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Question ID: EA2 M2 019 (Topic: EA Part 2 Mock Exams) All of the following items would be included in the gross receipts of a business for a tax year except:

Question ID: EA2 M2 077 (Topic: EA Part 2 Mock Exams) All of the following types of lawsuit settlements are taxable except:

Question ID: EA2 M2 079 (Topic: EA Part 2 Mock Exams) Goodie Software, Inc. has 260 employees. The company pays supplemental wages to its employees. Which of the following types of compensation would NOT be included on the employee’s Form W-2?

Question ID: EA2 M2 024 (Topic: EA Part 2 Mock Exams) What is the federal income tax rate for a C corporation?

Question ID: EA2 M2 030 (Topic: EA Part 2 Mock Exams)

Chateau Winery, Inc. is a cash basis C corporation. The business made regular estimated payments throughout the year based on its current-year tax liability. On November 16, 2023, the company suffers a financial loss when a bad storm destroys one of its vineyards. After this event, Chateau Winery expects to have a loss for the year, and it could really use the overpaid taxes in December to defray disaster recovery costs. How can the corporation obtain a quick refund of its overpaid estimated taxes?

Question ID: EA2 M2 058 (Topic: EA Part 2 Mock Exams) Julio used his car only for personal purposes during the first six months of the year and incurred 3,400 miles on the car. For 2023, he drove the car a total of 18,000 miles. Of those miles, 16,000 were driven providing transportation through a popular ride-sharing service. He also incurred an additional $$256 in parking fees and tolls during that time. He also incurred $$200 in parking tickets for illegally parking in a loading zone. Julio received a Form 1099-K showing $32,000 in income he earned from the ride-sharing business and he will file a Schedule C. He plans to take the standard mileage rate. What is his allowable deduction for mileage in 2023?

Question ID: EA2 M2 064 (Topic: EA Part 2 Mock Exams) With the help of a medical practice broker, Kaplan Podiatry, Inc. purchased Coastal Podiatry. The goodwill and “going concern value” associated with the business purchase totaled $179,000. Over what number of years must the goodwill and “going concern value” be amortized by Kaplan Podiatry, Inc.?

Question ID: EA2 M2 090 (Topic: EA Part 2 Mock Exams) Warsaw Financial Advisory, Inc. is a cash-basis C Corporation that offers investment services to the general public. The company incurs several casualty losses during the year. Which of the following losses would not be deductible as a casualty loss on the business’ tax return?

Question ID: EA2 M2 094 (Topic: EA Part 2 Mock Exams)

Gregory is the sole member of Cobby Coins, LLC. Gregory is a professional dealer of collectible coins and precious metals. A customer purchases 15 gold coins from Gregory for $$13,200. The customer pays for the coins with $$6,200 in cash, and the rest with a cashier’s check of $7,000. What reporting obligation does Gregory have with regards to this transaction? Choose the best answer.

Question ID: EA2 M2 005 (Topic: EA Part 2 Mock Exams)

Benicio is a full-time life insurance sales agent. His employer issues him a Form W-2, but Benicio reports his income on Schedule C. For federal tax purposes, Benicio is considered what type of worker?

Question ID: EA2 M2 037 (Topic: EA Part 2 Mock Exams) Gentlemanly Menswear, Inc. is a clothing manufacturer that sells designer men’s suits. Which of the following is not a cost that goes into figuring the company’s cost of goods sold?

Question ID: EA2 M2 039 (Topic: EA Part 2 Mock Exams) If a business accumulates $100,000 or more in payroll taxes during a deposit period, when is it required to deposit the tax?

Question ID: EA2 M2 041 (Topic: EA Part 2 Mock Exams) Which of the following individuals is not considered a related party for deducting expenses on the accrual method?

Question ID: EA2 M2 069 (Topic: EA Part 2 Mock Exams) The uniform capitalization rules will apply in all of the following situations except?

Question ID: EA2 M2 071 (Topic: EA Part 2 Mock Exams)

What are guaranteed payments in a partnership, and how are they reported to individual partners?

Question ID: EA2 M2 084 (Topic: EA Part 2 Mock Exams)

An employer cannot deduct the cost of which of the following fringe benefits provided to an employee?

Question ID: EA2 M2 088 (Topic: EA Part 2 Mock Exams) Adella and Gerardo come together to form the Coventry Partnership, LLP. They agree to share profits and losses 50/50. Adella contributed $$47,000 in cash to the partnership, and Gerardo contributed depreciable machinery with a fair market value of $$98,000 and an adjusted basis of $40,000. What is the Coventry Partnership’s basis for depreciation in the contributed machinery?

Question ID: EA2 M2 035 (Topic: EA Part 2 Mock Exams) Which of the following businesses would NOT be potentially subject to the Uniform Capitalization Rules, regardless of gross receipts?

Question ID: EA2 M2 067 (Topic: EA Part 2 Mock Exams) Which of the following types of income would be subject to self-employment tax?

Question ID: EA2 M2 095 (Topic: EA Part 2 Mock Exams) Peachtree Farms purchased a parcel of farmland during the year. How long should the business retain records relating to the purchase of the land?

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