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Rental Property – Property received as a gift Carl's father deeded him 400 acres of land. The fair market value (FMV) on the date of the transfer was $350,000. His father had paid $40,000 for the land. No gift tax was paid on the transfer. When Carl's father died six months later, the fair market value was $400,000. What is Carl's basis in the 400 acres?
Identify the item below that is not considered practice before the IRS:
Bob Bold was a full-time long-haul trucker. He bought a used high-end rig this year for $110,000. The gross weight was 80,000 pounds. What form does he use to report the highway use taxes on this rig to the IRS?
In the current year, Nick’s van broke down and needed too many repairs to justify the costs. He worked with a local dealership to purchase a new one, because without the van, he could not work. The dealership convinced him to use his IRA as security. Which of the following situations pertain to Nick (age 38)?
Mike is an enrolled agent. Widget, Inc. is an accrual basis taxpayer. while preparing Widget's current year return, Mike discovered that Widget failed to include income that Widget received in the current year, but that should have been included in income last year under the accrual method of accounting. What must Mike do?
Vera Roberts worked as a Registered Nurse in a rehabilitation facility. In June of 2021, Vera contracted COVID-19 and took three weeks off to recover under the Emergency Paid Sick Leave Act. During that time, her employer paid her wages. Her employer will be exempt from paying and withholding a portion of, which of the following payroll taxes relating to her sick time pay?
Disputes involving what areas of taxation may not be resolved in the United States Tax Court?
You incurred the following expenditures in connection with your rental property. Which of them should be capitalized?
What is the due date for Form 1041?
Nate, a calendar year taxpayer, filed his federal income tax return, with a refund due, for tax year 2019 on April 1, 2020. The last day to timely file a claim for refund with respect to that return is:
Oahu Industries, an up and coming business, is trying to determine whether or not they would qualify for the Small Business Health Care Tax Credit. There are currently 30 full time employees working there; there are no part-timers. The average employee salary is $40,000. Additionally, Oahu Industries offers to pay 60% of the premium costs for their offered health care, which comes from the SHOP marketplace. With the information known, would Oahu industries qualify for this credit?
A practitioner who is suspended for 2 years may seek reinstatement after:
Mr. Kotter, a married teacher, has the following income and expenses in 2021: $45,000 Salary + $500 Educator expenses + $1,500 Student loan interest paid + $500 Cash charitable contributions What is their Adjusted Gross Income (AGI) if Mrs. Kotter had no income or expenses?
Angeline designs high-end jewelry. Joe, her favorite client ordered a custom diamond-platinum tiara for his wife’s birthday. Angeline told him it would cost him $78,000. Joe didn’t bat an eye and brought her the briefcase full of cash the very next day. When Angeline receives this much cash, what is her immediate responsibility to the IRS?
The Portability of Deceased Spousal Unused Exclusion (DSUE) provides a way for estates to elect to transfer any unused exclusion to the surviving spouse. IF elected, a Form 706 must be filed, even if the estate is below the basic unified exclusion amount in the year of death (currently, well over $10 million dollars). All the scenarios below would disqualify a DSUE election, except:
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“I hope this email finds you well. Today I passed the last exam from the three series, and I want to thank you for the knowledge you passed on to me.

I hope you remember every day all the good you do and how it replicates through your course. I will probably not remember a lot of specific information, such as a form number or a particular IRS penalty amount, and I am okay with that because I can always look that up.

However, I will never forget one of the stories you told:
“Take care of your clients. I have taken clients for up to three and not charging them until they get on their feet” that’s what my family would call “tzedakah.”

Tax preparation is not your primary teaching. Kindness is. Thank you for acting kosher and passing on that good energy and education, which I think will create a ripple effect of kindness among your students and their clients and so on.

Victor Gersten


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