EA Part 2 – Test Bank – HOCK International 4

5/19/24, 1:20 PM EA Part 2 – Test Bank – HOCK international
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Below is a review of your answers, with the incorrectly answered questions first, followed by the
correctly answered questions:
1. Question ID: 95042213 (Topic: Trust Income and Separately Stated Items)
Which of the following expenses would be an allowable deduction on a decedent's estate tax return
(Form 706)?
A. Federal income taxes
B. Child support paid to an ex-spouse
C. Alimony paid after death of the decedent
D. Funeral expenses
Study Unit 19: Trusts and Estates covers the information for this question.
This question is answered correctly on the first attempt by 84% of students.
https://www.hockinternational.com/mystudies/ea-testbank/part-2/?qid=1379 1/53
Correct Answer Explanation for D:
Funeral expenses would be an allowable deduction from the gross estate on Form 706. Once the
gross estate has been calculated, certain deductions (and in special circumstances, reductions to
value) are allowed to determine the taxable estate. Deductions may include:
Funeral expenses paid out of the estate

Estate administrative expenses, if not deducted on Form 1041
Debts owed at the time of death
The marital deduction (generally, the value of property that passes from the estate to a
surviving spouse)
The charitable deduction (generally, the value of property that passes from the estate to
qualifying charities) The state death tax deduction (generally, any inheritance or estate taxes
paid to any state)
The following items are not deductible from the gross estate:
Federal estate taxes paid

Alimony paid after the taxpayer’s death; these payments are treated as distributions to a
beneficiary
Child support payments are never deductible
2. Question ID: 95042224 (Topic: Trust Types and Administration of Trusts and Estates)
A qualified disability trust (QDT) is an example of:

A. An irrevocable trust.
B. A revocable trust.
C. An abusive trust.
D. A grantor trust.
Correct Answer Explanation for A:
A qualified disability trust (QDT) is an example of an irrevocable trust. A Qualified Disability Trust is a
trust set up specifically for a disabled individual. To qualify as a QDT, the trust must be irrevocable,
and all beneficiaries must be disabled. A QDT cannot be a grantor trust; the trust must be the
taxpaying entity.
3. Question ID: 95042236 (Topic: SEP IRA and SIMPLE Plans)
Amarillo Auto, Inc. is a small auto repair business with fifteen full-time employees. One of the
employees, Timothy, qualifies for the retirement plan, but he wishes to opt-out of the company's
SIMPLE IRA retirement plan. What should the company do in this case?
A. An employer may exclude any employee out of participation of a SIMPLE IRA, as long as
the employee agrees to this in writing.
B. An employee may not "opt out" of participation of a SIMPLE IRA.
C. The employer must request permission from the IRA trustee before excluding any eligible
employee.
D. The employee must request permission from the IRS first.
Study Unit 18: Retirement Plans for Businesses covers the information for this question.
Correct Answer Explanation for B:
The employee may not "opt out" of participation of a SIMPLE IRA. Of course, any eligible employee
may choose not to make salary reduction contributions for a year, in which case the employee
would accrue no employer matching contributions for the year, but would receive an employer non-
elective contribution for the year if the retirement plan provides for it.
4. Question ID: 95042134 (Topic: Filing Requirements and Penalties for Trusts)
How is the accounting period for an estate decided?

A. The executor or personal representative of the estate chooses the estate's accounting
period upon filing the first Form 1041.
B. The personal representative chooses the estate's accounting period upon filing the
decedent's final individual tax return.
C. The accounting period for an estate is based on the date of the decedent's death.
D. The probate court will decide the accounting period when the executor is officially named
by the courts.
Question was not answered
A trust is a legal entity designed primarily to: ______________________.

A. Make passive investments
B. Earn income
C. Hold property
D. Avoid tax
6. Question ID: 98939151 (Topic: Nonprofit Organizations - Unrelated Business Income Tax)
What is Unrelated Business Income (UBI)?

A. UBI is income that an exempt organization receives via donations from the general public.
B. UBI is income that a political organization receives from its members.
C. UBI is income that a tax-exempt organization earns from activities that are not related to its
exempt purpose.
D. UBI is income that a foreign organization receives from U.S. sources.
Study Unit 17: Tax-Exempt Organizations covers the information for this question.
Which of the following is not considered a separate legal entity under federal tax law?
A. Estate.
B. An exempt entity.
C. A qualified disability trust.
D. A grantor trust.
8. Question ID: 95042167 (Topic: Qualified Retirement Plans)
Which of the following retirement plans must file an annual information return (Form 5500)?
A. SIMPLE IRA
B. SEP-IRA
C. Traditional 401(k)
D. Roth IRA
9. Question ID: 95042227 (Topic: Farming Businesses - Estimated Taxes)
William is a qualified farmer that files on Schedule F. All of his income is from farming activities. He
expects to owe $5,900 in estimated taxes for the year. William wants to file an extension and file his
return as late as possible, on October 15. By which date must he make his required annual
payment, in order to avoid an estimated tax penalty?
A. April 15
B. March 1
C. January 15
D. October 15 (as long as he files a valid extension)
Study Unit 16: Farming Business covers the information for this question.
Bayshore Distribution, Inc. decides to establish a SEP-IRA retirement plan for its 28 employees.
Bayshore Distribution has chosen a SEP-IRA because their industry is cyclical in nature, with good
times and down times. In good years, Bayshore can make larger contributions for its employees and
in down times it can reduce the amount. Although flexible annual contributions are permitted, which
of the following is a FALSE statement with regards to employer contributions to the plan?
A. Only employer contributions are permitted.
B. Flexible annual contributions are permitted.
C. The employer must contribute equally for all eligible employees.
D. The employer does not have to contribute equally for all eligible employees and can make
contributions based on performance.

