Thank you all for your help.

I guess my real question is how do you determine the needed number of circuits for a given number of electrical devices?

I have two new bedrooms to feed from the subpanel. Each BR will have 5 recessed lights @60 watts, a ceiling fan, a bathroom fan and 6 wall receptacles.

I have an existing 40 amp circuit at the main panel that I want to use. The wire is inplace and was used previously for a cooktop (we're now gas).

The goal is to save cutting into the wall at the main breaker box to run another wire (the electrician said he would need to cut). I am trying to determine if a 240v, 40 amp circuit to the subpannel that will be used for the 2 BRs will be acceptable to NEC provisions.

Thanks again for your insight.