Question 1

In recent years,Congress has been relatively successful in simplifying the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 2

Rules of tax law do not include Revenue Rulings and Revenue Procedures.

Accepted Answer

A) True 
 B)False

Question 3

Which publisher offers the United States Tax Reporter?

Accepted Answer

A) Research Institute of America 
B) Commerce Clearing House 
C) LexisNexis 
D) Tax Analysts 
E) None of these 
A) Research Institute of America 
B) Commerce Clearing House 
C) LexisNexis 
D) Tax Analysts 
E) None of these

Question 4

What statement is not true with respect to Temporary Regulations?

Accepted Answer

A) May not be cited as precedent. 
B) Issued as Proposed Regulations. 
C) Automatically expire within three years after the date of issuance. 
D) Found in the Federal Register. 
E) All of these statements are true. 
A) May not be cited as precedent. 
B) Issued as Proposed Regulations. 
C) Automatically expire within three years after the date of issuance. 
D) Found in the Federal Register. 
E) All of these statements are true.

Question 5

Regulations are generally issued immediately after a statute is enacted.

Accepted Answer

A) True 
 B)False

Question 6

How can Congressional Committee Reports be used by a tax researcher?

Accepted Answer

Congressional Committee Reports often ex

Question 7

In § 212(1),the number (1) stands for the:

Accepted Answer

A) Section number. 
B) Subsection number. 
C) Paragraph designation. 
D) Subparagraph designation. 
E) None of these. 
A) Section number. 
B) Subsection number. 
C) Paragraph designation. 
D) Subparagraph designation. 
E) None of these.

Question 8

The Regulation section of the CPA exam is approximately 60% Taxation and 40% Law & Professional Responsibilities.

Accepted Answer

A) True 
 B)False

Question 9

A researcher can find tax information on home page sites of:

Accepted Answer

A) Governmental bodies. 
B) Tax academics. 
C) Publishers. 
D) CPA firms. 
E) All of these. 
A) Governmental bodies. 
B) Tax academics. 
C) Publishers. 
D) CPA firms. 
E) All of these.

Question 10

Which statement is incorrect with respect to taxation on the CPA exam?

Accepted Answer

A) The CPA exam now has only four parts. 
B) There are no longer case studies on the exam. 
C) A candidate may not go back after exiting a testlet. 
D) Simulations include a four-function pop-up calculator. 
E) None of these are incorrect. 
A) The CPA exam now has only four parts. 
B) There are no longer case studies on the exam. 
C) A candidate may not go back after exiting a testlet. 
D) Simulations include a four-function pop-up calculator. 
E) None of these are incorrect.

Question 11

If a taxpayer decides not to pay a tax deficiency,he or she must go to which court?

Accepted Answer

A) Appropriate U.S.Circuit Court of Appeals 
B) U.S.District Court 
C) U.S.Tax Court 
D) U.S.Court of Federal Claims 
E) None of these 
A) Appropriate U.S.Circuit Court of Appeals 
B) U.S.District Court 
C) U.S.Tax Court 
D) U.S.Court of Federal Claims 
E) None of these

Question 12

Technical Advice Memoranda may not be cited as precedents by taxpayers.

Accepted Answer

A) True 
 B)False

Question 13

Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations.

Accepted Answer

A) True 
 B)False

Question 14

The "petitioner" refers to the party against whom a suit is brought.

Accepted Answer

A) True 
 B)False

Question 15

Which statement is not true with respect to a Regulation that interprets the tax law?

Accepted Answer

A) Issued by the U.S.Congress. 
B) Issued by the U.S.Treasury Department. 
C) Designed to provide an interpretation of the tax law. 
D) Carries more legal force than a Revenue Ruling. 
E) All of these statements are true. 
A) Issued by the U.S.Congress. 
B) Issued by the U.S.Treasury Department. 
C) Designed to provide an interpretation of the tax law. 
D) Carries more legal force than a Revenue Ruling. 
E) All of these statements are true.

Question 16

A taxpayer who loses in a U.S.District Court may appeal directly to the:

Accepted Answer

A) U.S.Supreme Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Circuit Court of Appeals. 
E) All of these. 
A) U.S.Supreme Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Circuit Court of Appeals. 
E) All of these.

Question 17

There is a direct conflict between a Code section adopted in 2008 and a treaty with France (signed in 2012).The Code section controls.

Accepted Answer

A) True 
 B)False

Question 18

What administrative release deals with a proposed transaction rather than a completed transaction?

Accepted Answer

A) Letter Ruling 
B) Technical Advice Memorandum 
C) Determination Letter 
D) Field Service Advice 
E) None of these 
A) Letter Ruling 
B) Technical Advice Memorandum 
C) Determination Letter 
D) Field Service Advice 
E) None of these

Question 19

The Index to Federal Tax Articles (published by Warren,Gorham,and Lamont) is available in print and electronic formats.

Accepted Answer

A) True 
 B)False

Question 20

Which items tell taxpayers the IRS's reaction to certain court decisions?

Accepted Answer

A) Notices 
B) Revenue Procedures 
C) Revenue Rulings 
D) Actions on Decisions 
E) Legislative Regulations 
A) Notices 
B) Revenue Procedures 
C) Revenue Rulings 
D) Actions on Decisions 
E) Legislative Regulations

Exam 2: Working With the Tax Law

In recent years,Congress has been relatively successful in simplifying the Internal Revenue Code.

Rules of tax law do not include Revenue Rulings and Revenue Procedures.

Which publisher offers the United States Tax Reporter?

What statement is not true with respect to Temporary Regulations?

Regulations are generally issued immediately after a statute is enacted.

How can Congressional Committee Reports be used by a tax researcher?

In § 212(1),the number (1) stands for the:

The Regulation section of the CPA exam is approximately 60% Taxation and 40% Law & Professional Responsibilities.

A researcher can find tax information on home page sites of:

Which statement is incorrect with respect to taxation on the CPA exam?

If a taxpayer decides not to pay a tax deficiency,he or she must go to which court?

Technical Advice Memoranda may not be cited as precedents by taxpayers.

Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations.

The "petitioner" refers to the party against whom a suit is brought.

Which statement is not true with respect to a Regulation that interprets the tax law?

A taxpayer who loses in a U.S.District Court may appeal directly to the:

There is a direct conflict between a Code section adopted in 2008 and a treaty with France (signed in 2012).The Code section controls.

What administrative release deals with a proposed transaction rather than a completed transaction?

The Index to Federal Tax Articles (published by Warren,Gorham,and Lamont) is available in print and electronic formats.

Which items tell taxpayers the IRS's reaction to certain court decisions?

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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