A personal representative for a decedent's estate is also a:

A. Defendant.
B. Bondsman.
C. Fiduciary.
D. Decedent.
What is Form 5500 used to report?

A. To provide details about the financial status of an employee benefit plan.
B. To report the activity of an exempt social welfare organization.
C. To report the income and loss of a grantor trust.
D. To report the activity of a foreign trust with a U.S. beneficiary.
Teddy is a self-employed financial planner who works out of his home. His business is very
profitable, but he does not have any employees. He wants to set up a retirement plan with a high
contribution limit, that would allow pre-tax contributions. Which of the following retirement plans
would allow for the highest pre-tax contributions?
A. Traditional IRA
B. Solo 401(k)
C. Roth IRA
D. SIMPLE IRA
14. Question ID: 95042159 (Topic: Nonprofit Organizations - Filing Requirements)
Which of the following exempt entities is permitted to file a Form 990-N, e-postcard?
A. A fraternal benefit society with assets totaling $500,000.
B. An exempt political organization with gross receipts that are more than $250,000.
C. A private foundation with gross receipts that are less than $50,000.
D. A public charity with gross receipts that are less than $50,000.
15. Question ID: 94850421 (Topic: Nonprofit Organizations - Types and Requirements)
What two types of exempt organizations do not have to apply for formal exemption from the IRS?
A. Churches and animal welfare organizations
B. Governmental entities only
C. Churches and governmental entities
D. All exempt entities are required to apply for formal exemption
Donald is a self-employed musician that also has a day job as a bank manager. His employer (the
bank) offers a 401(k) retirement plan to Donald. Donald also wants to set up a SEP-IRA plan for his
musical side-business. Can he do so?
A. Yes, Donald can set up a SEP for his self-employed business even if he participates in his
employer's retirement plan at his regular job.
B. Donald cannot set up a SEP and also participate in his employer's plan at the same time.
C. If Donald participates in, and contributes to, his employers' plan, it is a prohibited
transaction if he sets up a SEP.
D. Donald can only set up a SEP for his self-employed business if he declines his employer's
retirement plan at his regular job.
With regards to individual retirement plans (IRAs), which of the following actions would not be a
prohibited transaction?
A. The owner of an IRA withdrawing money from their IRA in a taxable distribution.
B. Buying a vacation home with the IRA funds.
C. Borrowing money from an IRA in the form of a loan.
D. Using IRA funds to invest in collectibles.
Most entities with multiple owners can choose whether to be taxed as a partnership or a
corporation. All of the following statements about entity selection are correct except:
A. Partnerships file Form 1065 to report income and losses.
B. A nonprofit entity that is classified as a corporation must file Form 1120 for tax purposes.
C. Any eligible entity with two or more members may be classified as a partnership.
D. A domestic LLC with a single member is disregarded as an entity by the IRS. Its income or
losses are taxable to the owner, just like a sole proprietorship.
A decedent and their estate are treated as separate taxable entities. Which of the following types of
property is NOT included in the gross estate?
A. Certain life insurance proceeds.
B. Real property (real estate) outside the United States that was owned by the decedent.
C. Property owned solely by the decedent's spouse.
D. The includible portion of joint estates with right of survivorship.
The Richmond Irrevocable Trust is required to file Form 1041 every year. The trust uses a fiscal-
year end of January 31. When is the normal due date for the trust tax return?
A. May 15
B. June 15
C. September 30
D. April 15
21. Question ID: 95042140 (Topic: Introduction to Retirement Plans)
Which of the following retirement accounts do not require Required Minimum Distributions (RMDs)?
A. 401(k) plans
B. Simplified Employee Pension (SEP)
C. SIMPLE IRA
D. Roth IRA
Latoya owns a small business and reports her income and loss on Schedule C. She has four
employees that work for her. Latoya decides to set up a SEP-IRA for her business, and all of her
employees. One employee, James, plans to quit in 6 months to go to college, and decides that he
doesn't want the SEP-IRA set up for him. Can James opt-out of the SEP IRA?
A. Latoya can opt-out all her employees as long as she gives them legal notice in writing.
B. James cannot opt-out, but the SEP-IRA funds can be remitted to a charity instead.
C. No, James is not allowed to opt-out of the SEP-IRA plan.
D. Yes, James can opt out of the SEP-IRA plan.
Which of the following entities is not a business entity with a profit motive?
A. C corporation.
B. Exempt entity.
C. Partnership.
D. Sole Proprietorship.
John Grant died 6 months ago. The John Grant Estate has two beneficiaries, both of whom are U.S.
citizens. At which income threshold is the John Grant Estate required to file a Form 1041 in 2023?
A. $12,920,000
B. $600
C. $300
D. $4,300
25. Question ID: 94850424 (Topic: Distributable Net Income and Accounting Income)
Tri-State Realty Inc. is a C corporation with several employees. One employee, named Anna, dies
on June 15. Anna was employed by Tri-State Realty until her death, and she is owed $2,000 in
unpaid wages and $1,000 in accrued vacation pay. The total of $3,000 was paid to Anna's estate on
July 30. Since the company made the payment during the year of Anna's death, what type of payroll
taxes must be withheld from this deceased employee's final paycheck?
A. The company must withhold Social Security and Medicare taxes on the entire $3,000
payment.
B. The company should not withhold any Social Security and Medicare taxes on the payment.
C. The company must withhold Social Security and Medicare taxes on $2,000 (the accrued
wages), but should not withhold any payroll taxes on the accrued vacation pay.
D. The company should only withhold Social Security, (but not Medicare taxes) on the
payment.
26. Question ID: 95042175 (Topic: Farming Businesses - Postponing Gains and Government
Payments)
The replacement period for the sale of livestock due to weather-related conditions is generally:
A. Three years.
B. Five years.
C. Four years.
D. Two years.
27. Question ID: 95042186 (Topic: Farming Businesses - Income Averaging and Other Tax
Rules)
Buckley owns a dairy farm. He has income from the following sources:
Income from milk production: $74,000

