Question 1

The acquiescence policy of the IRS extends to the

Accepted Answer

A) U)S.Supreme Court decisions. 
B) U)S.Tax Court regular decisions. 
C) U)S.District Court decisions. 
D) both B and C 
A) U)S.Supreme Court decisions. 
B) U)S.Tax Court regular decisions. 
C) U)S.District Court decisions. 
D) both B and C D

Question 2

A revenue ruling is issued by the Internal Revenue Service only in response to a verbal inquiry by a taxpayer.

Accepted Answer

A) True 
 B)False  False

Question 3

Final regulations have almost the same legislative weight as the IRC.

Accepted Answer

A) True 
 B)False  True

Question 4

Statements on Standards for Tax Services are issued by

Accepted Answer

A) the SEC. 
B) the IRS. 
C) the AICPA. 
D) the FASB. 
A) the SEC. 
B) the IRS. 
C) the AICPA. 
D) the FASB.

Question 5

A citator is used to find

Accepted Answer

A) the judicial history of a case. 
B) the cases that have cited a case subsequent to the issuance of the opinion. 
C) whether a case has been overturned. 
D) all of the above. 
A) the judicial history of a case. 
B) the cases that have cited a case subsequent to the issuance of the opinion. 
C) whether a case has been overturned. 
D) all of the above.

Question 6

The committee that is responsible for holding hearings on tax legislation for the House of Representatives is the

Accepted Answer

A) Finance Committee. 
B) Joint Committee on Taxation. 
C) Conference Committee. 
D) Ways and Means Committee. 
A) Finance Committee. 
B) Joint Committee on Taxation. 
C) Conference Committee. 
D) Ways and Means Committee.

Question 7

The tax statutes with the popular name "The Internal Revenue Code of 1986" are contained in which Title of the Code?

Accepted Answer

A) 20 
B) 25 
C) 26 
D) 301 
A) 20 
B) 25 
C) 26 
D) 301

Question 8

Regulations are

Accepted Answer

A) equal in authority to legislation. 
B) equal in authority to legislation if statutory. 
C) presumed to be valid and to have almost the same weight as the IRC. 
D) equal in authority to legislation if interpretative. 
A) equal in authority to legislation. 
B) equal in authority to legislation if statutory. 
C) presumed to be valid and to have almost the same weight as the IRC. 
D) equal in authority to legislation if interpretative.

Question 9

The term "tax law" includes

Accepted Answer

A) legislation. 
B) treasury regulations. 
C) judicial decisions. 
D) all of the above. 
A) legislation. 
B) treasury regulations. 
C) judicial decisions. 
D) all of the above.

Question 10

Which of the following steps,related to a tax bill,occurs first?

Accepted Answer

A) signature or veto by the President of the United States 
B) consideration by the Senate Finance Committee 
C) consideration by the entire Senate 
D) consideration by the House Ways and Means Committee 
A) signature or veto by the President of the United States 
B) consideration by the Senate Finance Committee 
C) consideration by the entire Senate 
D) consideration by the House Ways and Means Committee

Question 11

What is the difference between a taxpayer-requested letter ruling and a technical advice memorandum issued as a letter ruling?

Accepted Answer

A taxpayer-requested letter ru

Question 12

If the U.S.Supreme Court decides to hear an appeal of a tax case,it will grant a

Accepted Answer

A) writ of appeal. 
B) writ of certiorari. 
C) writ of detainer. 
D) writ of habeas corpus. 
A) writ of appeal. 
B) writ of certiorari. 
C) writ of detainer. 
D) writ of habeas corpus.

Question 13

Identify which of the following statements is false.

Accepted Answer

A) The acquiescence policy was adopted by the U.S.Tax Court to permit litigating parties to agree on the exact amount of the tax due. 
B) Letter rulings are binding only with respect to the taxpayer requesting the ruling. 
C) The small cases procedure of the U.S.Tax Court allows a less formal hearing but provides for no appeal. 
D) The IRS may retroactively revoke an acquiescence. 
A) The acquiescence policy was adopted by the U.S.Tax Court to permit litigating parties to agree on the exact amount of the tax due. 
B) Letter rulings are binding only with respect to the taxpayer requesting the ruling. 
C) The small cases procedure of the U.S.Tax Court allows a less formal hearing but provides for no appeal. 
D) The IRS may retroactively revoke an acquiescence.

Question 14

When a court discusses issues not raised by the facts,the comments

Accepted Answer

A) are excluded from the formal court opinion. 
B) may be referenced by the parties in other cases having the same facts. 
C) are not dicta. 
D) will cause the court's decision to be declared invalid. 
A) are excluded from the formal court opinion. 
B) may be referenced by the parties in other cases having the same facts. 
C) are not dicta. 
D) will cause the court's decision to be declared invalid.

Question 15

Identify which of the following statements is false.

