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200+ Free FL Tax Law Specialist Practice Questions

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2026 Statistics

Key Facts: FL Tax Law Specialist Exam

5 years

Minimum Florida Bar membership required (4 with a tax LL.M.)

The Florida Bar - Tax Law Certification Standards

500 hours/year

Substantial involvement in tax law required for 3 years

The Florida Bar - Tax Law Certification Standards

90 hours

Approved tax CLE required within 3 years

The Florida Bar - Tax Law Certification Standards

$15,000,000

2026 federal basic exclusion amount (IRC 2010)

One Big Beautiful Bill Act amendment to IRC 2010(c)(3)

$0.70 / $100

Florida documentary stamp tax rate on deeds (s. 201.02)

Chapter 201, Florida Statutes

100+

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Florida Bar Board Certified - Tax Law is administered by The Florida Bar Board of Legal Specialization & Education to attorneys with at least 5 years of Florida Bar membership (4 with a tax LL.M.), 500+ hours/year of tax practice for 3 years, 90 hours of tax CLE, and favorable peer review. The approximately 6-hour written exam (essay + multiple-choice; fee $250 application + $150 exam; commonly approximately 70% to pass) covers federal individual income tax (IRC 61, 121, 1014, 1222, 1411), corporate and partnership taxation (IRC 11, 301, 351, 701, 704, 731, 752, 1361, 199A), estate/gift/GST tax (IRC 2010 with the 2026 $15M exclusion, 2031-2056, 2503, 2601), IRS practice and procedure (IRC 6501, 6511, 6212, 7491, 6662, Circular 230), Florida state taxation (no personal income tax, documentary stamp tax under ch. 201, 5.5% corporate income tax under ch. 220, 6% sales/use tax under ch. 212), and tax-exempt organizations and planning (IRC 501(c)(3), 511-513 UBIT, 664 charitable trusts). Recertification is required every 5 years.

Sample FL Tax Law Specialist Practice Questions

Try these sample questions to test your FL Tax Law Specialist exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 200+ question experience with AI tutoring.