Sale of old dairy cows that have stopped producing milk: $40,000
Sale of grain that was grown on the farm: $12,000
Sale of used farm machinery: $9,000
What amount of income should be reported on Buckley's Schedule F, Profit or Loss from Farming?
A. $114,000
B. $74,000
C. $126,000
D. $86,000
28. Question ID: 94850361 (Topic: Farming Businesses - General)
What annual form is used by agricultural employers to report wages to agricultural employees?
A. Form 944
B. Form 940
C. Form 943
D. Schedule F
29. Question ID: 95042132 (Topic: Exclusions Exemptions and Deductions)
Jamila dies during the year. Her son, Pauli, is the only beneficiary of her estate. The face amount of
Jamila's life insurance policy is $200,000. Pauli can choose to receive the life insurance as a lump
sum, or to receive an annuity. Pauli chooses to receive the annuity in annual installments of
$12,000. The insurer's settlement option guarantees Pauli this amount for 20 years based on a
guaranteed rate of interest. Based on this information, what is the excludable part of each
guaranteed installment?
A. $10,000
B. $20,000
C. $12,000
D. $2,000
Upon the death of the grantor, a revocable trust automatically becomes _____________.
A. Irrevocable
B. A fiduciary trust
C. Finalized
D. A grantor trust
31. Question ID: 95042143 (Topic: Farming Businesses - Rents)
Paul is a self-employed farmer that raises goats, he also rents a parcel of land to another farmer,
who pays Paul with a share of the crops. How should he report his income from these activities?
A. Paul should report all his activity on Schedule F.
B. Paul should report the goat farm activity on Schedule F. The sharecropping activity would
be reported on Form 4835.
C. Paul should report all his activity on Schedule C (Form 1040).
D. Paul should report the goat farm activity on Schedule F. The rental activity would be
reported on Schedule E.
Businesses can choose from a wide range of retirement plans. Which of the following is NOT a
benefit of a SEP-IRA, from an employer’s perspective?
A. There is minimal paperwork and no requirement to file Form 5500 each year.
B. In a company with multiple employees, high-performing employees can be rewarded with
larger contributions.
C. Contributions to a SEP are flexible and can vary from year to year.
D. A SEP-IRA is relatively simple to start and manage.
The Blue Lake Sailing Club is a social club promoting the social activity of sailing. Which of the
following statements is correct?
A. The Blue Lake Sailing Club can apply and be recognized as exempt from federal income
tax.
B. This type of organization only qualifies for exemption if it is organized as a religious
organization.
C. This organization would have to file a business tax return.
D. A social club cannot qualify for IRS exemption.
Which of the following statements about SEP-IRAs is correct?
A. Employer matching is voluntary for SEP retirement plans.

B. A SEP retirement plan does not allow employee contributions.
C. A SEP cannot be set up by a sole proprietor.
D. A SEP retirement plan does not allow employer contributions.
The Conway Trust was set up as a family trust in which investments are shared. The Conway Trust
expects to have $28,000 of undistributed investment income at the end of the year. The trust paid
$2,049 of federal income tax last year on $10,800 of taxable investment income. The trust has no
tax withheld. What minimum amount should the Conway Trust pay in estimated taxes in the current
year, in order to avoid an underpayment penalty?
A. $1,844
B. $2,254
C. $0: trusts are not required to pay estimated taxes.
D. $2,049
The Iowa Heritage Museum is a 501(c)(3) nonprofit organization. The organization is required to file
Form 990, but it wants to request an extension of time to file. What form does it use to request an
extension?
A. Form 8868
B. Form 4768
C. Form 4868
D. Form 7004
Rules)
Which of the following businesses can use income averaging?

A. Farmer
B. Engineer
C. Statutory employee
D. Doctor
With regards to a taxable estate, which of the following is not true?

A. Estates may have to pay federal income tax.
B. An estate is a taxable entity separate from the decedent.
C. Estates and Beneficiaries may have to pay tax on the same items of income.
D. Beneficiaries may have to pay tax on their share of estate income.
Which of the following 501(c)(3) organizations is required to file a Form 990-T?

A. An animal shelter that receives $30,000 in donations from the public.
B. A private Ivy League college that receives $1 million in donations from its alumni.
C. A church that has $2,000 in unrelated business income.
D. A museum that earns $10,000 from an annual fundraiser.
All of the following statements are correct about estates except:

A. An estate must use a calendar year.
B. Form 1041 must be filed if a beneficiary of an estate is a nonresident alien.
C. An estate can exist as a taxable legal entity until all of its assets have been distributed.
D. Administration expenses cannot be claimed on both Form 1041 and Form 706.
Which of the following exempt entities would be required to file Form 990-PF, regardless of their
gross receipts?
A. Government agency
B. Child Youth Sports Organization
C. Private foundation
D. Animal Rescue Organization
Which of the following statements does not apply to a SIMPLE 401(k) plan?
A. The plan is not subject to the discrimination rules that apply to traditional 401(k) plans.
B. The employer must make either a matching contribution or a nonelective contribution for
each eligible employee.
C. A 150-employee limit must be maintained by the employer.
D. The plan may offer optional participant loans and hardship withdrawals to add flexibility for
employees.
Every exempt organization must have a ______________.

