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Try these Sample Questions

Over 3,000 questions & 9 practice exams
for the Enrolled Agent Exam

Part 1:  Individual Taxation

XYZ Partners LP is a publicly traded partnership involved in oil and gas activities. The partnership has three partners: Mark, Sarah, and John. Mark's share of ordinary income is $40,000, Sarah's share of ordinary income is $30,000, and John's share of ordinary income is $20,000. If the partnership distributes $50,000 to its partners, what is the amount of the distribution that is taxable as ordinary income to each partner?

A) Mark: $20,000, Sarah: $15,000, John: $10,000
B) Mark: $40,000, Sarah: $30,000, John: $20,000
C) Mark: $10,000, Sarah: $10,000, John: $10,000
D) Mark: $13,333.33, Sarah: $13,333.33, John: $13,333.33
E) Mark: $16,666.67, Sarah: $16,666.67, John: $16,666.67


Part 2:  Business Taxation

ABC Corp purchased machinery for $500,000 on January 1, 2018. It was destroyed in a fire on August 1, 2022, and ABC Corp received $200,000 insurance proceeds. ABC Corp replaced the machinery for $250,000 on September 1, 2022. Using MACRS with the half-year convention, what is the adjusted basis of the replacement machinery as of December 31, 2022, and what is the remaining depreciable basis for future years?

A) Adjusted basis: $250,000; Remaining depreciable basis: $250,000
B) Adjusted basis: $0; Remaining depreciable basis: $0
C) Adjusted basis: $62,500; Remaining depreciable basis: $62,500
D) Adjusted basis: $25,000; Remaining depreciable basis: $25,000
E) Adjusted basis: $125,000; Remaining depreciable basis: $125,000

Note: No bonus depreciation or Section 179 expensing is considered.

Part 3: Representation, Practices & Procedures

XYZ Corp, a C corporation, filed its tax return for the tax year 2021 but made a substantial understatement of tax liability. The IRS assessed an accuracy-related penalty under Internal Revenue Code (IRC) Section 6662 on September 1, 2022. On October 15, 2022, XYZ Corp paid the underreported tax liability along with interest.

Now, assume that on November 1, 2022, the IRS conducted an audit of XYZ Corp's tax return for the tax year 2021 and discovered a tax shelter that was not properly disclosed on the return. As a result of the tax shelter, XYZ Corp understated its tax liability by an amount greater than 40% of the correct tax liability. The IRS asserts that XYZ Corp acted with a substantial understatement of income tax under IRC Section 6662(d) and (e).

Calculate the additional accuracy-related penalty under IRC Section 6662(d) and (e) that XYZ Corp may be subject to for the tax year 2021.

A) 20% of the understatement due to negligence or disregard of rules and regulations.
B) 40% of the understatement due to a substantial understatement.
C) 75% of the understatement attributable to a tax shelter.
D) 25% of the understatement due to a gross valuation misstatement.
E) 50% of the understatement attributable to a reportable transaction.

The EA Exam Breakdown

Individual Taxation

Business Taxation

Representation, Practices & Procedures







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