Question 1

Tax planning is not an integral part of open- fact situations.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A tax advisor might consult th

Question 3

What is the minimum information that should be contained in a citation?

Accepted Answer

A citation should contain, at a minimum,

Question 4

According to the Statements on Standards for Tax Services, CPAs must verify all tax return information submitted by reviewing client documentation.

Accepted Answer

A) True 
 B)False

Question 5

Identify which of the following statements is true.

Accepted Answer

A)  The U.S. Court of Federal Claims hears cases only in Washington, D.C. 
B)  Federal district court decisions and federal courts of appeals decisions are not printed by the U.S. Government Printing Office. 
C)  Each state has at least one U.S. District Court. 
D)  All of the above are false. 
A)  The U.S. Court of Federal Claims hears cases only in Washington, D.C. 
B)  Federal district court decisions and federal courts of appeals decisions are not printed by the U.S. Government Printing Office. 
C)  Each state has at least one U.S. District Court. 
D)  All of the above are false.

Question 6

Describe the format of a client memo.

Accepted Answer

A client memo should include a statement

Question 7

Which of the following documents is issued by the IRS to a specific taxpayer?

Accepted Answer

A)  letter ruling 
B)  information release 
C)  regulation 
D)  revenue procedure 
A)  letter ruling 
B)  information release 
C)  regulation 
D)  revenue procedure

Question 8

What is "forum- shopping"?

Accepted Answer

Forum- shopping involves choosing where

Question 9

Does Title 26 contain statutory provisions dealing only with income taxation? Explain.

Accepted Answer

No; Title 26 deals with all ta

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Which of the following statements about the Statements on Standards for Tax Services is true?

Accepted Answer

A)  The CPA must tell the IRS upon becoming aware that an error has been made on a past tax return. 
B)  The CPA may in good faith rely on information provided by the taxpayer, without verifying the reliability of that information if reasonable inquiries are made where the information furnished appears to be incorrect. 
C)  The CPA should not recommend that a taxpayer take a certain position if there is any doubt as to whether the position would be approved by the IRS upon audit. 
D)  A CPA is never allowed to use a taxpayer's estimates when preparing a tax return. 
A)  The CPA must tell the IRS upon becoming aware that an error has been made on a past tax return. 
B)  The CPA may in good faith rely on information provided by the taxpayer, without verifying the reliability of that information if reasonable inquiries are made where the information furnished appears to be incorrect. 
C)  The CPA should not recommend that a taxpayer take a certain position if there is any doubt as to whether the position would be approved by the IRS upon audit. 
D)  A CPA is never allowed to use a taxpayer's estimates when preparing a tax return.

Question 12

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 13

According to the Statements on Standards for Tax Services, what belief should a CPA have before taking a pro- taxpayer position on a tax return?

Accepted Answer

The CPA should have a good faith belief

Question 14

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

Question 15

The Internal Revenue Code of 1986 contains the current version of the tax law.

Accepted Answer

A) True 
 B)False

Tax planning is not an integral part of open- fact situations.

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

What is the minimum information that should be contained in a citation?

According to the Statements on Standards for Tax Services, CPAs must verify all tax return information submitted by reviewing client documentation.

Identify which of the following statements is true.

Describe the format of a client memo.

Which of the following documents is issued by the IRS to a specific taxpayer?

What is "forum- shopping"?

Does Title 26 contain statutory provisions dealing only with income taxation? Explain.

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

Which of the following statements about the Statements on Standards for Tax Services is true?

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.

According to the Statements on Standards for Tax Services, what belief should a CPA have before taking a pro- taxpayer position on a tax return?

Which regulation deals with the gift tax?

The Internal Revenue Code of 1986 contains the current version of the tax law.

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

Tax Deductions and Travel Expenses for Employees and Self-Employed Individuals

Filters

Exam 1: Tax Research

Tax planning is not an integral part of open- fact situations.

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

What is the minimum information that should be contained in a citation?

According to the Statements on Standards for Tax Services, CPAs must verify all tax return information submitted by reviewing client documentation.

Identify which of the following statements is true.

Describe the format of a client memo.

Which of the following documents is issued by the IRS to a specific taxpayer?

What is "forum- shopping"?

Does Title 26 contain statutory provisions dealing only with income taxation? Explain.

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

Which of the following statements about the Statements on Standards for Tax Services is true?

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.

According to the Statements on Standards for Tax Services, what belief should a CPA have before taking a pro- taxpayer position on a tax return?

Which regulation deals with the gift tax?

The Internal Revenue Code of 1986 contains the current version of the tax law.

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

Tax Deductions and Travel Expenses for Employees and Self-Employed Individuals

Filters