Enrolled Agent EA Exam Part 1
Questions and Verified Answers | Rated
A+
C Corp return due date - ✔✔April 15 unless fiscal then march 15
990 return due date - ✔✔May 15
Return(s) due on March 15 - ✔✔1065 and 1120s
April 15th deadline - ✔✔1040, 1041, 709, 114/FBAR 1120
Rental loss AGI limit - ✔✔100k
MFJ base amount rental loss - ✔✔25k
Formula for excess AGI for rental loss - ✔✔AGI-$100k, divide result in half and
subtract from base amount (25k). Example: AGI $150k - $100k = $50k, 50k/2=
25k, $25k minus base amount $25k= no allowable deduction
Foreign Tax Credit Formula - ✔✔)Foreign income/world wide income) x US tax,
this is the amount of credit allowed,
Foreign tax credit max - ✔✔$28,800
Credit for foreign tax paid on foreign INTEREST income is limited to... -
✔✔$6000
Page 1 of 12
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
, Applicable gift tax to include in basis of gift - ✔✔(FMV - donor basis/FMV-gift
exclusion) x gift tax paid
1031 exchange basis in new property - ✔✔FMV of property
1231 exchange basis of acquired property - ✔✔Amount realized
- Adjusted basis. = realized gain
FMV of property received
+ boot. = amount realized
Capital gains and losses are reported on... - ✔✔Schedule D
Recognized gain per Sec. 1232 is called... - ✔✔Boot received in exchange
Boot - ✔✔Liability relief, cash, other property acquired in transaction
Estate return (706) must be filed if gross estate exceeds... - ✔✔$11.4 million
Form 8379 - ✔✔Injured spouse form - 2 years to request relief
Claiming HOH means you do what? - ✔✔"Maintaining the home" - tent,
mortgage, grocery, utilities, insurance, property tax,
Types of NII income - ✔✔Rents, royalties, interest, dividends, capital gains,
passive activity income, non qualified annuities
Page 2 of 12
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
Questions and Verified Answers | Rated
A+
C Corp return due date - ✔✔April 15 unless fiscal then march 15
990 return due date - ✔✔May 15
Return(s) due on March 15 - ✔✔1065 and 1120s
April 15th deadline - ✔✔1040, 1041, 709, 114/FBAR 1120
Rental loss AGI limit - ✔✔100k
MFJ base amount rental loss - ✔✔25k
Formula for excess AGI for rental loss - ✔✔AGI-$100k, divide result in half and
subtract from base amount (25k). Example: AGI $150k - $100k = $50k, 50k/2=
25k, $25k minus base amount $25k= no allowable deduction
Foreign Tax Credit Formula - ✔✔)Foreign income/world wide income) x US tax,
this is the amount of credit allowed,
Foreign tax credit max - ✔✔$28,800
Credit for foreign tax paid on foreign INTEREST income is limited to... -
✔✔$6000
Page 1 of 12
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
, Applicable gift tax to include in basis of gift - ✔✔(FMV - donor basis/FMV-gift
exclusion) x gift tax paid
1031 exchange basis in new property - ✔✔FMV of property
1231 exchange basis of acquired property - ✔✔Amount realized
- Adjusted basis. = realized gain
FMV of property received
+ boot. = amount realized
Capital gains and losses are reported on... - ✔✔Schedule D
Recognized gain per Sec. 1232 is called... - ✔✔Boot received in exchange
Boot - ✔✔Liability relief, cash, other property acquired in transaction
Estate return (706) must be filed if gross estate exceeds... - ✔✔$11.4 million
Form 8379 - ✔✔Injured spouse form - 2 years to request relief
Claiming HOH means you do what? - ✔✔"Maintaining the home" - tent,
mortgage, grocery, utilities, insurance, property tax,
Types of NII income - ✔✔Rents, royalties, interest, dividends, capital gains,
passive activity income, non qualified annuities
Page 2 of 12
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