A. Employer Identification Number
B. Affirmation letter from the IRS
C. Charitable purpose
D. Annual information return
Payments)
Hamish is a qualified farmer who grows sugar beets. He received federal disaster payments during
the tax year due to hurricane damage to his crops, which were completely destroyed by the storm.
He wants to postpone recognition of the payments to the following year. Hamish can postpone
recognition of the income if his business uses the:
A. Cash method.
B. Hybrid method.
C. Crop method.
D. Accrual method.
Which of the following tax-exempt organizations are eligible to file Form 990-EZ?
A. An organization with gross receipts of less than $200,000 a year or total assets at the end
of the year of less than $1.5 million.
B. An organization with gross receipts of less than $250,000 a year or total assets at the end
of the year of less than $250,000.
C. An organization with gross receipts of less than $1 million a year and total assets at the end
D. An organization with gross receipts of less than $200,000 a year and total assets at the end
Employers usually set up retirement plans in order to attract and retain quality employees.
Retirement plans vary on the types of benefits available. Which of the following retirement plans can
allow for hardship distributions and loans to employees who participate in the plan?
A. Traditional IRA
B. 401(k) plans
C. Roth IRA
D. SEP-IRA
47. Question ID: 95042149 (Topic: Farming Businesses - Estimated Taxes)
Isaac is a self-employed farmer who reports income and loss on the cash basis. All his income is
from farming. He plans to wait until April 15 to file his tax return. Does he have to make estimated
payments throughout the year if he does this?
A. No, but only if he is a qualified farmer, with 100% of his gross income from the current year
or the previous year from farming.
B. Yes, because farmers have the same tax deadlines as other taxpayers.
C. No, but only if he is a qualified farmer, with at least two-thirds of his gross income from the
current year or the previous year from farming.
D. Yes, because Isaac did not file his return and pay all the tax owed by March 1.
Which of the following entities is considered a disregarded entity for tax purposes?
A. A charitable remainder trust
B. A decedent’s estate
C. A private foundation
D. A grantor trust
Rules)
A farmer can claim what percentage of the use of a car or truck as business-use without any records
if the vehicle is used in a bona-fide farming business.
A. $0
B. 50%
C. 100%
D. 75%
Which of the following items is generally included in calculating distributable net income (DNI) of an
estate?
A. Capital losses.
B. The exemption deduction.
C. The income distribution deduction.
D. Tax-exempt interest.
Rules)
Many years ago, Bonfield Farms, LLC constructed a barn to store farm equipment at a cost of
$50,000. In May of this year, the barn had a fair market value of $70,000. In June, the barn was
completely destroyed by a tornado. At the time of the tornado, Bonfield Farms had an adjusted basis
of $0 in the property (it was fully depreciated). Bonfield Farms received $70,000 from their casualty
insurance company. Bonfield Farms spent $66,000 to rebuild the barn. What is the tax consequence
of this event?
A. It is a nontaxable event.
B. Bonfield Farms must include $70,000 as a capital gain from an involuntary conversion, but
the $66,000 that was spent to rebuild the barn may be deducted using Section 179.
C. Bonfield Farms must include $70,000 in taxable income, but the $66,000 that was spent to
rebuild the barn may be deducted as a business expense.
D. Bonfield Farms must include $4,000 ($70,000 – $66,000) in taxable income. The company
can choose to postpone the remaining $66,000 gain.
With regards to an estate, what is the tax effect of the unlimited marital deduction?
A. The unlimited marital deduction allows an estate to dispose of any property that was owned
by the decedent without recognizing any income as long as there is a surviving spouse.
B. The unlimited marital deduction allows an estate to deduct the value of property that passes
to a U.S. citizen or U.S. resident spouse.
C. The unlimited marital deduction allows an estate to deduct the value of property that passes
to a U.S. citizen spouse.
D. The unlimited marital deduction allows an estate to take a tax credit for the property that
passes to a surviving spouse.
Harold is age 51 and works for Blackwall Tire Company, a small business with 90 employees.
Blackwall Tire has a SIMPLE IRA plan for its employees and will make a 2% nonelective
contribution for each of them. Harold earned $40,000 in wages. He was low on cash and did not
contribute to his own retirement plan this year. How much will Blackwall Tire contribute to Harold's
retirement account?
A. $0
B. $4,000
C. $800
D. $400
The Callahan Estate has five beneficiaries. All the beneficiaries are siblings, but only one sibling is
named as the official executor of the estate by the courts. What form must the executor file and give
to all the beneficiaries to report their share of distributive net income from the estate?
A. Form 1099-INT
B. Schedule K-1
C. Form 1041
D. Form 1099-MISC
A federal estate tax return (Form 706) is only required to be filed under very specific circumstances.
Which of the following scenarios would require the filing of an estate tax return, even if no estate tax
was owed?
A. If the total gross estate is below the filing threshold.
B. When a taxpayer's estate is bankrupt.
C. The taxpayer had multiple heirs to the estate and died without a will.
D. For a surviving spouse to make the election to use the deceased spouse's unused estate
tax exemption.
The Cormier Family Trust is classified as a simple trust that is required to distribute all its income
currently. What is the yearly exemption amount for the Cormier Trust?
A. $100
B. $300
C. $0
D. $600
In 2023, an individual taxpayer can leave up to ________ to their heirs and pay no federal estate or
gift tax.
A. $12,920,000
B. $16,000
C. $25,840,000
D. $250,000
58. Question ID: 95042176 (Topic: Farming Businesses - Accounting Methods, Inventory, and
Property)
None of the following would generally be included in farming business's inventory except:
A. A barn
B. Eggs in the process of hatching
C. Farm land
D. Tractors
Which of the following is a characteristic of a complex trust?

A. It is not allowed to accumulate income.
B. It can make discretionary distributions to charity.
C. It cannot make distributions of principal.
D. It cannot make discretionary distributions of income.
Pinnacle HVAC Services, Inc. has 110 employees, all of whom earned more than $5,000 last year.
Pinnacle HVAC Services wants to establish a retirement plan for its employees. Which of the
following types of retirement plans is not allowed for this company?
A. SIMPLE-IRA.
B. Defined benefit plan.
C. SEP-IRA.
D. 401(k) plan.
Deborah Smith dies on January 30, 2023. She was unmarried at the time of her death, and her
estate assets were valued at $15 million, so an estate tax return (Form 706) must be filed. Jonathan
is Deborah's only son and he is named as the executor of her estate. Which of the following
deductions/elections would not be permitted on the Form 706 for Deborah's estate?
A. The marital deduction
B. The deduction for administration expenses of the estate.
C. The deduction for legal fees related to probate.
D. The deduction for funeral expenses
62. Question ID: 95042222 (Topic: Fraudulent Trusts)
Kyle Smith is establishing The Smith Trust, which he will use to hold assets in order to protect them
from lawsuits and also to avoid probate. Of the following trust arrangements, which is the IRS likely
to consider a fraudulent trust?
A. Creating a business trust that pays Kyle's personal expenses.
B. Creating a grantor trust in a foreign country used to hold his foreign real estate.
C. Creating an irrevocable trust so that his assets will benefit his favorite charity after he dies.
D. Creating a qualified disability trust for the sole benefit of his disabled child.
What is a distinguishing feature of a fraudulent trust?

A. Earnings controlled by the beneficiary.
B. Earnings controlled by the taxpayer.
C. Earnings designated to charity.
D. Earnings designated to an individual beneficiary.
When does a decedent's estate cease to exist?

A. Until the executor steps down or resigns.
B. When it is insolvent.
C. Until the heirs dissolve the estate in court.
D. Until the final distribution of the estate's assets is made to the heirs and other beneficiaries.
Estates may have to pay which of the following taxes?

