SEE Part 2 cheat sheet | ExamSprintLab

A one-page reference for SEE Part 2, for the last week before the exam. Every figure is for tax year 2025, the year the current exam tests, taken from the 2025 IRS publications and form instructions.

Exam facts


Questions	100 (85 scored, 15 unscored)
Time	3.5 hours; sections 1–34, 35–67, 68–100, locked once left
Pass	500 scaled (200–800)
Fee	$317
Domains	Entities 30, Tax preparation 37, Specialized 18

Basis and distributions, in order

Partner’s basis: + contributions (adjusted basis), + income, + liability increase; − distributions, − losses, − liability decrease. Never below zero.
S shareholder losses: limited to stock basis + debt basis from the shareholder’s own loans.
C corporation distribution: dividend to extent of E&P → return of stock basis → capital gain.
Section 351: 80% control; gain recognised up to boot; liabilities over basis create gain; stock for services is compensation.

Entities


Two-member LLC, no election	Partnership, Form 1065
Single-member LLC, no election	Disregarded
S corporation	≤100 shareholders, one class of stock, no nonresident aliens
Form 2553	Within 2 months 15 days of the year’s start, or during the prior year
Corporate tax rate	21%
Dividends-received deduction	50% (<20% owned), 65% (20%+ owned)
Corporate charitable limit	10% of taxable income (modified)
Corporate estimated tax	Required if expected tax is $500+
Centralized audit opt-out	100 or fewer eligible partners; no partnership or trust partners

2025 business figures


Section 179	$2,500,000; phase-out above $4,000,000
Special depreciation	100% for property acquired and placed in service after Jan 19, 2025 (40% by election)
Listed property	>50% business use for 179 or special allowance
Standard mileage	70 cents per mile
Meals / gifts	50% / $25 per recipient
Start-up and organizational costs	$5,000 each, reduced above $50,000; rest over 180 months
QBI	Up to 20%; Form 8995 if taxable income ≤ $197,300 ($394,600 MFJ)
Form 1099-NEC	$600+ for 2025 payments ($2,000 only after 2025)
Form 8300	Cash over $10,000
SE tax	Net earnings of $400+
Corporate NOL	Forward indefinitely, 80% of taxable income; carryback only for farming and certain insurance losses
Like-kind	Real property only; identify in 45 days, receive in 180
Recovery periods	Residential rental 27.5 years, nonresidential 39

Specialized returns


Form 1041 filing	Gross income $600+ (estates and trusts); any taxable income (trusts)
Exemptions	Estate $600; simple trust $300; other trust $100
65-day election	Complex trusts and estates
Form 990	Receipts $200,000+ or assets $500,000+; 990-N if normally ≤ $50,000
Form 990-T	Unrelated business gross income $1,000+
SEP	Lesser of 25% of compensation or $70,000; compensation cap $350,000
SIMPLE / 401(k) deferral	$16,500 / $23,500
Rental allowance	$25,000, phased out between MAGI $100,000 and $150,000
Real estate professional	>50% of services and >750 hours in real property trades
Farmer estimated tax	Two-thirds farming: file and pay by March 2, 2026, or one payment by January 15, 2026

Due dates for 2025 calendar-year returns

Return	Due
Form 1065, 1120-S	March 16, 2026
Form 1120, 1041	April 15, 2026
Form 990 series	15th day of 5th month

Traps

Fair market value is not basis on contributions.
Liabilities move partner basis in both directions.
Gift limit ≠ meal limit.
2025, not 2026. The 1099-NEC threshold change is the classic example.
EXCEPT questions: find the false one.

Night-before checklist

The basis orderings above, cold
The 2025 figure table, cold
Section checkpoints: ~2:19 remaining after section 1, ~1:10 after section 2
ID and remote setup checked

Take the 20-question practice test once more, and reread the exam tips.