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Free TCP CPA Practice Question Walkthroughs

Free TCP CPA Practice Question Walkthroughs

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On this page you’ll find free TCP CPA practice question walkthroughs on topics from the AICPA CPA exam blueprints for the TCP exam.

TCP I: Tax Compliance and Planning for Individuals and Personal Financial Planning

Remembering and Understanding: Recall the impact of equity compensation awards on taxable income

Remembering and Understanding: Recall items included in determination and computation of Alternative Minimum Taxable income.

Application: Consider the impact to an individual’s taxable income for certain items of gross income, including imputed interest on below-market rate loan and compensation earned while employed outside the U.S.

Application: Calculate the tax on a child’s investment and other unearned income (Kiddie Tax)

Application: Consider the effect of changing tax rates and legislation on the timing of income and expense items for planning purposes given a specific scenario.

Application: Identify projected tax savings through utilization of flexible spending accounts (FSAs) and qualified health savings accounts (HSAs) for planning purposes given a specific scenario.

Application: Consider the impact of using either itemized deductions or the standard deduction for planning purposes given a specific scenario.

Application: Calculate estimated tax payments required for an individual to avoid underpayment penalties given a specific planning scenario.

Application: Calculate the potential tax savings when donating noncash property to a charitable organization given a specific planning scenario, including identification of the property to be donated to minimize the individual’s current-year tax liability.

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