Question 1

Which of the following is not one of the six steps in the tax research process?

Accepted Answer

A) Understand the client's transaction and ascertain the facts. 
B) Locate relevant tax law authority. 
C) Analyze relevant authority and answer the research questions. 
D) All of the above are steps in the tax research process. 
A) Understand the client's transaction and ascertain the facts. 
B) Locate relevant tax law authority. 
C) Analyze relevant authority and answer the research questions. 
D) All of the above are steps in the tax research process.

Question 2

A taxpayer who loses a case in the U.S. Tax Court may appeal the case directly to the U.S. Supreme Court.

Accepted Answer

A) True 
 B)False

Question 3

The topical index of a commercial tax service is considered primary authority.

Accepted Answer

A) True 
 B)False

Question 4

The U.S. Supreme Court:

Accepted Answer

A) Typically hears hundreds of tax cases each year. 
B) May deny certiorari for a tax case because the court believes that the case involves a significant principle of law. 
C) May grant certiorari for a tax case because two or more appellate courts have rendered conflicting opinions on the proper resolution of a tax issue. 
D) Does not hear cases on tax issues. 
A) Typically hears hundreds of tax cases each year. 
B) May deny certiorari for a tax case because the court believes that the case involves a significant principle of law. 
C) May grant certiorari for a tax case because two or more appellate courts have rendered conflicting opinions on the proper resolution of a tax issue. 
D) Does not hear cases on tax issues.

Question 5

The Internal Revenue Code is the primary source of statutory authority for federal income tax law.

Accepted Answer

A) True 
 B)False

Question 6

The advantages of electronic tax research libraries do not include:

Accepted Answer

A) The ease with which such libraries can be updated for new developments. 
B) Portability. 
C) Speed of access and search. 
D) All of the above are advantages of electronic tax research libraries. 
A) The ease with which such libraries can be updated for new developments. 
B) Portability. 
C) Speed of access and search. 
D) All of the above are advantages of electronic tax research libraries.

Question 7

When performing step two of the tax research process:

Accepted Answer

A) The identification of tax issues precedes the formulation of research questions. 
B) Research questions should be as broadly stated as possible. 
C) Each tax issue is always associated with a single research question. 
D) The order in which research questions are addressed is irrelevant. 
A) The identification of tax issues precedes the formulation of research questions. 
B) Research questions should be as broadly stated as possible. 
C) Each tax issue is always associated with a single research question. 
D) The order in which research questions are addressed is irrelevant.

Question 8

Based on the citation Rev. Rul. 89-157, 1989-1

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.

Question 9

A single tax issue may result in multiple research questions.

Accepted Answer

A) True 
 B)False

Question 10

Find a tax glossary on any freely accessible Web site and provide the URL. Also find and provide a citation for the IRC section that defines the term gross income.
a. What is the tax glossary's definition of gross income?
b. How does the IRC define gross income?
c. Of the two definitions, which would a taxpayer without extensive tax knowledge find easier to understand? Why?
d. Which of the two definitions is relevant for a tax researcher? Why?

Accepted Answer

There are many possible answers to this

Question 11

The Citator is a rarely used, unimportant source of information about the status of judicial and administrative tax decisions.

Accepted Answer

A) True 
 B)False

Question 12

Treasury regulations are considered statutory authority.

Accepted Answer

A) True 
 B)False

Question 13

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 14

Which of the following is not primary authority on which to base research conclusions?

Accepted Answer

A) Journal of Taxation article written by a professor. 
B) Revenue ruling. 
C) U.S.Tax Court decision. 
D) U.S.Supreme Court decision. 
A) Journal of Taxation article written by a professor. 
B) Revenue ruling. 
C) U.S.Tax Court decision. 
D) U.S.Supreme Court decision.

Question 15

Experienced tax professionals generally can answer most tax questions without the need for tax research.

Accepted Answer

A) True 
 B)False

Which of the following is not one of the six steps in the tax research process?

A taxpayer who loses a case in the U.S. Tax Court may appeal the case directly to the U.S. Supreme Court.

The topical index of a commercial tax service is considered primary authority.

The U.S. Supreme Court:

The Internal Revenue Code is the primary source of statutory authority for federal income tax law.

The advantages of electronic tax research libraries do not include:

When performing step two of the tax research process:

Based on the citation Rev. Rul. 89-157, 1989-1

A single tax issue may result in multiple research questions.

The Citator is a rarely used, unimportant source of information about the status of judicial and administrative tax decisions.

Treasury regulations are considered statutory authority.

Which of the following is not a primary authority?

Which of the following is not primary authority on which to base research conclusions?

Experienced tax professionals generally can answer most tax questions without the need for tax research.

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 a Present Value of $1 B Present Value of Annuity of $1 C 2013 Income Tax Rates

Filters

Exam 5: Tax Research

Which of the following is not one of the six steps in the tax research process?

A taxpayer who loses a case in the U.S. Tax Court may appeal the case directly to the U.S. Supreme Court.

The topical index of a commercial tax service is considered primary authority.

The U.S. Supreme Court:

The Internal Revenue Code is the primary source of statutory authority for federal income tax law.

The advantages of electronic tax research libraries do not include:

When performing step two of the tax research process:

Based on the citation Rev. Rul. 89-157, 1989-1

A single tax issue may result in multiple research questions.

The Citator is a rarely used, unimportant source of information about the status of judicial and administrative tax decisions.

Treasury regulations are considered statutory authority.

Which of the following is not a primary authority?

Which of the following is not primary authority on which to base research conclusions?

Experienced tax professionals generally can answer most tax questions without the need for tax research.

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 a Present Value of $1 B Present Value of Annuity of $1 C 2013 Income Tax Rates

Filters