Question 1

Which of the following sources has the highest tax validity?

Accepted Answer

A) Revenue Ruling 
B) Revenue Procedure 
C) Regulations 
D) Internal Revenue Code section 
E) None of these 
A) Revenue Ruling 
B) Revenue Procedure 
C) Regulations 
D) Internal Revenue Code section 
E) None of these

Question 2

The first codification of the tax law occurred in 1954.

Accepted Answer

A) True 
 B)False

Question 3

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 4

A taxpayer can obtain a jury trial in the U.S.Tax Court.

Accepted Answer

A) True 
 B)False

Question 5

A U.S.District Court is the lowest trial court.

Accepted Answer

A) True 
 B)False

Question 6

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 7

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 8

The primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

Accepted Answer

A) True 
 B)False

Question 9

Tax planning usually involves a completed transaction.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Regulations are generally issued immediately after a statute is enacted.

Accepted Answer

A) True 
 B)False

Question 12

Which is not a primary source of tax law?

Accepted Answer

A) Notice 89-99,1989-2 C.B.422. 
B) Estate of Harry Holmes v.Comm. ,326 U.S.480 (1946). 
C) Rev.Rul.79-353,1979-2 C.B.325. 
D) Prop.Reg.§ 1.752-4T(f). 
E) All of these are primary sources. 
A) Notice 89-99,1989-2 C.B.422. 
B) Estate of Harry Holmes v.Comm. ,326 U.S.480 (1946). 
C) Rev.Rul.79-353,1979-2 C.B.325. 
D) Prop.Reg.§ 1.752-4T(f). 
E) All of these are primary sources.

Question 13

The term "petitioner" is a synonym for "defendant."

Accepted Answer

A) True 
 B)False

Question 14

Subtitle A of the Internal Revenue Code covers which of the following taxes?

Accepted Answer

A) Income taxes 
B) Estate and gift taxes 
C) Excise taxes 
D) Employment taxes 
E) All of these 
A) Income taxes 
B) Estate and gift taxes 
C) Excise taxes 
D) Employment taxes 
E) All of these

Question 15

Distinguish between the jurisdiction of the U.S.Tax Court and a U.S.District Court.

Accepted Answer

The U.S.Tax Court hears only tax cases a

Question 16

Federal tax legislation generally originates in what body?

Accepted Answer

A) Internal Revenue Service 
B) Senate Finance Committee 
C) House Ways and Means Committee 
D) Senate Floor 
E) None of these 
A) Internal Revenue Service 
B) Senate Finance Committee 
C) House Ways and Means Committee 
D) Senate Floor 
E) None of these

Question 17

Determination letters usually involve finalized transactions.

Accepted Answer

A) True 
 B)False

Question 18

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 19

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 20

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.

Which of the following sources has the highest tax validity?

The first codification of the tax law occurred in 1954.

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

A taxpayer can obtain a jury trial in the U.S.Tax Court.

A U.S.District Court is the lowest trial court.

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

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 primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

Tax planning usually involves a completed transaction.

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

Regulations are generally issued immediately after a statute is enacted.

Which is not a primary source of tax law?

The term "petitioner" is a synonym for "defendant."

Subtitle A of the Internal Revenue Code covers which of the following taxes?

Distinguish between the jurisdiction of the U.S.Tax Court and a U.S.District Court.

Federal tax legislation generally originates in what body?

Determination letters usually involve finalized transactions.

Which is presently not a major tax service?

Which company does not publish citators for tax purposes?

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

An Introduction to Taxation and Understanding the Federal Law

Tax Formula and Tax Determination an Overview of Property Transactions

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

Deduction and Losses Certain Itemized Deductions

Investor Losses

Alternative Minimum Tax

Tax Credits and Payment Procedures

Property Transactions Determination of Gain and Loss and Basic Considerations

Property Transactions Nontaxable Exchanges

Property Transactions Capital Gains and Losses

Property Transactions Section 1231 and Recapture Provisions

Accounting Periods and Methods

Deferred Compensation

Corporations and Partnerships

Filters

Exam 2: Working With the Tax Law

Which of the following sources has the highest tax validity?

The first codification of the tax law occurred in 1954.

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

A taxpayer can obtain a jury trial in the U.S.Tax Court.

A U.S.District Court is the lowest trial court.

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

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 primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

Tax planning usually involves a completed transaction.

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

Regulations are generally issued immediately after a statute is enacted.

Which is not a primary source of tax law?

The term "petitioner" is a synonym for "defendant."

Subtitle A of the Internal Revenue Code covers which of the following taxes?

Distinguish between the jurisdiction of the U.S.Tax Court and a U.S.District Court.

Federal tax legislation generally originates in what body?

Determination letters usually involve finalized transactions.

Which is presently not a major tax service?

Which company does not publish citators for tax purposes?

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

An Introduction to Taxation and Understanding the Federal Law

Tax Formula and Tax Determination an Overview of Property Transactions

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

Deduction and Losses Certain Itemized Deductions

Investor Losses

Alternative Minimum Tax

Tax Credits and Payment Procedures

Property Transactions Determination of Gain and Loss and Basic Considerations

Property Transactions Nontaxable Exchanges

Property Transactions Capital Gains and Losses

Property Transactions Section 1231 and Recapture Provisions

Accounting Periods and Methods

Deferred Compensation

Corporations and Partnerships

Filters