A. Self-employment tax
B. Appreciation tax
C. Individual income tax
D. Federal income tax and/or estate tax
For a retirement plan to be considered a "qualified plan" under the Employee Retirement Income
Security Act (ERISA), all employees of a company:
A. Must be eligible for the same benefits, regardless of position within the company.
B. Must participate and be immediately vested in the plan.
C. Must receive the same contribution amount from the company.
D. Must contribute a matching portion of their income.
Which of the following organizations could not receive approval for tax-exempt status under IRC
501(c)(3)?
A. A local boys and girls club
B. A partnership for educational research
C. A college alumni association
D. A local chapter of the Salvation Army
What is the allowable personal exemption that can be claimed by a qualified disability trust (QDT) in
2023?
A. $0
B. $4,700
C. $600
D. $12,950
Tsuneo sets up two trusts: a business trust and a family trust. His personal residence is placed in
the family trust. Tsuneo controls the income and assets of each trust, but does not pay self-
employment or income tax on the trusts’ earnings. Tsuneo deducts depreciation, operational, and
maintenance costs on his primary residence. These trusts are examples of:
A. Fraudulent trusts.
B. Non-grantor trusts.
C. Tax shelters.
D. Grantor trusts.
Rules)
Trevor operates Coconut Farms, a farming business as a sole proprietorship and has the following
income and expenses:
Sales of orchard fruit: $1,250,000

Sales of market livestock raised on the farm: $180,000
Crop insurance proceeds: $145,000
Rental income from excess land: $75,000
Proceeds from sale of used farming machinery: $52,000
Truck expenses for a vehicle used 100% on the farm: (actual costs: $90,000)
Depreciation expense: ($650,000)
Fertilizer and other business supplies: ($400,000)

Trevor’s contribution to his SEP-IRA: ($30,000)
Utilities for the farm: (175,000)
Repairs of farm equipment: (60,000)
Trevor always claims actual costs for his work truck. What amount of net farm profit or loss should
be reported on Trevor's Schedule F?
A. $170,000
B. $327,000
C. $200,000
D. $275,000
All of the following are characteristics of a “qualified retirement plan” except:

A. A qualified retirement plan is subject to federal regulation under ERISA.
B. A qualified retirement plan administrator must file a tax return annually.
C. A qualified retirement plan must meet minimum funding requirements.
D. A qualified retirement plan is mandated by the federal government for certain types of
employers.
Rules)
Geraldo is a self-employed farmer with the following transactions during the year:
Sale of three horses at auction for $18,750. They had been born on the farm. He had sales
expenses of $650.
Sale of eight goats he had purchased for resale for $500. They sold at auction for $1,200. He
had sales expenses of $110.
What is Geraldo’s gain on the livestock sales?

A. $18,690
B. $19,450
C. $590
D. $18,100
A trust is a legal entity that is set up to hold property or assets for the benefit of an individual or
another entity (such as a charity). What are the three parties involved in the creation and
management of a trust?
A. The decedent, the executor, and the estate.
B. The beneficiary, the grantor, and the estate.
C. The grantor, the trustee, and the trust’s beneficiary.
D. The grantor, the decedent, and the beneficiary.
The Form 5500 is due on the end of the ________ month after the plan year ends.
A. Sixth
B. Fourth
C. Third
D. Seventh
The 3.8% Net Investment Income Tax only applies to which of the following entity types?
A. Estates and trusts
B. Exempt entities with unrelated business income.
C. Partnerships and corporations
D. Foreign investment corporations.
The personal representative or executor of an estate must file a separate _____ for each beneficiary
of the estate.
A. Form 1099-NEC
B. Form 1098-T
C. Form 1099-MISC
D. Schedule K-1
Which of the following types of businesses would not use Schedule F to report its income and loss?
A. A peach orchard
B. A dog breeder
C. A horse breeder
D. A beekeeper
Which of the following is not an “exempt purpose” that is specifically listed under section 501(c)(3)?
A. Fostering national sports competition.
B. Artistic
C. Scientific
D. Testing for public safety
Who is responsible for requesting an EIN for a bankruptcy estate and filing taxes for the estate?
A. The trustee of the bankruptcy estate.
B. The courts.
C. The creditors.
D. The debtor who filed for bankruptcy.
Book Aid International is a qualified 501(3)(c) organization with a fiscal year ending September 30.
When is its Form 990 due?
A. May 15
B. April 15
C. February 15
D. January 15
The basis in property inherited from a decedent may be determined as follows:

A. The fair market value at the date of death or the fair market value at an alternate valuation
date.
B. The decedent’s basis as determined by the probate court.
C. The decedent’s basis MINUS any inheritance tax paid on the increased value.
D. The cost basis of the decedent on the date of death.
David, age 49, is a sole-proprietor who files on Schedule C. On the advice of his accountant, he
opened a SIMPLE-IRA on March 14, 2023, and funded the account with a maximum contribution.
Less than a year later, on December 27, 2023, he withdrew the entire $12,000 value of the account
in order to purchase a new boat. The distribution does not meet any early withdrawal exceptions to
the additional tax on early distributions. In addition to income tax on the withdrawal, David will be
subject to an additional excise penalty of:
A. $1,200
B. $3,000
C. $1,500
D. $2,500
Which of the following statements is the most accurate description of the income distribution
deduction (IDD) for an estate?
A. An estate is allowed the IDD for the tax year for any income that must be distributed
currently and for other amounts that are properly paid, credited, or required to be distributed to
beneficiaries.
B. The IDD allows beneficiaries to deduct expenses associated with the administration of an
estate.
C. The IDD allows beneficiaries a deduction to offset the income distributed from an estate in
the year following a decedent’s death.
D. An estate is allowed the IDD for all income that is distributed to beneficiaries.
A trust may be created during an individual’s lifetime. If a trust is created while the grantor is still
alive, what is this type of trust called? (choose the best answer).
A. An inter-vivos trust.
B. A probate trust.
C. A foreign trust.
D. A testamentary trust.
Samuel Jones owns a small retail business with two employees. During the year, Samuel sets up a
SEP-IRA for the business. As required, he sets up a SEP-IRA account for each eligible employee. A
few months later, his receptionist, Donna, gives notice and quits her job. Samuel has already made
$450 in contributions to Donna's SEP. Since Donna quit, who owns the money that Samuel
deposited into her SEP-IRA account?
A. Samuel. The employer owns and controls the SEP-IRA.
B. The employee and the employer both have equal control over the SEP-IRA.
C. Donna. The employee owns and controls the SEP-IRA.
D. The trustee of the SEP-IRA owns and controls the funds until the vesting period is over.
The income tax liability of an estate attaches to:

