Question 1

Internet versions of topical tax services include

Accepted Answer

A)  Code and Regulations. 
B)  Revenue rulings, letter rulings, and revenue procedures. 
C)  Court cases involving tax issues. 
D)  All of the above. 
A)  Code and Regulations. 
B)  Revenue rulings, letter rulings, and revenue procedures. 
C)  Court cases involving tax issues. 
D)  All of the above.

Question 2

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.

Question 3

Your client wants to deduct commuting expenses on his tax return.You explain to the client that there is no legal authority allowing this deduction.The client,however,continues to insist on this action.What guidance do the Statements on Standards for Tax Services provide in this dilemma?

Accepted Answer

According to Statement on Tax Standards,

Question 4

Which of the following documents is issued by the IRS to a specific taxpayer?

Accepted Answer

A)  regulation 
B)  revenue procedure 
C)  letter ruling 
D)  information release 
A)  regulation 
B)  revenue procedure 
C)  letter ruling 
D)  information release

Question 5

Describe the format of a client memo.

Accepted Answer

A client memo should include a statement

Question 6

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 7

Statements on Standards for Tax Services are issued by

Accepted Answer

A)  the SEC. 
B)  the IRS. 
C)  the AICPA. 
D)  the FASB. 
A)  the SEC. 
B)  the IRS. 
C)  the AICPA. 
D)  the FASB.

Question 8

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 9

Which regulation deals with the gift tax?

Accepted Answer

A)  Reg. Sec. 1.165-5 
B)  Reg. Sec. 20.2014-5 
C)  Reg. Sec. 25.2518-5 
D)  Reg. Sec. 301.7002-5 
A)  Reg. Sec. 1.165-5 
B)  Reg. Sec. 20.2014-5 
C)  Reg. Sec. 25.2518-5 
D)  Reg. Sec. 301.7002-5

Question 10

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 11

Identify which of the following statements is true.

Accepted Answer

A)  If regulations are issued prior to the latest tax legislation dealing with a specific Code section, the regulations are no longer effective to the extent they conflict with the provisions in the new legislation. 
B)  Legislative regulations are more likely to be invalidated by the courts than are interpretative regulations. 
C)  Regulations have more authoritative weight than tax statutes. 
D)  All of the above are false. 
A)  If regulations are issued prior to the latest tax legislation dealing with a specific Code section, the regulations are no longer effective to the extent they conflict with the provisions in the new legislation. 
B)  Legislative regulations are more likely to be invalidated by the courts than are interpretative regulations. 
C)  Regulations have more authoritative weight than tax statutes. 
D)  All of the above are false.

Question 12

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 13

Assume that the Tax Court decided an expenditure in question was deductible.The government appealed to the Fifth Circuit,which reversed the decision and held it was not deductible.No other circuits have ruled on the issue.
A new case has just been filed in the Tax Court.How will the Tax Court rule if this new case is appealable to the Tenth Circuit? Would your answer be different if the case was appealable to the Fifth Circuit?

Accepted Answer

The Golsen rule provides that the Tax Co

Question 14

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 15

Identify which of the following statements is true.

Accepted Answer

A)  The citation, 41 TCM 1272, refers to a Tax Court regular decision published by Commerce Clearing House. 
B)  The Federal Supplement contains only tax cases. 
C)  The American Federal Tax Reports contain only tax cases. 
D)  All of the above are false. 
A)  The citation, 41 TCM 1272, refers to a Tax Court regular decision published by Commerce Clearing House. 
B)  The Federal Supplement contains only tax cases. 
C)  The American Federal Tax Reports contain only tax cases. 
D)  All of the above are false.

Internet versions of topical tax services include

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

Your client wants to deduct commuting expenses on his tax return.You explain to the client that there is no legal authority allowing this deduction.The client,however,continues to insist on this action.What guidance do the Statements on Standards for Tax Services provide in this dilemma?

Which of the following documents is issued by the IRS to a specific taxpayer?

Describe the format of a client memo.

Identify which of the following statements is true.

Statements on Standards for Tax Services are issued by

The acquiescence policy of the IRS extends to the

Which regulation deals with the gift tax?

Identify which of the following statements is false.

Identify which of the following statements is true.

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

A jury trial is permitted in the

Identify which of the following statements is true.

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

US Corporations

The Gift Tax

The Estate Tax

Income Taxation of Trusts and Estates

Administrative Procedures

US Taxation of Foreign-Related Transactions

Filters

Exam 1: Tax Research

Internet versions of topical tax services include

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

Your client wants to deduct commuting expenses on his tax return.You explain to the client that there is no legal authority allowing this deduction.The client,however,continues to insist on this action.What guidance do the Statements on Standards for Tax Services provide in this dilemma?

Which of the following documents is issued by the IRS to a specific taxpayer?

Describe the format of a client memo.

Identify which of the following statements is true.

Statements on Standards for Tax Services are issued by

The acquiescence policy of the IRS extends to the

Which regulation deals with the gift tax?

Identify which of the following statements is false.

Identify which of the following statements is true.

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

A jury trial is permitted in the

Identify which of the following statements is true.

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

US Corporations

The Gift Tax

The Estate Tax

Income Taxation of Trusts and Estates

Administrative Procedures

US Taxation of Foreign-Related Transactions

Filters