characteristics of an S corporation, determination of shareholder’s basis, S corporation distributions, built-in gains, LIFO recapture, excess passive income, tax reporting period. |