A. The assets of the estate
B. The income of the estate
C. The beneficiaries of the estate
D. The executor of the estate
Rules)
Caryn is a self-employed farmer of specialty herbs. She reports her income and loss on Schedule F.
After several very bad years, she had very strong revenue this year, so she would like to elect
“income averaging” on her current year return, in order to lower her tax. In order to make this special
election, Caryn would need to file:
A. Schedule B
B. Schedule J
C. Schedule F
D. Schedule L
Kendra owns a small business that has five employees. She wants to set up a SEP-IRA for herself
and her employees. Assuming she does so, who has ownership or control of the funds in the SEP-
IRA?
A. The SEP-IRA is owned and controlled by the IRA trustee.
B. The SEP-IRA is owned by the employee, but controlled by the employer.
C. The SEP-IRA is owned and controlled by each employee (or self-employed taxpayer).
D. The SEP-IRA is owned and controlled by the employer.
The Marine Dolphin Rescue Association is a 501(c)(3) animal rescue organization with a fiscal year-
end of October 30. When is its Form 990 due?
A. April 15
B. March 15
C. September 15
D. May 15
The Alaskan Bird Rescue is a 501(c)(3) organization that is dedicated to saving wild birds. The
organization was newly formed in 2023. What form must the organization file in order to request
formal exemption from the IRS?
A. Form 1024-A
B. Form 990
C. Form 1023
D. Form 1024
Leonard died on February 3, 2023. He died unmarried, and he was wealthy, with an estate valued at
$22 million, so an estate tax return must be filed. His executor is his daughter, Samantha. What
date(s) can Samantha use in order to value her late father's estate?
A. The date of his death is the valuation date.
B. The date of his death, or 9 months after his death.
C. The date of his death, or 12 months after his death.
D. The date of his death, or 6 months after his death.
The Smith Family Foundation is a 501(c)3 private foundation founded by Bill and Betty Smith. The
Smith Family Foundation is dedicated to the support and promotion of educational purposes for low-
income families and impoverished children. The foundation had $90,000 in gross receipts for the
year, and $100,000 in assets. Which annual tax form is the Smith Family Foundation required to
file?
A. Form 990-N
B. Form 990-EZ
C. Form 990
D. Form 990-PF
Rules)
Which of the following may use income averaging, assuming farm income rules are met?
A. A natural person filing a Schedule F
B. A C corporation in the sole business of farming.
C. A natural person performing services as an employee.
D. A decedent's estate in the sole business of fishing.
Which of the following acts may cause an exempt organization to lose its 501(c)(3) tax-exempt
status?
A. Earning income generated from unrelated business activities.
B. Earn investment income.
C. Receive large cash contributions from donors.
D. Participating in a political campaign on behalf of a candidate running for public office.
Which of the following organizations may request tax-exempt status under the Internal Revenue
Code as a section 501(c)(3) organization?
A. A Hindu organization.
B. A Catholic organization.
C. A children’s rescue organization.
D. All of the above.
Robert Milliken died in 2023. He owned a number of rental properties as well as profitable
investments before he died that continue to generate revenue after his death, so an estate tax
return must be filed. The executor for the Milliken Estate elected a fiscal year-end of October 31.
What is the deadline to file Form 1041, assuming there is no extension of time to file?
A. March 15
B. February 15
C. April 15
D. January 15
Patrick Barrington died on May 3, 2023. The Patrick Barrington Estate was created the following
day. The estate's tax year ends on December 31, 2023. The Barrington Estate had the following
items of income during the year:
Dividends: $165
Muni bond Interest: $325
Patrick Barrington (the deceased) had assets worth $2.5 million on the day that he died, and most of
the estate's value is in the decedent's personal home, which was located in Los Angeles, a high-
value real estate area. The home itself produces no revenue because it was Patrick's main
residence before he died. The only beneficiary of the estate is Patrick's adult sister, Mabel, who is a
U.S. citizen. The estate made no distributions to Mabel (the beneficiary) during the year. Based
upon the information provided, which of the following statements is correct?
A. The estate is required to file a Form 1040 in the year the decedent died.
B. The estate is not required to file an income tax return or an estate tax return.
C. The estate is required to file a return on Form 706, but not a Form 1041.
D. The estate is required to file a fiduciary income tax return on Form 1041.
Jake is a qualified farmer. On March 2, Jake, a cash-method sole-proprietor, sold a combine

harvester for $85,000, payable April 20. Jake’s adjusted basis in the equipment was $43,000. Jake
died on March 23, before receiving the payment. The check went to Jake’s daughter, Felicia, who is
the sole beneficiary of his estate. What amount must Felicia report on her return, as income in
respect of a decedent?
A. $42,000
B. $0
C. $85,000
D. $43,000
Which of the following exempt entities would be required to file Form 990-T?
A. Private foundation with annual gross revenues of $5,000 or more per year.
B. 501(c)(3) with annual gross revenues of $500,000 or more per year.
C. Church with $100,000 or more of donations per year.
D. University with $1,000 or more of unrelated business income.
Young-Jae owns a retail store and reports his income and losses on Schedule C. He has a SEP-IRA
retirement plan set up for himself and each of his four employees. This year, Young-Jae's business
has a net operating loss of ($20,000). He has no other source of taxable income, but he does have
some personal savings in the bank. Based on this scenario, which of the following statements is
correct?
A. Young-Jae can make contributions to his employees’ retirement accounts, but he cannot
deduct the contributions as a business expense.
B. Young-Jae can make deductible contributions to his employees’ retirement accounts and to
his own account.
C. Young-Jae can deduct his contributions to his employees’ retirement accounts as a regular
business expense. He cannot make a retirement contribution for himself.
D. Young-Jae cannot make contributions to his employees’ retirement accounts or to his own
account.
Youssef had a life insurance policy through his employer, which paid all the premiums until the date
of his death as part of a group policy. Youssef’s daughter was the beneficiary of the policy and
received $60,000 the following year. Youssef’s estate was valued at $1.5 million dollars at the time
of his death. Which of the following is correct?
A. The $60,000 benefit is not taxable to the beneficiary, and the life insurance premiums are
deductible as a business expense by the employer.
B. $10,000 of the life insurance benefit would be taxable to the beneficiary, since only $50,000
of group-term life insurance coverage can be provided by an employer to each of its
employees on a tax-free basis.
C. The $60,000 life insurance benefit is taxable to the estate. The life insurance premiums are
deductible as a business expense by the employer.
D. The $60,000 benefit is not taxable to the beneficiary. However, the life insurance is taxable
to the estate.
Which of the following prohibited actions may jeopardize a 501(c)(3) organization's nonprofit status?
A. It frequently engages in political lobbying for good causes.
B. Its activities are strictly religious.
C. The exempt entity has both employees and unpaid volunteers.
D. The entity is a religious organization that does not file an annual information return.
Greenstone Finance, Inc. is a C Corporation with 500 employees. The company offers a traditional
401(K) to all of its workers. Based on this information, which annual tax returns is Greenstone
Finance required to file?
A. Form 1120-S only
B. Form 1120 and Form 990-PF
C. Form 1120 and Form 5500
D. Form 1120 only
Rules)
Oak Ridge Farms is an accrual-basis farming business that operates as a sole-proprietorship. The
farm has the following income in the current year:
Crop insurance payments received: $150,000

