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Finance Exam Prep

Finance Exam Prep

Von: Ran Chen EA CFP®
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Finance Exam Prep is a daily podcast designed to help future tax and finance professionals pass their certification and licensing exams with clarity and confidence. Built and operated by OpenExamPrep, this podcast breaks down major tax exams into focused, easy-to-digest episodes covering the CPA & Enrolled Agent (EA) Exam, including Part 1 (Individuals), Part 2 (Businesses), and Part 3 (Representation, Practices, and Procedures). Each episode targets one key tax concept, common exam trap, or high-frequency test topic—making it ideal for studying during commutes, workouts, or short study sessions. Created by Ran Chen, EA, CFP®, a financial professional and exam specialist who has personally passed multiple professional licensing exams, Tax Exam Prep was developed from firsthand experience with how complex—and often poorly explained—tax exam material can be. The goal is simple: make tax exam preparation clearer, more accessible, and more effective through structured explanations and modern learning tools. Whether you’re preparing for the EA Exam, transitioning into a tax career, or reviewing before test day, this podcast is designed to guide you step by step—one concept at a time. Free practice tools, AI-powered explanations, and additional exam prep resources are available at: https://open-exam-prep.com/Copyright 2026 Ran Chen, EA, CFP® Bildung Erfolg im Beruf Ökonomie
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  • Enrolled Agent Exam [Part 2] 48, Section 1231 — Sale of Business Property

    Enrolled Agent Exam [Part 2] 48, Section 1231 — Sale of Business Property
    Jun 14 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 net Section 1231 gains are treated as long-term capital gains, while net losses are treated as fully deductible ordinary losses. - How to correctly net gains and losses from the sale of multiple Section 1231 properties to determine the final tax character. - The function of the five-year lookback rule, which recharacterizes current Section 1231 gains as ordinary income to the extent of unrecaptured Section 1231 losses from the prior five years. - That property must be used in a trade or business and held for more than one year to qualify for Section 1231 treatment. - That depreciation recapture under Sections 1245 and 1250 must be calculated *before* determining the amount of a Section 1231 gain. 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 Min.
  • Enrolled Agent Exam [Part 2] 47, Section 1250 Depreciation Recapture

    Enrolled Agent Exam [Part 2] 47, Section 1250 Depreciation Recapture
    Jun 13 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 key difference between Section 1250 recapture for real property and Section 1245 recapture for personal property. - Why ordinary income recapture on Section 1250 assets is rare for property placed in service after 1986. - How to calculate unrecaptured Section 1250 gain, which is the lesser of total gain or accumulated straight-line depreciation. - That unrecaptured Section 1250 gain is taxed at a special maximum rate of 25%. - That gains and losses from the sale of business real property are reported on Form 4797. 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 Min.
  • Enrolled Agent Exam [Part 2] 46, Section 1245 Depreciation Recapture

    Enrolled Agent Exam [Part 2] 46, Section 1245 Depreciation Recapture
    Jun 12 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: - Section 1245 recaptures depreciation on personal property as ordinary income. - The recapture amount is the lesser of the gain realized or the total depreciation taken. - Any gain exceeding the recaptured amount is typically treated as a Section 1231 gain. - Section 1245 applies to assets like equipment and vehicles, not buildings (which are Section 1250). - All transactions involving Section 1245 property are reported on Form 4797. 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 Min.
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