Question 1

Which regulation deals with the gift tax?

Accepted Answer

A)  Reg. Sec. 301.7002- 5 
B)  Reg. Sec. 20.2014- 5 
C)  Reg. Sec. 25.2518- 5 
D)  Reg. Sec. 1.165- 5 
A)  Reg. Sec. 301.7002- 5 
B)  Reg. Sec. 20.2014- 5 
C)  Reg. Sec. 25.2518- 5 
D)  Reg. Sec. 1.165- 5 C

Question 2

Why should tax researchers take note of the date on which a Treasury Regulation was adopted?

Accepted Answer

Researchers should note the date on which a Treasury Regulation was adopted because the IRC may have been revised subsequent to the date of adoption. That is, the regulation may not interpret the current version of the IRC. Discrepancies between the IRC and the regulation occur when the Treasury Department has not updated the regulation to reflect the current statute.

Question 3

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

Accepted Answer

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

Question 4

Which of the following courts is not a trial court for tax cases?

Accepted Answer

A)  U.S. District Court 
B)  U.S. Tax Court 
C)  U.S. Court of Federal Claims 
D)  U.S. Bankruptcy Court 
A)  U.S. District Court 
B)  U.S. Tax Court 
C)  U.S. Court of Federal Claims 
D)  U.S. Bankruptcy Court

Question 5

Appeals from the Court of Appeals go to the Supreme Court under a writ of certiorari. The Supreme Court decides whether or not they will hear the case.

Accepted Answer

A) True 
 B)False

Question 6

What is the purpose of a citator?

Accepted Answer

Citators give a history of the

Question 7

What are some of the consequences of the small cases procedure of the Tax Court?

Accepted Answer

The small cases procedure allo

Question 8

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 r

Question 9

Identify which of the following statements is true.

Accepted Answer

A)  Legislative regulations are more likely to be invalidated by the courts than are interpretative regulations. 
B)  If regulations are issued prior to the latest tax legislation dealing with a specific Code section, the regulations are no longer effective to the extent they conflict with the provisions in the new legislation. 
C)  Regulations have more authoritative weight than tax statutes. 
D)  All of the above are false. 
A)  Legislative regulations are more likely to be invalidated by the courts than are interpretative regulations. 
B)  If regulations are issued prior to the latest tax legislation dealing with a specific Code section, the regulations are no longer effective to the extent they conflict with the provisions in the new legislation. 
C)  Regulations have more authoritative weight than tax statutes. 
D)  All of the above are false.

Question 10

What is an information release?

Accepted Answer

The IRS issues information rel

Question 11

The phrase "Entered under Rule 155" indicates that

Accepted Answer

A)  only one Tax Court judge reviewed the case. 
B)  the parties have agreed not to appeal the decision. 
C)  the court has not reached a decision concerning the appropriate tax treatment of an issue. 
D)  the computation of the exact amount of the tax deficiency has been left to the litigating parties. 
A)  only one Tax Court judge reviewed the case. 
B)  the parties have agreed not to appeal the decision. 
C)  the court has not reached a decision concerning the appropriate tax treatment of an issue. 
D)  the computation of the exact amount of the tax deficiency has been left to the litigating parties.

Question 12

Is it possible for the Tax Court to intentionally issue conflicting decisions?

Accepted Answer

Yes. If the Tax Court is issuing two dec

Question 13

Taxpayers must pay the disputed tax prior to filing a case with the Tax Court.

Accepted Answer

A) True 
 B)False

Question 14

In list form, outline the steps to follow when using a tax service.

Accepted Answer

1) Use a key word search.
2) Read the ap

Question 15

Internet versions of topical tax services include

Accepted Answer

A)  Court cases involving tax issues. 
B)  Code and Regulations. 
C)  Revenue rulings, letter rulings, and revenue procedures. 
D)  All of the above. 
A)  Court cases involving tax issues. 
B)  Code and Regulations. 
C)  Revenue rulings, letter rulings, and revenue procedures. 
D)  All of the above.

Question 16

Discuss the conflict between advocacy for a client and responsibility to the IRS.

Accepted Answer

The CPA's primary duty is to his or her

Question 17

Regulations are

Accepted Answer

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

Question 18

Compare and contrast "interpretative" and "statutory" regulations.

Accepted Answer

Both types of regulations are issued by

Question 19

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

Accepted Answer

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

Question 20

The citation "Rev. Rul. 2006- 8, 2006- 1 C.B. 541" refers to

Accepted Answer

A)  the 1st ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin. 
B)  the 541st ruling of 2006 found on page eight in Vol. 1 of the 2006 Cumulative Bulletin. 
C)  the eighth ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin. 
D)  the eighth ruling of 2006 found on page 541 in Vol. 1 of the 2006 Cumulative Bulletin. 
A)  the 1st ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin. 
B)  the 541st ruling of 2006 found on page eight in Vol. 1 of the 2006 Cumulative Bulletin. 
C)  the eighth ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin. 
D)  the eighth ruling of 2006 found on page 541 in Vol. 1 of the 2006 Cumulative Bulletin.

Which regulation deals with the gift tax?

Why should tax researchers take note of the date on which a Treasury Regulation was adopted?

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

Which of the following courts is not a trial court for tax cases?

Appeals from the Court of Appeals go to the Supreme Court under a writ of certiorari. The Supreme Court decides whether or not they will hear the case.

What is the purpose of a citator?

What are some of the consequences of the small cases procedure of the Tax Court?

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

Identify which of the following statements is true.

What is an information release?

The phrase "Entered under Rule 155" indicates that

Is it possible for the Tax Court to intentionally issue conflicting decisions?

Taxpayers must pay the disputed tax prior to filing a case with the Tax Court.

In list form, outline the steps to follow when using a tax service.

Internet versions of topical tax services include

Discuss the conflict between advocacy for a client and responsibility to the IRS.

Regulations are

Compare and contrast "interpretative" and "statutory" regulations.

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

The citation "Rev. Rul. 2006- 8, 2006- 1 C.B. 541" refers to

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

Filters

Exam 1: Tax Research

Which regulation deals with the gift tax?

Why should tax researchers take note of the date on which a Treasury Regulation was adopted?

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

Which of the following courts is not a trial court for tax cases?

Appeals from the Court of Appeals go to the Supreme Court under a writ of certiorari. The Supreme Court decides whether or not they will hear the case.

What is the purpose of a citator?

What are some of the consequences of the small cases procedure of the Tax Court?

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

Identify which of the following statements is true.

What is an information release?

The phrase "Entered under Rule 155" indicates that

Is it possible for the Tax Court to intentionally issue conflicting decisions?

Taxpayers must pay the disputed tax prior to filing a case with the Tax Court.

In list form, outline the steps to follow when using a tax service.

Internet versions of topical tax services include

Discuss the conflict between advocacy for a client and responsibility to the IRS.

Regulations are

Compare and contrast "interpretative" and "statutory" regulations.

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

The citation "Rev. Rul. 2006- 8, 2006- 1 C.B. 541" refers to

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

Filters