Sale of harvested corn: $245,000
Rental of farmland in which the taxpayer does not materially participate: $42,000
Gain from sale of livestock held primarily for breeding: $67,000
What amount of ordinary business income must be reported on Schedule F?

A. $245,000
B. $312,000
C. $462,000
D. $395,000
Paulson died on April 10. He had the following IRD (income earned by Paulson when he was alive,
but not received until after his death):
Unpaid wages: $13,500

Rental income that was not paid at the time of death: $1,000
Interest from muni-bonds: $750
Short-term capital gain from a stock sale (Paulson sold the shares before his death): $1,000
The beneficiary of Paulson’s estate is his brother, Devon, and Devon receives all the amounts
above. What amount, if any, must Devon recognize as taxable income, and what is the nature of the
income?
A. $0 taxable income. IRD is taxable to the estate, not to the beneficiary.
B. $15,250 ordinary income; $1,000 short-term capital gain.
C. $16,250 ordinary income.
D. $14,500 ordinary income; $1,000 short-term capital gain.
What is the latest date that a business can establish a SIMPLE-IRA for its employees?
A. September 15
B. April 15
C. October 1
D. December 31
The Cosgrave Family Trust is required to distribute all of its income annually. The income and
expenses of the trust are shown below. Half of the fiduciary fee is allocated to the tax-exempt
interest. After deducting allowable expenses, how much taxable income will pass through to the
trust beneficiaries?
Tax-exempt interest income: $30,000

Taxable interest income: $75,000
Fiduciary fee: ($15,000)
A. $22,500
B. $75,000
C. $67,500
D. $97,500
What is a necessary first step for an organization applying for tax-exempt status?
A. Form a board of directors and hold an initial meeting.
B. Request an EIN.
C. Apply for exemption.
D. Create an organizing document.
Alamo Manufacturing, Inc. is a business with 85 employees. The company wants to set up a
retirement plan for its employees. Which of the following plans does NOT require the annual filing of
an information return, Form 5500?
A. Defined benefit plan
B. SIMPLE IRA
C. 401(k) plan
D. SIMPLE 401(k) plan
The Brosnan Estate has two executors that were appointed by the probate court. During the year,
due to personal circumstances, one executor decides to quit. The Brosnan Estate is still in its period
of administration, and the assets have not been distributed to the estate beneficiaries. What form
should be filed to notify the IRS of the termination of a fiduciary relationship?
A. Form 56
B. Form 8821
C. Form 2848
D. Form 706
Payments)
Elsie is a cash-basis pig farmer who reports her income and loss on Schedule F. Elsie normally sells
175 live hogs a year. In 2023, her county experiences serious drought conditions, and the entire
county is declared a disaster area eligible for federal assistance. As a direct result of the extreme
weather conditions, Elsie sells 226 hogs and realizes $19,210 from the sale. What amount of
income, if any, can Elsie postpone until the following year?
A. $4,335
B. $14,875
C. $0
D. $19,210
The executor of a decedent's estate chooses the estate's accounting period based on which of the
following?
A. The estate must choose a fiscal year based on the date of the decedent’s birth.
B. An estate return must file using a calendar year, unless the executor receives prior approval
from the IRS.
C. The estate must choose a fiscal year based on the date of the decedent’s death.
D. When filing its first return, the executor can choose the calendar year or choose a fiscal
year.
Rules)
Robert is a qualified farmer who grows organic corn. He files Schedule F to report his income and
loss. Why would he use Schedule J?
A. Schedule J allows farmers to average their current-year income against lower incomes from
the previous three tax years.
B. Schedule J allows farmers to carryback a net operating loss.
C. Schedule J allows farmers to report sharecropping income from the rental of farmland.
D. Schedule J is used to report gains from the sale of farming equipment and assets.
114. Question ID: 95042230 (Topic: Nonprofit Organizations - Unrelated Business Income
Tax)
The unrelated business income tax (UBIT) applies to:

A. C Corporations
B. S corporations
C. Exempt organizations.
D. Foreign corporations
The Clermont Trust is an irrevocable trust that files its Form 1041 on the calendar year. In 2023, the
trust files an extension using Form 7004. When is the last date the trust can file its 2023 tax return?
A. October 15, 2024
B. August 30, 2024
C. September 15, 2024
D. September 30, 2024
Which of these types of investments would be a prohibited investment for a Simple IRA or a SEP-
IRA?
A. Mutual fund shares.
B. Investments in antiques and collectibles.
C. Real estate investments.
D. Stocks and bonds.
Pauly owns a small business as a sole proprietor. He has one employee, named Janice, who has
worked full-time for him for over 7 years. Pauly has a SEP-IRA set up for himself as well as Janice.
Pauly has already contributed to his own SEP-IRA for the year. Does he also have to contribute to
Janice's SEP-IRA?
A. Yes, he must contribute to Janice's SEP-IRA.
B. No, he does not have to contribute to Janice's SEP-IRA.
C. Janice is the only one who can contribute to her own SEP-IRA.
D. Any contribution to Janice's SEP-IRA would be optional.
The Children’s Reading Exchange is a qualified 501(c)(3) organization with a fiscal year that ends
on June 30. What is the normal (not extended) due date for its tax return, the Form 990?
A. December 15
B. November 15
C. May 15
D. October 15
Damon Jones died on March 3, 2023. His estate was worth more than $20 million dollars, so his
estate has a filing requirement. When does the Damon Jones Estate's tax year officially begin?
A. March 3, 2023, the day of the decedent’s death.
B. Six months after the date of death, if the executor chooses.
C. The official date is decided by the probate court.
D. March 4, 2023, the day after the decedent’s death.
Which of the following describes a feature of a complex trust?