1A single, cash-method taxpayer receives a $5,000 bonus check from her employer on December 30, 2025, but deposits it on January 3, 2026. Under the federal income tax doctrine that governs cash-method taxpayers, in which year is the $5,000 includible in gross income?
A.2025, because the check was set apart and available to her without substantial restriction
B.2026, because that is when the funds were deposited and cleared
C.Either year, at the taxpayer's election under IRC 451
D.Neither year until the employer reports it on a Form W-2
Explanation: Under the constructive receipt doctrine (Reg. 1.451-2), a cash-method taxpayer must include income when it is credited, set apart, or otherwise made available so she can draw upon it, even if not actually reduced to possession. A check available on December 30, 2025 is constructively received in 2025.
2A taxpayer's home is destroyed by a hurricane in a federally declared disaster area, and his insurance reimbursement exceeds his adjusted basis in the property. Which Internal Revenue Code provision allows him to elect to defer recognition of the realized gain if he reinvests the proceeds in qualifying replacement property within the statutory period?
A.IRC 1031 (like-kind exchange)
B.IRC 1033 (involuntary conversions)
C.IRC 121 (sale of principal residence exclusion)
D.IRC 1041 (transfers incident to divorce)
Explanation: IRC 1033 permits nonrecognition of gain on an involuntary conversion (including casualty) when the taxpayer reinvests the proceeds in property similar or related in service or use within the replacement period (generally two years, extended for disaster-area residences). Basis carries over reduced by deferred gain.
3Which of the following items is excluded from a recipient's gross income under the Internal Revenue Code?
A.Punitive damages received in a personal physical injury lawsuit
B.Interest received on a state income tax refund
C.Compensatory damages received on account of personal physical injuries or physical sickness
D.Severance pay received upon termination of employment
Explanation: IRC 104(a)(2) excludes damages (other than punitive) received on account of personal physical injuries or physical sickness. The physical-injury nexus is required after the 1996 amendment limiting the exclusion to physical harm.
4An individual taxpayer has $40,000 of net long-term capital gain from selling stock held three years and a $10,000 net short-term capital loss in the same year. How are these netted for federal income tax purposes?
A.The short-term loss first offsets ordinary income up to $3,000, then the remainder offsets the long-term gain
B.The long-term gain is taxed at ordinary rates because a short-term loss converts it to ordinary income
C.The two amounts are reported separately and cannot be netted against each other
D.The short-term loss is netted against the long-term gain, leaving $30,000 of net capital gain taxed at preferential rates
Explanation: Under IRC 1222, short-term and long-term items are first netted within their classes, then the net short-term and net long-term figures are combined. A $10,000 net short-term loss offsets the $40,000 net long-term gain, yielding $30,000 of net capital gain eligible for preferential rates.
5A married couple sells their principal residence, which they owned and used as their main home for the last four years, realizing a $400,000 gain. Assuming they file jointly and meet the ownership-and-use test, what is the maximum gain they may exclude under IRC 121?
A.$500,000
B.$250,000
C.$400,000 in full only if they reinvest in a new home
D.$0, because the residence-rollover provision was repealed
Explanation: IRC 121 allows a married couple filing jointly to exclude up to $500,000 of gain on the sale of a principal residence if either spouse meets the ownership test and both meet the two-of-five-years use test. Their entire $400,000 gain is excludible.
6Which of the following best describes the federal income tax treatment of the alimony deduction and inclusion for a divorce or separation instrument executed after December 31, 2018?
A.Alimony is deductible by the payor and includible by the payee
B.Alimony is neither deductible by the payor nor includible by the payee
C.Alimony is deductible by the payor but excluded by the payee
D.Alimony is includible by the payee but not deductible by the payor
Explanation: The Tax Cuts and Jobs Act eliminated the alimony deduction (former IRC 215) and the corresponding inclusion (former IRC 71) for divorce or separation instruments executed after December 31, 2018. Such payments are now tax-neutral.
7A high-income taxpayer realizes $200,000 of net investment income (interest, dividends, and capital gains) and has modified adjusted gross income well above the applicable threshold. What additional federal tax may apply to this investment income?
A.The alternative minimum tax preference adjustment only
B.The 0.9% additional Medicare tax under IRC 3101
C.The 3.8% net investment income tax under IRC 1411
D.No additional tax, because investment income is already taxed at preferential rates
Explanation: IRC 1411 imposes a 3.8% net investment income tax on the lesser of net investment income or the excess of modified AGI over the threshold ($250,000 married filing jointly, $200,000 single). It applies on top of the regular income tax on investment income.
8Under the federal income tax rules, what is the proper treatment of an individual's gambling losses for a taxpayer who is not a professional gambler?
A.Fully deductible as an above-the-line adjustment to income
B.Deductible in full as a business expense under IRC 162
C.Nondeductible in all circumstances
D.Deductible as an itemized deduction only to the extent of gambling winnings
Explanation: Under IRC 165(d), a casual gambler may deduct gambling losses only as an itemized deduction and only to the extent of gambling winnings reported in gross income. Excess losses are not deductible and do not carry over.
9A taxpayer receives a distribution from a traditional IRA at age 52 that is not rolled over and does not qualify for any statutory exception. In addition to ordinary income tax on the distribution, what federal consequence generally applies?
A.A 10% additional tax on the early distribution under IRC 72(t)
B.A 6% excise tax on excess contributions under IRC 4973
C.A 50% excise tax for failure to take a required minimum distribution
D.No additional consequence because the funds were already taxed
Explanation: IRC 72(t) imposes a 10% additional tax on distributions from a qualified retirement plan or IRA made before the taxpayer reaches age 59-1/2, unless a statutory exception applies (e.g., death, disability, substantially equal periodic payments). A 52-year-old with no exception owes the 10% penalty.
10An employee receives nonqualified stock options with no readily ascertainable fair market value at grant. Under the general federal income tax rule, when does the employee recognize ordinary compensation income?
A.At grant, equal to the option's intrinsic value
B.At exercise, equal to the spread between fair market value and the exercise price
C.At the eventual sale of the stock, as capital gain only
D.Never, because options are excluded from gross income
Explanation: Under IRC 83 and Reg. 1.83-7, a nonqualified option without a readily ascertainable value at grant is taxed at exercise; the employee recognizes ordinary income equal to the bargain element (FMV at exercise minus exercise price). The amount becomes part of the stock's basis.

About the FL Tax Law Specialist Practice Questions

Verified exam format metadata for Florida Bar Board Certified - Tax Law is pending. The practice questions above remain available while official exam length, timing, passing score, fee, and administrator details are reviewed.