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Practice Quiz

Certified Tax Professional (CTP)

30 questions 5.0 rating Mobile friendly
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About this Exam

Prepare with the Certified Tax Professional (CTP) practice quiz. This question bank includes 30 questions covering professional, interest, ethical, ethics, and income. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

Sample Questions

Question 1
Which business entity type is subject to double taxation in the United States?
C Corporation
S Corporation
Partnership
LLC taxed as disregarded entity
Question 2
An S Corporation shareholder must meet which requirement to avoid paying self-employment tax on their share of business income?
The shareholder must be an active employee receiving reasonable compensation
The shareholder must own at least 50% of the corporation
The shareholder must materially participate for 500+ hours
The shareholder must be a U.S. citizen
Question 3
A partnership's basis in property contributed by a partner is generally equal to:
The contributing partner's adjusted basis in the property
The fair market value at the date of contribution
The original cost of the property
The lower of FMV or adjusted basis
Question 4
Which IRS form is used by a C Corporation to file its annual federal income tax return?
Form 1120
Form 1120-S
Form 1065
Form 1040
Question 5
Under the check-the-box regulations, a single-member LLC is treated as which entity by default for federal tax purposes?
Disregarded entity (sole proprietorship)
C Corporation
S Corporation
Partnership

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Additional Information

Certified Tax Professional (CTP)

This practice set contains 30 questions from the matching question bank and focuses on professional, interest, ethical, ethics, and income. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Frequently Asked Questions

This quiz contains a total of 30 practice questions carefully selected to test your knowledge on this subject.
Yes, you will have exactly 0 minutes to complete the exam. A countdown timer will be visible once you start.
Yes, you can retake this practice test as many times as you need. The questions and options may be randomized on subsequent attempts to ensure comprehensive learning.

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