A. A complex trust is identical to a simple trust.
B. A complex trust is not required to make mandatory distributions to its beneficiaries.
C. A complex trust is always a foreign trust.
D. A complex trust cannot accumulate income.
121. Question ID: 94850501 (Topic: Farming Businesses - Accounting Methods, Inventory,
and Property)
Keenan owns five pickup trucks that are used in his timber farming business. Keenan's farm
employees use the trucks entirely for managing the farm. How can Keenan deduct the automobile
expenses for his farming business?
A. Keenan cannot deduct the auto expenses because he does not drive them personally.
B. Keenan can only use the standard mileage rate.
C. Keenan can use the standard mileage rate or actual expenses.
D. Keenan can't use the standard mileage rate for the trucks. He must use actual expenses for
all vehicles.
Nancy works for the Rocky Cola Company, a small business with 20 employees. Rocky Cola has
decided to establish a SIMPLE IRA plan for its employees and will match its employees'
contributions dollar-for-dollar up to 3% of each employee's compensation. Under this option, if
Nancy does not contribute anything to her SIMPLE IRA, then what will happen?
A. Nancy will only receive 1% minimum employer contribution.
B. Nancy will not receive any matching employer contributions.
C. Nancy will only receive 2% minimum employer contribution.
D. Nancy must contribute at least a minimum amount to her plan, or she will be removed from
the plan as a participant.
Which of the following activities does NOT qualify as a farming business?

A. Almond orchard
B. A fishery that raises shrimp
C. Dairy farm with cattle
D. Buying and reselling plants grown by another farmer
Bobby owns a dairy farm. His business is organized as a single-member LLC. He has not filed an
election to be treated as a corporation. What form should he use to report his business' earnings?
A. Schedule J
B. Schedule F
C. Schedule C
D. Schedule E
Every domestic estate with gross income of $600 or more during a tax year must file a __________.
A. Form 1041
B. Form 706
C. Form 709
D. Form 1040
Which of the following entities may be required to file Form 706?

A. A corporation.
B. A partnership.
C. An estate.
D. An exempt entity.
A SIMPLE 401(k) is a retirement plan that is only available for employers with ____ or fewer
employees.
A. 100
B. 10
C. 50
D. 25
128. Question ID: 95042153 (Topic: Introduction to Retirement Plans)
All of the following statements are correct about retirement plans from the employer’s perspective
except:
A. Earnings of retirement plans are tax-free when distributed.
B. Retirement contributions on behalf of a self-employed business owner are generally
deductible.
C. Contributions to retirement plans are generally tax-free until distribution.
D. A business can deduct retirement contributions it makes on behalf of its employees.
129. Question ID: 94850415 (Topic: Farming Businesses - Accounting Methods, Inventory,
and Property)
Vanart Peanut Farms, Inc. is a farming business that grows peanuts. What special method of
accounting is Vanart Peanut Farms permitted to use?
A. The horticultural method
B. The crop method
C. The agricultural method
D. The farming method

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You scored 0 correct out of 129 (0%) questions in Section 3 - Review.

The average score on this set of questions is 68%.

This question is answered correctly on the first attempt by 84% of students.

Correct Answer Explanation for D:

Funeral expenses paid out of the estate

Federal estate taxes paid

A qualified disability trust (QDT) is an example of:

This question is answered correctly on the first attempt by 60% of students.

Correct Answer Explanation for A:

3. Question ID: 95042236 (Topic: SEP IRA and SIMPLE Plans)

This question is answered correctly on the first attempt by 58% of students.

Correct Answer Explanation for B:

How is the accounting period for an estate decided?

This question is answered correctly on the first attempt by 69% of students.

Question was not answered

A trust is a legal entity designed primarily to: ______________________.

This question is answered correctly on the first attempt by 84% of students.

Question was not answered

What is Unrelated Business Income (UBI)?

This question is answered correctly on the first attempt by 95% of students.

Question was not answered

This question is answered correctly on the first attempt by 69% of students.

Question was not answered

8. Question ID: 95042167 (Topic: Qualified Retirement Plans)

This question is answered correctly on the first attempt by 79% of students.

Question was not answered

9. Question ID: 95042227 (Topic: Farming Businesses - Estimated Taxes)

This question is answered correctly on the first attempt by 60% of students.

Question was not answered

This question is answered correctly on the first attempt by 77% of students.

Question was not answered

A personal representative for a decedent's estate is also a:

This question is answered correctly on the first attempt by 93% of students.

Question was not answered

12. Question ID: 98939060 (Topic: Qualified Retirement Plans)

What is Form 5500 used to report?

This question is answered correctly on the first attempt by 89% of students.

Question was not answered

13. Question ID: 98939204 (Topic: Qualified Retirement Plans)

This question is answered correctly on the first attempt by 52% of students.

Question was not answered

14. Question ID: 95042159 (Topic: Nonprofit Organizations - Filing Requirements)

This question is answered correctly on the first attempt by 75% of students.

Question was not answered

This question is answered correctly on the first attempt by 71% of students.

Question was not answered

This question is answered correctly on the first attempt by 77% of students.

Question was not answered

17. Question ID: 95042183 (Topic: Qualified Retirement Plans)

This question is answered correctly on the first attempt by 58% of students.

Question was not answered

18. Question ID: 95042231 (Topic: Nonprofit Organizations - Filing Requirements)

This question is answered correctly on the first attempt by 84% of students.

Question was not answered

This question is answered correctly on the first attempt by 76% of students.

Question was not answered

This question is answered correctly on the first attempt by 70% of students.

Question was not answered

21. Question ID: 95042140 (Topic: Introduction to Retirement Plans)

This question is answered correctly on the first attempt by 59% of students.

Question was not answered

This question is answered correctly on the first attempt by 68% of students.

Question was not answered