Question 1

Which court decision carries more weight?

Accepted Answer

A) Federal District Court 
B) Second Circuit Court of Appeals 
C) U.S.Tax Court decision 
D) Small Cases Division of U.S.Tax Court 
E) U.S.Court of Federal Claims 
A) Federal District Court 
B) Second Circuit Court of Appeals 
C) U.S.Tax Court decision 
D) Small Cases Division of U.S.Tax Court 
E) U.S.Court of Federal Claims

Question 2

Post-1984 letter rulings may be substantial authority for purposes of the accuracy-related penalty in § 6662.

Accepted Answer

A) True 
 B)False

Question 3

The research process should begin with a tax service.

Accepted Answer

A) True 
 B)False

Question 4

There are 11 geographic U.S.Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 5

The IRS will not acquiesce to the following tax decisions:

Accepted Answer

A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Case Division of the U.S.Tax Court. 
E) All of these. 
A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Case Division of the U.S.Tax Court. 
E) All of these.

Question 6

How do treaties fit within tax sources?

Accepted Answer

The U.S signs certain tax treaties (some

Question 7

Which court decision would probably carry more weight?

Accepted Answer

A) Regular U.S.Tax Court decision 
B) Reviewed U.S.Tax Court decision 
C) U.S.District Court decision 
D) Tax Court Memorandum decision 
E) U.S.Court of Federal Claims 
A) Regular U.S.Tax Court decision 
B) Reviewed U.S.Tax Court decision 
C) U.S.District Court decision 
D) Tax Court Memorandum decision 
E) U.S.Court of Federal Claims

Question 8

The granting of a Writ of Certiorari indicates that at least four members of the Supreme Court believe that an issue is of sufficient importance to be heard by the full court.

Accepted Answer

A) True 
 B)False

Question 9

The following citation can be a correct citation: Rev.Rul.95-271,1995-64 I.R.B.18.

Accepted Answer

A) True 
 B)False

Question 10

Which is presently not a major tax service?

Accepted Answer

A) Standard Federal Tax Reporter 
B) Federal Taxes 
C) United States Tax Reporter 
D) Tax Management Portfolios 
E) All of these are major tax services 
A) Standard Federal Tax Reporter 
B) Federal Taxes 
C) United States Tax Reporter 
D) Tax Management Portfolios 
E) All of these are major tax services

Question 11

The IRS is not required to make a letter ruling public.

Accepted Answer

A) True 
 B)False

Question 12

Which company does not publish citators for tax purposes?

Accepted Answer

A) John Wiley & Sons 
B) Commerce Clearing House 
C) Thomson Reuters RIA 
D) Westlaw 
E) Shepard's 
A) John Wiley & Sons 
B) Commerce Clearing House 
C) Thomson Reuters RIA 
D) Westlaw 
E) Shepard's

Question 13

What are Treasury Department Regulations?

Accepted Answer

Regulations are issued by the U.S.Treasu

Question 14

The Golsen rule has been overturned by the U.S.Supreme Court.

Accepted Answer

A) True 
 B)False

Question 15

Which Regulations have the force and effect of law?

Accepted Answer

A) Procedural Regulations 
B) Finalized Regulations 
C) Legislative Regulations 
D) Interpretive Regulations 
E) All of these 
A) Procedural Regulations 
B) Finalized Regulations 
C) Legislative Regulations 
D) Interpretive Regulations 
E) All of these

Question 16

Which tax-related website probably gives the best policy-orientation results?

Accepted Answer

A) taxalmanac.org. 
B) irs.gov. 
C) taxsites.com. 
D) taxanalysts.com. 
E) ustaxcourt.gov. 
A) taxalmanac.org. 
B) irs.gov. 
C) taxsites.com. 
D) taxanalysts.com. 
E) ustaxcourt.gov.

Question 17

Tax bills are handled by which committee in the U.S.House of Representatives?

Accepted Answer

A) Taxation Committee 
B) Ways and Means Committee 
C) Finance Committee 
D) Budget Committee 
E) None of these 
A) Taxation Committee 
B) Ways and Means Committee 
C) Finance Committee 
D) Budget Committee 
E) None of these

Question 18

A Bluebook opinion is substantial authority for purposes of the accuracy related penalty.

Accepted Answer

A) True 
 B)False

Question 19

Determination letters usually involve finalized transactions.

Accepted Answer

A) True 
 B)False

Question 20

Tax research involves which of the following procedures:

Accepted Answer

A) Identifying and refining the problem. 
B) Locating the appropriate tax law sources. 
C) Assessing the validity of the tax law sources. 
D) Follow-up. 
E) All of these. 
A) Identifying and refining the problem. 
B) Locating the appropriate tax law sources. 
C) Assessing the validity of the tax law sources. 
D) Follow-up. 
E) All of these.

Exam 2: Working With the Tax Law

Which court decision carries more weight?

Post-1984 letter rulings may be substantial authority for purposes of the accuracy-related penalty in § 6662.

The research process should begin with a tax service.

There are 11 geographic U.S.Circuit Court of Appeals.

The IRS will not acquiesce to the following tax decisions:

How do treaties fit within tax sources?

Which court decision would probably carry more weight?

The granting of a Writ of Certiorari indicates that at least four members of the Supreme Court believe that an issue is of sufficient importance to be heard by the full court.

The following citation can be a correct citation: Rev.Rul.95-271,1995-64 I.R.B.18.

Which is presently not a major tax service?

The IRS is not required to make a letter ruling public.

Which company does not publish citators for tax purposes?

What are Treasury Department Regulations?

The Golsen rule has been overturned by the U.S.Supreme Court.

Which Regulations have the force and effect of law?

Which tax-related website probably gives the best policy-orientation results?

Tax bills are handled by which committee in the U.S.House of Representatives?

A Bluebook opinion is substantial authority for purposes of the accuracy related penalty.

Determination letters usually involve finalized transactions.

Tax research involves which of the following procedures:

An Introduction to Taxation and Understanding the Tax Law

Computing the Tax

Gross Income: Concepts and Inclusions

Gross Income: Exclusions

Deductions and Losses: in General

Deductions and Losses: Certain Business Expenses and Losses

Depreciation, cost Recovery, amortization, and Depletion

Deductions: Employee and Self-Employed-Related Expenses

Deductions and Losses: Certain Itemized Deductions

Investor Losses

Tax Credits and Payments

Property Transactions: Determination of Gain or Loss, basis Considerations, and Nontaxabl

Property Transactions: Capital Gains and Losses, section 1231 and Recapture Provisions

Alternative Minimum Tax

Accounting Periods and Methods

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Distributions Not in Complete Liquidation

Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations

Partnerships

S Corporations

Exempt Entities

Multistate Corporate Taxation

Taxation of International Transactions

Tax Practice and Ethics

Family Tax Planning

Income Taxation of Trusts and Estates

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