Free IRS Enrolled Agent SEE Part 2 (Businesses) Specialized Returns and Taxpayers Practice Questions
Specialized Returns and Taxpayers covers fiduciary income tax for trusts and estates (Form 1041, distributable net income, beneficiary K-1s), §501(c) exempt organizations and Form 990, qualified retirement plan rules for business sponsors, farm income (Schedule F), and rental real estate including passive-activity rules.
212 questions115 easy94 medium3 hard2026 syllabus
Sample Questions
Question 1
Easy
Which of the following may file Form 990-N (the e-Postcard)?
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Correct Answer: C
Solution
C is correct. Eligible exempt organizations whose gross receipts are normally $50,000 or less may file Form 990-N. Private foundations file Form 990-PF. Supporting organizations generally file Form 990 or Form 990-EZ, but certain religious supporting organizations with gross receipts normally not more than $5,000 may file Form 990-N. The supporting organization receiving $20,000 does not meet that exception. The public charity receiving $40,000 qualifies under the ordinary filing rules. A social welfare organization receiving $75,000 exceeds the inclusive $50,000 ceiling. See [IRS Form 990-N eligibility guidance](https://www.irs.gov/charities-non-profits/form-990-n-e-postcard-organizations-not-permitted-to-file).
Question 2
Medium
Which of the following is 10-year MACRS property?
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Correct Answer: A
Solution
A is correct. §168(e)(3)(D)(i) makes any single purpose agricultural or horticultural structure (defined in §168(i)(13)) 10-year property. A greenhouse specifically designed, constructed and used for the commercial production of plants qualifies. A general-purpose farm building is 20-year property. New farm machinery and equipment whose original use begins with the taxpayer after 2017 is 5-year property under §168(e)(3)(B)(vii). A grain bin is 7-year property. See Publication 946 (2025), Appendix B (asset classes 01.1, 01.3 and 01.4), and Publication 225 (2025), ch. 7.
Question 3
Hard
Under a group exemption letter, the central organization assumes responsibility for which of the following with respect to its subordinate organizations?
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Correct Answer: B
Solution
Under Rev. Proc. 80-27 (and the procedures continued in subsequent guidance), the central organization in a group exemption ruling must annually update the IRS regarding which subordinates remain in good standing, which have been added, and which have ceased to qualify or have withdrawn. The central organization is also responsible for general supervision and control of the subordinates' continued qualification under the group ruling.
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