Expanded study bank
This course currently includes 500 study questions for Part 2: Businesses, with explanations, topic labels, difficulty labels, and review metadata.
Last reviewed: May 30, 2026. Tax year covered: Current IRS SEE cycle; verify current tax-year dollar limits before testing.
Tax rules, limits, forms, fees, and exam logistics can change. Always verify current tax-year limits, exam fees, scheduling rules, and identification requirements with official IRS and PSI sources before testing.
Business Entities and Tax Considerations
Compare tax treatment for sole proprietorships, partnerships, corporations, S corporations, LLCs, trusts, estates, and exempt organizations.
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Take quizSole Proprietorships
Report business income and expenses, self-employment tax, home office, vehicle use, and Schedule C issues.
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Take quizPartnerships
Apply partnership formation, income allocation, guaranteed payments, basis, liabilities, distributions, and partner reporting rules.
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Take quizCorporations
Analyze C corporation income, deductions, dividends, earnings and profits, tax payments, and return filing requirements.
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Take quizS Corporations
Apply eligibility, elections, shareholder basis, reasonable compensation, distributions, losses, and termination rules.
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Take quizLLC Tax Classification
Determine default and elected classification for single-member and multi-member LLCs.
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Take quizBusiness Income and Expenses
Classify ordinary and necessary business expenses, capitalization, meals, travel, interest, bad debts, and limitations.
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Take quizDepreciation, Amortization, and Section 179
Apply cost recovery concepts, placed-in-service rules, listed property, Section 179, bonus depreciation, and amortization.
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Take quizPayroll and Employment Taxes
Identify worker classification, withholding, deposits, Forms 940 and 941, FUTA, FICA, and employment-tax penalties.
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Take quizBusiness Credits
Recognize common business credits, eligibility limits, carrybacks, carryforwards, and documentation requirements.
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Take quizAccounting Methods and Periods
Apply cash/accrual concepts, inventory rules, accounting periods, and method-change procedures.
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Take quizBasis, Distributions, and Loss Limitations
Compute basis and loss limits for entities, including at-risk, passive activity, stock, debt, and partnership basis concepts.
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Take quizFarm Taxation
Recognize farm income, expenses, inventories, depreciation, special elections, and estimated-tax rules.
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Take quizEstates and Trusts
Understand fiduciary income-tax concepts, DNI, distributions, beneficiaries, and filing obligations at an exam level.
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Take quizExempt Organizations
Identify exempt organization filing, unrelated business income, private benefit, and compliance issues.
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Take quizRetirement Plans
Recognize business retirement plan deductions, contribution timing, plan types, and employer responsibilities.
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Take quizInternational Business Issues
Identify business-related foreign reporting, withholding, sourcing, and entity issues at an exam level.
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Take quizFinal Review and Practice Exams
Review mixed business scenarios, entity comparison, basis, timing, and calculation traps.
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