Question 1

The RIA and CCH Citators are only available through their paper (i.e.,hard copy)services.

Accepted Answer

A) True 
 B)False

Question 2

Before a tax bill can become law,it must be approved (signed)by the President of the U.S.

Accepted Answer

A) True 
 B)False

Question 3

A technical advice memorandum is issued by:

Accepted Answer

A) Treasury Department. 
B) National Office of the IRS. 
C) Office of Chief Council. 
D) Area Director. 
E) None of the above. 
A) Treasury Department. 
B) National Office of the IRS. 
C) Office of Chief Council. 
D) Area Director. 
E) None of the above.

Question 4

Shorter class lives for depreciable property and the use of accelerated depreciation will dampen the tax incentive for capital outlays.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is an administrative source of tax law?

Accepted Answer

A) Rev. Proc. 2002-39. 
B) Joint Conference Committee Report. 
C) § 752(c) of the Internal Revenue Code. 
D) All of the above. 
E) None of the above. 
A) Rev. Proc. 2002-39. 
B) Joint Conference Committee Report. 
C) § 752(c) of the Internal Revenue Code. 
D) All of the above. 
E) None of the above.

Question 6

Proposed Regulations issued simultaneously with Temporary Regulations carry more weight than traditional Proposed Regulations.

Accepted Answer

A) True 
 B)False

Question 7

Under the concept of revenue neutrality,one taxpayer's increased tax liability can be another's tax savings.

Accepted Answer

A) True 
 B)False

Question 8

Which statement is not true about this citation: Bonkowski v.Comm.,29 TCM 1645 (1970),aff'd 458 F.2d 709 (CA-7,1972),cert.den.

Accepted Answer

A) The Supreme Court does not choose to disagree or agree with the Seventh Court of Appeals. 
B) The Seventh Court of Appeals disagreed with the Tax Court. 
C) The Tax Court decision starts on page 1645. 
D) The Seventh Court of Appeals decision appears in Vol. 458. 
E) All of the above. 
A) The Supreme Court does not choose to disagree or agree with the Seventh Court of Appeals. 
B) The Seventh Court of Appeals disagreed with the Tax Court. 
C) The Tax Court decision starts on page 1645. 
D) The Seventh Court of Appeals decision appears in Vol. 458. 
E) All of the above.

Question 9

A cite such as 372 U.S.39 indicates a memorandum decision of the U.S.Tax Court.

Accepted Answer

A) True 
 B)False

Question 10

An international treaty takes precedence over a provision in the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 11

Douglas and Sue,related parties,are landlord and tenant as to certain business property.If the IRS questions the amount of rent Sue is paying to Douglas,this is an illustration of the:

Accepted Answer

A) Arm's length concept. 
B) Continuity of interest concept. 
C) Tax benefit rule. 
D) Substance over form concept. 
E) None of the above. 
A) Arm's length concept. 
B) Continuity of interest concept. 
C) Tax benefit rule. 
D) Substance over form concept. 
E) None of the above.

Question 12

Stare decisis applies to Small Cases Division decisions.

Accepted Answer

A) True 
 B)False

Question 13

In general,the "Blue Book" is a primary source of tax law.

Accepted Answer

A) True 
 B)False

Question 14

Which provision could best be justified as a means of controlling the economy?

Accepted Answer

A) Write-off of research and development expenditures. 
B) The § 179 immediate write-off. 
C) Amortization of pollution control facilities. 
D) The rehabilitation tax credit. 
E) None of the above. 
A) Write-off of research and development expenditures. 
B) The § 179 immediate write-off. 
C) Amortization of pollution control facilities. 
D) The rehabilitation tax credit. 
E) None of the above.

Question 15

What is the Golsen rule?

Accepted Answer

Under the Golsen rule,the U.S.Tax Court

Question 16

A district court must abide by the precedents set by the court of appeals of jurisdiction.

Accepted Answer

A) True 
 B)False

Question 17

Regarding technical advice memoranda,which statement is incorrect?

Accepted Answer

A) Issued by the National Office of IRS. 
B) Most often deal with a completed transaction. 
C) May be cited and used as precedent. 
D) Issued with multi-digit file numbers. 
E) None are incorrect. 
A) Issued by the National Office of IRS. 
B) Most often deal with a completed transaction. 
C) May be cited and used as precedent. 
D) Issued with multi-digit file numbers. 
E) None are incorrect.

Question 18

In Forty-Four Cigar Co.,2 B.T.A.1156,the 1156 stands for:

Accepted Answer

A) The volume number. 
B) The year of the decision. 
C) The paragraph number. 
D) The page number. 
E) None of the above. 
A) The volume number. 
B) The year of the decision. 
C) The paragraph number. 
D) The page number. 
E) None of the above.

