Question 1

The final step in the tax research process is to document and communicate research conclusions.

Accepted Answer

A) True 
 B)False  True

Question 2

Based on the citation Rev.Rul.89-157,1989-1 C.B.221:

Accepted Answer

A) This revenue ruling was issued in 1989. 
B) This revenue ruling is no longer valid. 
C) The abbreviation C.B.stands for Comprehensive Bulletin. 
D) This revenue ruling appears on page 157. 
A) This revenue ruling was issued in 1989. 
B) This revenue ruling is no longer valid. 
C) The abbreviation C.B.stands for Comprehensive Bulletin. 
D) This revenue ruling appears on page 157. A

Question 3

In circumstances requiring an evaluative judgment,the tax researcher can provide a definitive answer to the research question.

Accepted Answer

A) True 
 B)False  False

Question 4

When analyzing relevant legal authority:

Accepted Answer

A) The researcher is finished only when an unambiguous answer to the research question has been located. 
B) Different sources of authority may provide conflicting answers. 
C) Interpretation and judgment on the part of the researcher is rarely required. 
D) The researcher should never give an unqualified answer to any research question. 
A) The researcher is finished only when an unambiguous answer to the research question has been located. 
B) Different sources of authority may provide conflicting answers. 
C) Interpretation and judgment on the part of the researcher is rarely required. 
D) The researcher should never give an unqualified answer to any research question.

Question 5

Locate the revenue procedure that includes the inflation-adjusted individual tax rate schedules for 2019.This revenue procedure usually is released in the fourth quarter of the previous year.Provide a complete citation for your source.

Accepted Answer

Rev.Proc.2

Question 6

Novice tax researchers tend to examine less material in the course of a tax research project than experienced tax researchers.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is not one of the three sources of authority that comprise the federal tax law?

Accepted Answer

A) Statutory authority 
B) Secondary authority 
C) Administrative authority 
D) Judicial authority 
A) Statutory authority 
B) Secondary authority 
C) Administrative authority 
D) Judicial authority

Question 8

Revenue procedures are a type of secondary authority.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following statements regarding strategies to locate relevant authority is true?

Accepted Answer

A) Novice researchers tend to examine fewer materials during the research process than experienced researchers. 
B) In an electronic tax service,keyword searching allows the researcher to combine words and phrases to target the search. 
C) Keyword searches should be defined as narrowly as possible to maximize efficiencies in the search process. 
D) All of the above are true statements. 
A) Novice researchers tend to examine fewer materials during the research process than experienced researchers. 
B) In an electronic tax service,keyword searching allows the researcher to combine words and phrases to target the search. 
C) Keyword searches should be defined as narrowly as possible to maximize efficiencies in the search process. 
D) All of the above are true statements.

Question 10

The use of secondary authorities might be appropriate as part of which step in the research process?

Accepted Answer

A) Understand the client's transaction and ascertain the facts 
B) Identify the tax issues,problems,or opportunities suggested by the facts and formulate specific research questions 
C) Locate relevant tax law authority 
D) Document your research and communicate your conclusions 
A) Understand the client's transaction and ascertain the facts 
B) Identify the tax issues,problems,or opportunities suggested by the facts and formulate specific research questions 
C) Locate relevant tax law authority 
D) Document your research and communicate your conclusions

Question 11

Which of the following is a primary authority on which to base research conclusions?

Accepted Answer

A) Textbook used in this class 
B) An editorial explanation in a commercial tax service 
C) A Treasury regulation 
D) A treatise written by a tax attorney and published in a legal journal 
A) Textbook used in this class 
B) An editorial explanation in a commercial tax service 
C) A Treasury regulation 
D) A treatise written by a tax attorney and published in a legal journal

Question 12

Which of the following is not a primary authority?

Accepted Answer

A) Section 465 of the Internal Revenue Code 
B) Munro v.Comm.,267 F.3d 1918 (CA-8,2004) 
C) CCH Master Tax Guide 
D) All of the above are primary authorities. 
A) Section 465 of the Internal Revenue Code 
B) Munro v.Comm.,267 F.3d 1918 (CA-8,2004) 
C) CCH Master Tax Guide 
D) All of the above are primary authorities.

Question 13

Alex inherited an antique diamond bracelet from her grandmother.She is thinking of selling the bracelet to raise cash for her college tuition and wonders about the tax consequences of such a sale.If you were to research this question using a keyword search in an electronic library,what keywords would you use? Propose three distinct keyword searches.

Accepted Answer

There are many acceptable answ

Question 14

A single tax issue may result in multiple research questions.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is not a secondary authority?

Accepted Answer

A) Tax textbook 
B) Commercial tax service 
C) Tax professional journal 
D) Revenue procedure 
A) Tax textbook 
B) Commercial tax service 
C) Tax professional journal 
D) Revenue procedure

Question 16

Which of the following is not administrative authority?

