Question 1

Identify which of the following statements is true.

Accepted Answer

A) Paragraph references are most commonly used when citing or referring to the tax statutes. 
B) Title 26 of the United States Code and the Internal Revenue Code of 1986 are synonymous. 
C) Before 1939,tax statutes were codified or compiled into one document. 
D) The Internal Revenue Code contains chapters,which are further subdivided into titles. 
A) Paragraph references are most commonly used when citing or referring to the tax statutes. 
B) Title 26 of the United States Code and the Internal Revenue Code of 1986 are synonymous. 
C) Before 1939,tax statutes were codified or compiled into one document. 
D) The Internal Revenue Code contains chapters,which are further subdivided into titles.

Question 2

Which of the following steps,related to a tax bill,occurs first?

Accepted Answer

A) signature or veto by the President of the United States 
B) consideration by the Senate Finance Committee 
C) consideration by the entire Senate 
D) consideration by the House Ways and Means Committee 
A) signature or veto by the President of the United States 
B) consideration by the Senate Finance Committee 
C) consideration by the entire Senate 
D) consideration by the House Ways and Means Committee

Question 3

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 4

Ralph's business records were lost as a result of Hurricane Katrina.CPA Jane prepares Ralph's return using estimates.What do the Statements on Standards for Tax Services state about the use of estimates?

Accepted Answer

A) Estimates may not be used. 
B) Estimates may be used without disclosing their use to the IRS. 
C) Estimates may be used,but Jane should disclose their use to the IRS. 
D) The Statements on Standards for Tax Services do not address the use of estimates. 
A) Estimates may not be used. 
B) Estimates may be used without disclosing their use to the IRS. 
C) Estimates may be used,but Jane should disclose their use to the IRS. 
D) The Statements on Standards for Tax Services do not address the use of estimates.

Question 5

Identify which of the following statements is true.

Accepted Answer

A) Tax planning is an integral part of both closed-fact situations and open-fact situations. 
B) The first step in conducting tax research is to clearly understand the issues involved. 
C) The Statements on Standards for Tax Services recommend that only written tax advice be provided to the client in all situations. 
D) All of the above are false. 
A) Tax planning is an integral part of both closed-fact situations and open-fact situations. 
B) The first step in conducting tax research is to clearly understand the issues involved. 
C) The Statements on Standards for Tax Services recommend that only written tax advice be provided to the client in all situations. 
D) All of the above are false.

Question 6

Which of the following statements regarding proposed regulations is not correct?

Accepted Answer

A) Proposed regulations expire after three years. 
B) Practitioners and other interested parties may comment on proposed regulations. 
C) Proposed and temporary regulations are generally issued simultaneously. 
D) Proposed regulations do not provide any insight into the IRS's interpretation of the tax law. 
A) Proposed regulations expire after three years. 
B) Practitioners and other interested parties may comment on proposed regulations. 
C) Proposed and temporary regulations are generally issued simultaneously. 
D) Proposed regulations do not provide any insight into the IRS's interpretation of the tax law.

Question 7

What is an information release?

Accepted Answer

The IRS issues information rel

Question 8

Discuss the purposes and scope of temporary regulations.

Accepted Answer

Temporary regulations are issued by the

Question 9

The phrase "Entered under Rule 155" indicates that

Accepted Answer

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

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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

Question 12

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

Accepted Answer

A tax advisor might consult th

Question 13

Where must a tax researcher look to access all Tax Court cases?

Accepted Answer

The regular opinions are found in the Ta

Question 14

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 15

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

Accepted Answer

A) True 
 B)False

Question 16

Which regulation deals with Code Section 165?

Accepted Answer

A) Reg.Sec.1.165-5 
B) Reg.Sec.165.183-5 
C) Reg.Sec.1.5-165 
D) Reg.Sec.165-5 
A) Reg.Sec.1.165-5 
B) Reg.Sec.165.183-5 
C) Reg.Sec.1.5-165 
D) Reg.Sec.165-5

Question 17

When the Tax Court follows the opinion of the circuit court of appeals to which the case is appealable,the court is following the

Accepted Answer

A) Golsen rule. 
B) Acquiescence rule. 
C) Forum shopping rule. 
D) Conformity rule. 
A) Golsen rule. 
B) Acquiescence rule. 
C) Forum shopping rule. 
D) Conformity rule.

Question 18

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

Accepted Answer

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

Question 19

A jury trial is permitted in the

Accepted Answer

A) U)S.District Court. 
B) U)S.Tax Court. 
C) U)S.Court of Federal Claims. 
D) U)S.Tax Court when the small case procedures are used. 
A) U)S.District Court. 
B) U)S.Tax Court. 
C) U)S.Court of Federal Claims. 
D) U)S.Tax Court when the small case procedures are used.

Question 20

Which of the following best describes the weight of a revenue ruling?

Accepted Answer

A) Revenue rulings carry more weight than regulations. 
B) Revenue rulings carry more weight than federal court decisions. 
C) Regulations carry more weight than revenue rulings. 
D) Revenue rulings should never be used as authority since they only apply to the taxpayer requesting the ruling. 
A) Revenue rulings carry more weight than regulations. 
B) Revenue rulings carry more weight than federal court decisions. 
C) Regulations carry more weight than revenue rulings. 
D) Revenue rulings should never be used as authority since they only apply to the taxpayer requesting the ruling.

Exam 1: Tax Research

Identify which of the following statements is true.

Which of the following steps,related to a tax bill,occurs first?

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

Ralph's business records were lost as a result of Hurricane Katrina.CPA Jane prepares Ralph's return using estimates.What do the Statements on Standards for Tax Services state about the use of estimates?

Identify which of the following statements is true.

Which of the following statements regarding proposed regulations is not correct?

What is an information release?

Discuss the purposes and scope of temporary regulations.

The phrase "Entered under Rule 155" indicates that

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

Identify which of the following statements is true.

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

Where must a tax researcher look to access all Tax Court cases?

Tax Court memorandum decisions

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

Which regulation deals with Code Section 165?

When the Tax Court follows the opinion of the circuit court of appeals to which the case is appealable,the court is following the

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

A jury trial is permitted in the

Which of the following best describes the weight of a revenue ruling?

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

Tax Research

Corporations

Partnerships and S Corporations

Taxes and Investment Planning

Filters