Question 19

Which service allows a researcher to locate a particular journal article by Code section?

Accepted Answer

A) Tax Notes. 
B) CCH's Federal Tax Articles. 
C) Tax Articles Index. 
D) Federal Tax Coordinator 2d. 
E) All of the above. 
A) Tax Notes. 
B) CCH's Federal Tax Articles. 
C) Tax Articles Index. 
D) Federal Tax Coordinator 2d. 
E) All of the above.

Question 20

Determination letters usually involve completed,as opposed to proposed,transactions.

Accepted Answer

A) True 
 B)False

The RIA and CCH Citators are only available through their paper (i.e.,hard copy)services.

Before a tax bill can become law,it must be approved (signed)by the President of the U.S.

A technical advice memorandum is issued by:

Shorter class lives for depreciable property and the use of accelerated depreciation will dampen the tax incentive for capital outlays.

Which of the following is an administrative source of tax law?

Proposed Regulations issued simultaneously with Temporary Regulations carry more weight than traditional Proposed Regulations.

Under the concept of revenue neutrality,one taxpayer's increased tax liability can be another's tax savings.

Which statement is not true about this citation: Bonkowski v.Comm.,29 TCM 1645 (1970),aff'd 458 F.2d 709 (CA-7,1972),cert.den.

A cite such as 372 U.S.39 indicates a memorandum decision of the U.S.Tax Court.

An international treaty takes precedence over a provision in the Internal Revenue Code.

Douglas and Sue,related parties,are landlord and tenant as to certain business property.If the IRS questions the amount of rent Sue is paying to Douglas,this is an illustration of the:

Stare decisis applies to Small Cases Division decisions.

In general,the "Blue Book" is a primary source of tax law.

Which provision could best be justified as a means of controlling the economy?

What is the Golsen rule?

A district court must abide by the precedents set by the court of appeals of jurisdiction.

Regarding technical advice memoranda,which statement is incorrect?

In Forty-Four Cigar Co.,2 B.T.A.1156,the 1156 stands for:

Which service allows a researcher to locate a particular journal article by Code section?

Determination letters usually involve completed,as opposed to proposed,transactions.

Corporations: Introduction and Operating Rules

Corporations: Special Situations

Corporations: Organization and Capital Structure

Corporations: Earnings and Profits and Dividend Distributions

Corporations: Redemptions and Liquidations

Corporations: Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships: Formation, operation, and Basis

Partnerships: Distributions, transfer of Interests, and Terminations

S Corporations

Comparative Forms of Doing Business

Exempt Entities

Multistate Corporate Taxation

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters

Exam 1: Understanding and Working With the Federal Tax Law

The RIA and CCH Citators are only available through their paper (i.e.,hard copy)services.

Before a tax bill can become law,it must be approved (signed)by the President of the U.S.

A technical advice memorandum is issued by:

Shorter class lives for depreciable property and the use of accelerated depreciation will dampen the tax incentive for capital outlays.

Which of the following is an administrative source of tax law?

Proposed Regulations issued simultaneously with Temporary Regulations carry more weight than traditional Proposed Regulations.

Under the concept of revenue neutrality,one taxpayer's increased tax liability can be another's tax savings.

Which statement is not true about this citation: Bonkowski v.Comm.,29 TCM 1645 (1970),aff'd 458 F.2d 709 (CA-7,1972),cert.den.

A cite such as 372 U.S.39 indicates a memorandum decision of the U.S.Tax Court.

An international treaty takes precedence over a provision in the Internal Revenue Code.

Douglas and Sue,related parties,are landlord and tenant as to certain business property.If the IRS questions the amount of rent Sue is paying to Douglas,this is an illustration of the:

Stare decisis applies to Small Cases Division decisions.

In general,the "Blue Book" is a primary source of tax law.

Which provision could best be justified as a means of controlling the economy?

What is the Golsen rule?

A district court must abide by the precedents set by the court of appeals of jurisdiction.

Regarding technical advice memoranda,which statement is incorrect?

In Forty-Four Cigar Co.,2 B.T.A.1156,the 1156 stands for:

Which service allows a researcher to locate a particular journal article by Code section?

Determination letters usually involve completed,as opposed to proposed,transactions.

Corporations: Introduction and Operating Rules

Corporations: Special Situations

Corporations: Organization and Capital Structure

Corporations: Earnings and Profits and Dividend Distributions

Corporations: Redemptions and Liquidations

Corporations: Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships: Formation, operation, and Basis

Partnerships: Distributions, transfer of Interests, and Terminations

S Corporations

Comparative Forms of Doing Business

Exempt Entities

Multistate Corporate Taxation

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters