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Browse free practice questions and explanations
CPA Exam
A trust pays tax only on what it keeps: the income distribution deduction shifts the rest to the beneficiaries, and distributable net income caps both that deduction and what the beneficiaries must report. Simple, complex and grantor trusts, the three measures of trust income, where capital gains and tax-exempt interest land, and a worked computation in the form TCP asks for.
Audit
An agreed-upon procedures report lists what the practitioner did and what was found, and expresses no opinion and no conclusion. The two standards behind it split most sharply on independence: AT-C 215 requires the practitioner to be independent of the responsible party, while ISRS 4400 (Revised), which SOCPA endorsed, requires it only when a code, law, contract or the engagement terms demand it. The article sets out the engagement, the report, and how CPA AUD and SOCPA Auditing test both.
CPA Exam
A taxpayer who disputes an IRS deficiency has three trial courts, and only the Tax Court hears the case before the tax is paid: the district courts and the Court of Federal Claims want the full tax paid and a refund claim filed first. The path from the 30-day letter to the 90-day letter (150 days for a notice sent abroad), the small case that cannot be appealed, and where each court's decisions go next, as REG asks it.
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