CPA TCP Study Guide

Tax Research and Professional Standards

Navigate primary tax authorities, IRS guidance hierarchy, and Circular 230 ethics requirements essential for compliant tax practice.

Individual Income Tax Fundamentals

Master gross income inclusions, exclusions, filing statuses, and above-the-line deductions for individual taxpayer compliance.

Individual Deductions, Credits, and Alternative Minimum Tax

Apply itemized deductions, tax credits, and AMT calculations to optimize individual tax positions and liability.

Property Transactions: Basis, Gains, and Losses

Calculate adjusted basis, recognize gains and losses, and apply holding period rules for property dispositions.

Property Transactions: Capital Assets and Section 1231

Distinguish capital assets from Section 1231 property and apply depreciation recapture rules under Sections 1245 and 1250.

C Corporation Formation, Operations, and Taxation

Analyze corporate formation under Section 351, compute taxable income, and apply dividends received deduction rules.

C Corporation Distributions and Liquidations

Evaluate dividend distributions, earnings and profits calculations, stock redemptions, and complete liquidation tax consequences.

Partnership Formation, Operations, and Basis

Apply partnership formation rules, allocate income items, and calculate partner basis including liability allocations.

Partnership Distributions, Transfers, and Terminations

Analyze current and liquidating distributions, Section 754 elections, and consequences of partnership interest sales.

S Corporation Taxation and Shareholder Consequences

Master S election requirements, shareholder basis calculations, and distributions from accumulated adjustments account.

Estate, Gift, and Trust Taxation

Calculate gift and estate tax liability, apply exclusions and deductions, and understand trust income taxation.

Tax Planning Strategies for Individuals and Entities

Develop comprehensive tax planning strategies including entity selection, timing decisions, and multi-year tax optimization approaches.