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  • Enrolled Agent Exam [Part 2] 25, S Corporation — Eligibility and Election (Form 2553)

    Enrolled Agent Exam [Part 2] 25, S Corporation — Eligibility and Election (Form 2553)
    2026/05/22
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - An S corp must be a domestic entity with no more than 100 shareholders, counting all members of a family as a single shareholder. - Only U.S. individuals, estates, and certain trusts are eligible shareholders; corporations, partnerships, and non-resident aliens are prohibited. - S corporations can only have one class of stock, which means identical rights to distributions and liquidations, though differences in voting rights are permitted. - The S corp election on Form 2553 must be filed by the 15th day of the third month of the tax year to be effective for that year, and requires unanimous shareholder consent. - Relief for a late election is available under Revenue Procedure 2013-30 if there was reasonable cause for the failure to file on time. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 分
  • Enrolled Agent Exam [Part 2] 24, C Corp Liquidation — §331 and §336

    Enrolled Agent Exam [Part 2] 24, C Corp Liquidation — §331 and §336
    2026/05/21
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How shareholders calculate capital gain or loss on a complete liquidation under §331. - How corporations recognize gain or loss on distributed property as if sold at FMV under §336. - Why C Corp liquidations result in a double tax, hitting both the corporation and the shareholder. - The critical exam distinction between liquidating distributions (gains and losses recognized) and non-liquidating distributions (gains only). - How liabilities assumed by a shareholder affect the gain/loss calculation for both the shareholder and the corporation. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 分
  • Enrolled Agent Exam [Part 2] 23, C Corp Distributions — Dividends, ROC, Capital Gain

    Enrolled Agent Exam [Part 2] 23, C Corp Distributions — Dividends, ROC, Capital Gain
    2026/05/20
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The three-tier system for C Corp distributions: Dividend, Return of Capital, and Capital Gain. - The critical ordering rule for applying current and accumulated Earnings & Profits (E&P). - How to handle distributions when current E&P is positive but accumulated E&P is negative. - The correct tax treatment when current E&P is negative, requiring proration against positive accumulated E&P. - The "D-R-C" mnemonic to remember the distribution characterization sequence for the exam. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    4 分
  • Enrolled Agent Exam [Part 2] 22, Section 1202 Qualified Small Business Stock

    Enrolled Agent Exam [Part 2] 22, Section 1202 Qualified Small Business Stock
    2026/05/19
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The five critical requirements for stock to qualify as QSBS: C-Corp, original issuance, under $50M in assets, active business, and a 5-year holding period. - How to calculate the maximum gain exclusion, which is limited to the greater of $10 million or 10 times the stock's basis. - Common exam traps such as S-Corp stock, secondary market purchases, and significant stock redemptions. - Which types of businesses, like specific professional services, are excluded under the 'active business' requirement. - How the stock's acquisition date determines the gain exclusion percentage, which can be 50%, 75%, or 100%.
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    3 分
  • Enrolled Agent Exam [Part 2] 21, Corporate Net Operating Losses — Post-TCJA Rules

    Enrolled Agent Exam [Part 2] 21, Corporate Net Operating Losses — Post-TCJA Rules
    2026/05/18
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Post-2017 corporate NOLs are carried forward indefinitely but generally cannot be carried back. - The NOL deduction is limited to 80% of taxable income, calculated before the NOL deduction itself. - Pre-2018 NOLs are used first and are not subject to the 80% taxable income limitation. - Exam questions often create scenarios with both pre-2018 and post-2017 NOLs to test ordering rules. - Exceptions to the no-carryback rule exist for specific entities like certain farms and non-life insurance companies. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    4 分
  • Enrolled Agent Exam [Part 2] 20, Corporate Alternative Minimum Tax (CAMT)

    Enrolled Agent Exam [Part 2] 20, Corporate Alternative Minimum Tax (CAMT)
    2026/05/17
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The CAMT applies only to corporations with an average annual adjusted financial statement income (AFSI) over $1 billion for a three-year period. - The tax is calculated as 15% of AFSI, which begins with book income from financial statements, not regular taxable income. - A corporation's final tax liability is the greater of its regular tax liability or the tentative minimum tax calculated under the CAMT. - A common exam trap is using a corporation's taxable income as the base for the 15% CAMT calculation instead of its adjusted financial statement income. - Paying the CAMT generates a tax credit that can be carried forward indefinitely to reduce the corporation's regular tax liability in future years. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    1 分
  • Enrolled Agent Exam [Part 2] 19, Accumulated Earnings Tax and PHC Tax

    Enrolled Agent Exam [Part 2] 19, Accumulated Earnings Tax and PHC Tax
    2026/05/16
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The Accumulated Earnings Tax is a 20% penalty on C-corps retaining earnings beyond reasonable business needs, with a minimum credit of $250,000 ($150,000 for PSCs). - The Personal Holding Company (PHC) Tax is a 20% penalty on certain C-corps that meet both a 60% passive income test and a 50% ownership test by five or fewer individuals. - A common exam trap is identifying what constitutes 'reasonable business needs' for the AET; vague or indefinite plans for expansion do not qualify. - The PHC tax rules are based on objective income and ownership tests, whereas the AET involves subjective intent to avoid shareholder taxes. - A corporation cannot be subject to both taxes in the same year; the PHC tax takes priority if the corporation meets the criteria for both. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 分
  • Enrolled Agent Exam [Part 2] 18, Dividends-Received Deduction (DRD)

    Enrolled Agent Exam [Part 2] 18, Dividends-Received Deduction (DRD)
    2026/05/15
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The Dividends-Received Deduction (DRD) is exclusively for C corporations to mitigate triple taxation on dividends. - DRD percentages are set at 50%, 65%, or 100%, depending on the recipient corporation's ownership stake. - A critical exam trap is the taxable income limitation, which is waived if the full DRD creates or increases a Net Operating Loss (NOL). - To qualify, stock must be held for more than 45 days within a specific 91-day window around the ex-dividend date. - The DRD is reduced for dividends received from stock that was purchased with borrowed funds (debt-financed portfolio stock). For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 分