Ran Chen, EA, CFP®

Open Exam Prep

Education EN ↓ 440 episodes

Open Exam Prep: Mastering Financial ExamsThe path to becoming a certified financial professional is known for its difficulty, and finding high-quality, accessible study material shouldn't be the hardest part. Created by Ran Chen—an AI application enthusiast, Financial Advisor, and holder of the EA (Tax), Life Insurance, Series 6/63/65, and CFP® designations—this podcast was born from personal experience. Having navigated these challenging exams himself, Ran realized the need for better resources and created Open Exam Prep as a free solution for aspiring professionals. Each episode breaks down...

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Author

Ran Chen, EA, CFP®

Episodes

[Tax] 20, Child Tax Credit 14.03.2025 3:46

$2,000 per qualifying child under 17; partially refundable; phase-out starts at $400,000 MFJ. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 19, Standard Deduction 14.03.2025 3:43

Varies by filing status; additional amounts for age 65+ or blind. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 18, Filing Status 14.03.2025 3:36

Single, MFJ, MFS, HOH, and Qualifying Widower; determined on last day of tax year. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 16, Insurance Policy Exchanges (Section 1035) 14.03.2025 3:46

Allows tax-free exchanges of life policies and annuities, except annuity for life policy. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 17, Basic Tax Formula 14.03.2025 3:58

Income minus exclusions, deductions for AGI, and standard/itemized deductions to determine taxable income. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.co...

[Tax] 15, Involuntary Conversions (Section 1033) 13.03.2025 4:05

Defers gain if proceeds are reinvested in similar property within specified time. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 14, Section 1202 Stock 13.03.2025 4:08

Excludes 50%, 75%, or 100% of gain on qualifying small business stock based on acquisition date. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 13, Section 1244 Stock 13.03.2025 3:48

Allows deduction of up to $50,000 ($100,000 MFJ) of loss on small business stock as ordinary loss. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 12, Worthless Securities 13.03.2025 3:44

Loss deductible in the year securities become worthless; artificial sale date is last day of the year. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 11, Non-Qualified Use for Section 121 13.03.2025 3:58

Post-2009, appreciation during non-qualified use periods is not eligible for exclusion. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 9, Wash Sales 12.03.2025 3:44

Losses disallowed if identical securities are acquired within 30 days; loss added to new security's basis. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.co...

[Tax] 8, Ordinary Income Rates 12.03.2025 3:47

Highest rate is 37%; applies to ordinary income, Section 1245 recapture, and short-term capital gains. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 6, Related Party Transactions 12.03.2025 3:54

Losses are disallowed; buyer has double basis (FMV for losses, seller’s basis for gains). -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 7, Long-Term Capital Gains Rates 12.03.2025 3:38

0%, 15%, 20% based on income thresholds; 25% for Section 1250 recapture, 28% for collectibles. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 10, Personal Residence Gain Exclusion 12.03.2025 3:45

Exclude up to $250,000 ($500,000 for MFJ) if ownership and use tests are met. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 5, Gifted Property Basis 11.03.2025 3:45

General rule is carryover basis; exceptions apply for loss property and appreciated property with gift tax paid. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-p...

[Tax] 4, Inherited Property Basis 11.03.2025 3:44

Basis is FMV at date of death or alternate valuation date; holding period is always long-term. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 3, Adjustments to Basis 11.03.2025 3:46

Increases include capital improvements; decreases include Section 179 and depreciation. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 1, Types of Assets 11.03.2025 3:54

Capital, Section 1231, and Ordinary Income Assets. Capital assets include most personal and investment assets, while Section 1231 covers depreciable business property. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparatio...

[Tax] 2, Cost Basis 11.03.2025 3:46

Original cost basis includes purchase price, FMV of exchanged property, sales tax, freight, installation, and testing costs. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https:/...

[Retirement] 28, 457 Plans 31.12.2024 4:03

Nonqualified deferred compensation plans for government and tax-exempt entities, with special catch-up provisions. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam...

[Retirement] 27, 403(b) Plans 31.12.2024 4:03

Available to public schools and certain nonprofits, with unique contribution limits and catch-up provisions. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep....

[Retirement] 26, SIMPLE Plans 31.12.2024 3:56

Designed for small employers, allowing employee deferrals and employer contributions, with specific eligibility and contribution limits. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Vi...

[Retirement] 30, Stock Options 31.12.2024 3:50

Include ISOs and NQSOs, providing employees the right to purchase stock at a set price, with specific tax treatments. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-e...

[Retirement] 29, Nonqualified Plans 31.12.2024 3:57

Offer benefits to select employees without the restrictions of qualified plans, often involving deferred compensation. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-...