This is the complete written course text for Part 2 of the Special Enrollment Examination (SEE) — the Business part of the Enrolled Agent exam. It follows the eight-chapter sequence in the course table of contents, and every lesson in that outline has a corresponding section here.

Candidates consistently report Part 2 as the hardest of the three. There are two reasons. First, the volume: entity formation, operation, distribution, and disposition rules for three entity types, plus depreciation, plus payroll, plus fiduciary and exempt organization returns. Second, unlike Part 1, most practicing preparers do not touch all of this material daily — a preparer who lives in 1040s and Schedule Cs has genuinely never computed an earnings and profits balance or a §751 hot asset allocation.