Accepted Answer

A) The U.S.Tax Court must follow the previous decisions of the U.S.District Court for the district in which the taxpayer lives. 
B) The U.S.Tax Court follows the previous decisions of the U.S.Court of Appeals to which the tax matter is appealable. 
C) The opportunity for "forum shopping" occurs when different precedents on the same point exist. 
D) The U.S.Tax Court may intentionally issue conflicting decisions. 
A) The U.S.Tax Court must follow the previous decisions of the U.S.District Court for the district in which the taxpayer lives. 
B) The U.S.Tax Court follows the previous decisions of the U.S.Court of Appeals to which the tax matter is appealable. 
C) The opportunity for "forum shopping" occurs when different precedents on the same point exist. 
D) The U.S.Tax Court may intentionally issue conflicting decisions.

Question 16

Identify which of the following statements is false.

Accepted Answer

A) Regular and memorandum decisions of the Tax Court are published by the government in the Tax Court of the United States Reports. 
B) The citation Cristofani,97 T.C.74 (1991)indicates that the decision is a regular decision of the Tax Court. 
C) The citation Estate of Newhouse,94 T.C.193 (1990),nonacq.1991-1 C.B.1 indicates that the IRS did not formally disagree with this 1990 Tax Court decision until 1991. 
D) The Board of Tax Appeals preceded the Tax Court. 
A) Regular and memorandum decisions of the Tax Court are published by the government in the Tax Court of the United States Reports. 
B) The citation Cristofani,97 T.C.74 (1991)indicates that the decision is a regular decision of the Tax Court. 
C) The citation Estate of Newhouse,94 T.C.193 (1990),nonacq.1991-1 C.B.1 indicates that the IRS did not formally disagree with this 1990 Tax Court decision until 1991. 
D) The Board of Tax Appeals preceded the Tax Court.

Question 17

Which of the following best describes the weight of a revenue ruling?

Accepted Answer

A) Revenue rulings carry more weight than regulations. 
B) Revenue rulings carry more weight than federal court decisions. 
C) Regulations carry more weight than revenue rulings. 
D) Revenue rulings should never be used as authority since they only apply to the taxpayer requesting the ruling. 
A) Revenue rulings carry more weight than regulations. 
B) Revenue rulings carry more weight than federal court decisions. 
C) Regulations carry more weight than revenue rulings. 
D) Revenue rulings should never be used as authority since they only apply to the taxpayer requesting the ruling.

Question 18

Appeals from the U.S.Tax Court are to the Court of Appeals for the Federal Circuit.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is secondary authority?

Accepted Answer

A) Internal Revenue Code 
B) Treasury Regulations 
C) RIA and CCH tax services 
D) Revenue Ruling 
A) Internal Revenue Code 
B) Treasury Regulations 
C) RIA and CCH tax services 
D) Revenue Ruling

Question 20

Under what circumstances might a tax advisor find the provisions of a tax treaty useful?

Accepted Answer

A tax advisor might consult th

Exam 31: Tax Research

The acquiescence policy of the IRS extends to the

A revenue ruling is issued by the Internal Revenue Service only in response to a verbal inquiry by a taxpayer.

Final regulations have almost the same legislative weight as the IRC.

Statements on Standards for Tax Services are issued by

A citator is used to find

The committee that is responsible for holding hearings on tax legislation for the House of Representatives is the

The tax statutes with the popular name "The Internal Revenue Code of 1986" are contained in which Title of the Code?

Regulations are

The term "tax law" includes

Which of the following steps,related to a tax bill,occurs first?

What is the difference between a taxpayer-requested letter ruling and a technical advice memorandum issued as a letter ruling?

If the U.S.Supreme Court decides to hear an appeal of a tax case,it will grant a

Identify which of the following statements is false.

When a court discusses issues not raised by the facts,the comments

Identify which of the following statements is false.

Identify which of the following statements is false.

Which of the following best describes the weight of a revenue ruling?

Appeals from the U.S.Tax Court are to the Court of Appeals for the Federal Circuit.

Which of the following is secondary authority?

Under what circumstances might a tax advisor find the provisions of a tax treaty useful?

Tax Research

Corporate Formations and Capital Structure

The Corporate Income Tax

Corporate Nonliquidating Distributions

Other Corporate Tax Levies

Corporate Liquidating Distributions

Corporate Acquisitions and Reorganizations

Consolidated Tax Returns

Partnership Formation and Operation

Special Partnership Issues

S Corporations

The Gift Tax

The Estate Tax

Income Taxation of Trusts and Estates

Administrative Procedures

U.S. Taxation of Foreign-Related Transactions

an Introduction to Taxation

Determination of Tax

Gross Income: Inclusions

Gross Income: Exclusions

Property Transactions: Capital Gains and Losses

Deductions and Losses

Business Expenses and Deferred Compensation

Itemized Deductions

Losses and Bad Debts

Depreciation,cost Recovery,amortization,and Depletion

Accounting Periods and Methods

Property Transactions: Nontaxable Exchanges

Property Transactions: Sec1231 and Recapture

Special Tax Computation Methods,tax Credits,and Payment of Tax

Corporations

Partnerships and S Corporations

Taxes and Investment Planning

Filters