Episodios

  • Enrolled Agent Exam [Part 1] 71, Cancellation of Debt Income

    Enrolled Agent Exam [Part 1] 71, Cancellation of Debt Income
    Mar 27 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • That cancelled debt is generally taxable income reported on Form 1099-C, but exam questions focus on the exceptions. • The insolvency exclusion is strictly limited to the amount by which total liabilities exceed the FMV of total assets immediately before the debt cancellation. • Debt discharged in a Title 11 bankruptcy case is always fully excluded from income, regardless of the taxpayer's solvency. • Excluding COD income under most exceptions requires a reduction of tax attributes on Form 982 in a specific, testable order. • Qualified Principal Residence Indebtedness exclusion requires a direct reduction to the basis of the home, not the standard attribute reduction order. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    3 m
  • Enrolled Agent Exam [Part 1] 70, Like-Kind Exchanges under Section 1031

    Enrolled Agent Exam [Part 1] 70, Like-Kind Exchanges under Section 1031
    Mar 26 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Why Section 1031 tax deferral now applies exclusively to real property and not personal property. • How to navigate the strict 45-day identification and 180-day receipt timelines, including a common exam trap involving tax return due dates. • The rule for recognizing gain when "boot," such as cash or debt relief, is received in an exchange. • The essential role of a Qualified Intermediary in preventing constructive receipt of funds. • That losses are never recognized in a like-kind exchange, a key distinction from gain recognition rules. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Enrolled Agent Exam [Part 1] 69, Installment Sales and Form 6252

    Enrolled Agent Exam [Part 1] 69, Installment Sales and Form 6252
    Mar 25 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • How to calculate the gross profit percentage to determine the taxable gain recognized from each payment. • Why depreciation recapture under Sections 1245 and 1250 must be recognized in the year of sale. • The rule prohibiting dealers from using the installment method for sales of their inventory. • Key restrictions for installment sales of depreciable property between related parties. • The mnemonic "Dealers, Depreciation, and Dependents Don't Defer" to remember key exceptions. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    3 m
  • Enrolled Agent Exam [Part 1] 68, Basis of Inherited Property

    Enrolled Agent Exam [Part 1] 68, Basis of Inherited Property
    Mar 24 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Inherited property’s basis is generally its Fair Market Value (FMV) on the decedent's date of death, and the holding period is always considered long-term. • The alternate valuation date (six months after death) can only be elected if it reduces both the gross estate value and the estate tax liability. • If an asset is sold within six months of death and the alternate valuation date is elected, its basis is the selling price, not the FMV on the alternate date. • In community property states, both the decedent's and the surviving spouse's shares of the property get a basis adjustment to FMV. • Income in Respect of a Decedent (IRD), such as a traditional IRA, is a major exception and does not receive a stepped-up basis. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    3 m
  • Enrolled Agent Exam [Part 1] 67, Gift Tax Fundamentals

    Enrolled Agent Exam [Part 1] 67, Gift Tax Fundamentals
    Mar 23 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Learn when Form 709 is required for gifts exceeding the $19,000 annual exclusion (2025). • Understand how taxable gifts reduce the lifetime estate and gift tax exemption, even if no tax is paid immediately. • Distinguish between a "present interest" gift, which qualifies for the exclusion, and a "future interest" gift, which does not. • Identify the rules for gift splitting, which allows married couples to double the annual exclusion per recipient. • Recognize qualified transfers for tuition and medical expenses, which are unlimited and exempt from gift tax. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Enrolled Agent Exam [Part 1] 66, Estate Tax Basics

    Enrolled Agent Exam [Part 1] 66, Estate Tax Basics
    Mar 22 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • How to determine if a Form 706 is required based on the gross estate and basic exclusion amount. • Why life insurance proceeds are a common exam trap for inclusion in the gross estate. • The critical role of the unlimited marital deduction and its U.S. citizen spouse requirement. • When and why the portability election necessitates filing a Form 706 even for non-taxable estates. • The standard nine-month filing deadline for Form 706 and the available extension. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Enrolled Agent Exam [Part 1] 64, Innocent Spouse Relief

    Enrolled Agent Exam [Part 1] 64, Innocent Spouse Relief
    Mar 20 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The distinct qualifications for Innocent Spouse Relief, Separation of Liability, and Equitable Relief under IRC Section 6015. • How the "reason to know" standard is a critical factor for the IRS to deny Innocent Spouse Relief. • The strict two-year deadline for filing Form 8857, which begins from the first IRS collection activity. • Why Separation of Liability is specifically for spouses who are divorced, legally separated, or living apart. • That Equitable Relief is the only option that can apply to an underpayment of tax, not just an understatement. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    3 m