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

Question 2

Describe the format of a client memo.

Accepted Answer

A client memo should include a statement

Question 3

Explain the difference between a closed-fact and open-fact situation.

Accepted Answer

In a closed-fact situation,the transacti

Question 4

According to the AICPA's Statements on Standards for Tax Services,what duties does the tax practitioner owe the client?

Accepted Answer

The tax practitioner owes the client the

Question 5

The citation "Reg.Sec.1.199-2" refers to

Accepted Answer

A) the first regulation issued in 1999. 
B) the second regulation issued in 1999. 
C) a regulation that interprets Code Section 199. 
D) a regulation that can be found on page 199. 
A) the first regulation issued in 1999. 
B) the second regulation issued in 1999. 
C) a regulation that interprets Code Section 199. 
D) a regulation that can be found on page 199.

Question 6

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 7

Tax Court memorandum decisions

Accepted Answer

A) cannot be appealed. 
B) are not published. 
C) have less precedential value than regular decisions. 
D) usually deal with factual variations of issues litigated previously. 
A) cannot be appealed. 
B) are not published. 
C) have less precedential value than regular decisions. 
D) usually deal with factual variations of issues litigated previously.

Question 8

Title 26 of the U.S.Code includes

Accepted Answer

A) income tax legislation only. 
B) gift tax and estate tax legislation only. 
C) alcohol and tobacco tax legislation only. 
D) all of the tax legislation mentioned above. 
A) income tax legislation only. 
B) gift tax and estate tax legislation only. 
C) alcohol and tobacco tax legislation only. 
D) all of the tax legislation mentioned above.

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

The taxpayer need not pay the disputed tax in advance when the suit is initiated in

Accepted Answer

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

Question 11

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

Accepted Answer

Both types of regulations are issued by

Question 12

You need to locate a recent tax case that was tried in a Federal district court.The decision is an "unreported" decision.This means the decision was

Accepted Answer

A) not published in the Federal Supplement. 
B) not published in American Federal Tax Reports. 
C) not published in United States Tax Cases. 
D) settled out of court. 
A) not published in the Federal Supplement. 
B) not published in American Federal Tax Reports. 
C) not published in United States Tax Cases. 
D) settled out of court.

Question 13

Use a key word search.

Accepted Answer

It seems like there might be some confus

Question 14

The number appearing immediately following the decimal place in a regulation citation refers to the

Accepted Answer

A) general subject matter of the regulation. 
B) Code section being interpreted. 
C) sequential number of the regulation. 
D) subsection of the Code section being interpreted. 
A) general subject matter of the regulation. 
B) Code section being interpreted. 
C) sequential number of the regulation. 
D) subsection of the Code section being interpreted.

Question 15

What is "forum-shopping"?

Accepted Answer

Forum-shopping involves choosing where a

Question 16

In which courts may litigation dealing with tax matters begin? Discuss the factors that might be considered in deciding where to begin litigation.

Accepted Answer

The Tax Court,the U.S.Court of Federal C

Question 17

Regulations issued prior to the latest tax legislation dealing with a specific Code section are still effective to the extent they do not conflict with the provisions in the new legislation.

Accepted Answer

A) True 
 B)False

Question 18

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 19

Explain how committee reports can be used in tax research.What do they indicate?

Accepted Answer

Committee reports can help res

Question 20

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

Exam 31: Tax Research

The acquiescence policy of the IRS extends to the

Describe the format of a client memo.

Explain the difference between a closed-fact and open-fact situation.

According to the AICPA's Statements on Standards for Tax Services,what duties does the tax practitioner owe the client?

The citation "Reg.Sec.1.199-2" refers to

Identify which of the following statements is false.

Tax Court memorandum decisions

Title 26 of the U.S.Code includes

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

The taxpayer need not pay the disputed tax in advance when the suit is initiated in

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

You need to locate a recent tax case that was tried in a Federal district court.The decision is an "unreported" decision.This means the decision was

Use a key word search.

The number appearing immediately following the decimal place in a regulation citation refers to the

What is "forum-shopping"?

In which courts may litigation dealing with tax matters begin? Discuss the factors that might be considered in deciding where to begin litigation.

Regulations issued prior to the latest tax legislation dealing with a specific Code section are still effective to the extent they do not conflict with the provisions in the new legislation.

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

Explain how committee reports can be used in tax research.What do they indicate?

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

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

Ustaxation 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

Itemized Deductions

Losses and Bad Debts

Employee Expenses and Deferred Compensation

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