Accepted Answer

A) The Internal Revenue Code 
B) Treasury regulations 
C) Revenue rulings 
D) Revenue procedures 
A) The Internal Revenue Code 
B) Treasury regulations 
C) Revenue rulings 
D) Revenue procedures

Question 17

Which of the following is not generally included in a tax research memorandum?

Accepted Answer

A) A statement of the pertinent facts 
B) An analysis of the relevant sources of authority 
C) The details of any advice given to the client as part of the research engagement 
D) A bill for fees charged to the client for the research engagement 
A) A statement of the pertinent facts 
B) An analysis of the relevant sources of authority 
C) The details of any advice given to the client as part of the research engagement 
D) A bill for fees charged to the client for the research engagement

Question 18

Tax services are typically organized either topically or by Code section.

Accepted Answer

A) True 
 B)False

Question 19

What is the first step in the tax research process?

Accepted Answer

A) Discover all the facts relevant to the taxpayer's transaction. 
B) Decide which tax library to use. 
C) Decide whether to read primary or secondary authority. 
D) Formulate a precise research question. 
A) Discover all the facts relevant to the taxpayer's transaction. 
B) Decide which tax library to use. 
C) Decide whether to read primary or secondary authority. 
D) Formulate a precise research question.

Question 20

Revenue rulings are an example of administrative authority.

Accepted Answer

A) True 
 B)False

The final step in the tax research process is to document and communicate research conclusions.

Based on the citation Rev.Rul.89-157,1989-1 C.B.221:

In circumstances requiring an evaluative judgment,the tax researcher can provide a definitive answer to the research question.

When analyzing relevant legal authority:

Locate the revenue procedure that includes the inflation-adjusted individual tax rate schedules for 2019.This revenue procedure usually is released in the fourth quarter of the previous year.Provide a complete citation for your source.

Novice tax researchers tend to examine less material in the course of a tax research project than experienced tax researchers.

Which of the following is not one of the three sources of authority that comprise the federal tax law?

Revenue procedures are a type of secondary authority.

Which of the following statements regarding strategies to locate relevant authority is true?

The use of secondary authorities might be appropriate as part of which step in the research process?

Which of the following is a primary authority on which to base research conclusions?

Which of the following is not a primary authority?

A single tax issue may result in multiple research questions.

Which of the following is not a secondary authority?

Which of the following is not administrative authority?

Which of the following is not generally included in a tax research memorandum?

Tax services are typically organized either topically or by Code section.

What is the first step in the tax research process?

Revenue rulings are an example of administrative authority.

Taxes and Taxing Jurisdictions

Policy Standards for a Good Tax

Taxes As Transaction Costs

Maxims of Income Tax Planning

Taxable Income From Business Operations

Property Acquisitions and Cost Recovery Deductions

Property Dispositions

Nontaxable Exchanges

Sole Proprietorships, partnerships, llcs, and S Corporations

The Corporate Taxpayer

The Choice of Business Entity

Jurisdictional Issues in Business Taxation

The Individual Tax Formula

Compensation and Retirement Planning

Investment and Personal Financial Planning

Tax Consequences of Personal Activities

The Tax Compliance Process

Filters

Exam 5: Tax Research

The final step in the tax research process is to document and communicate research conclusions.

Based on the citation Rev.Rul.89-157,1989-1 C.B.221:

In circumstances requiring an evaluative judgment,the tax researcher can provide a definitive answer to the research question.

When analyzing relevant legal authority:

Locate the revenue procedure that includes the inflation-adjusted individual tax rate schedules for 2019.This revenue procedure usually is released in the fourth quarter of the previous year.Provide a complete citation for your source.

Novice tax researchers tend to examine less material in the course of a tax research project than experienced tax researchers.

Which of the following is not one of the three sources of authority that comprise the federal tax law?

Revenue procedures are a type of secondary authority.

Which of the following statements regarding strategies to locate relevant authority is true?

The use of secondary authorities might be appropriate as part of which step in the research process?

Which of the following is a primary authority on which to base research conclusions?

Which of the following is not a primary authority?

A single tax issue may result in multiple research questions.

Which of the following is not a secondary authority?

Which of the following is not administrative authority?

Which of the following is not generally included in a tax research memorandum?

Tax services are typically organized either topically or by Code section.

What is the first step in the tax research process?

Revenue rulings are an example of administrative authority.

Taxes and Taxing Jurisdictions

Policy Standards for a Good Tax

Taxes As Transaction Costs

Maxims of Income Tax Planning

Taxable Income From Business Operations

Property Acquisitions and Cost Recovery Deductions

Property Dispositions

Nontaxable Exchanges

Sole Proprietorships, partnerships, llcs, and S Corporations

The Corporate Taxpayer

The Choice of Business Entity

Jurisdictional Issues in Business Taxation

The Individual Tax Formula

Compensation and Retirement Planning

Investment and Personal Financial Planning

Tax Consequences of Personal Activities

The Tax Compliance Process

Filters