Question 1

A General Counsel Memorandum is a primary source of tax law.

Accepted Answer

A) True 
 B)False  False

Question 2

Compare Revenue Rulings with Revenue Procedures.

Accepted Answer

Revenue Rulings are official pronouncements of the National Office of the IRS.They typically provide one or more examples of how the IRS would apply a law to specific fact situations.Like Regulations, Revenue Rulings are designed to provide interpretation of the tax law.However, they do not carry the same legal force and effect as Regulations and usually deal with more restricted problems.Regulations are approved by the Secretary of the Treasury, whereas Revenue Rulings generally are not.
Revenue Procedures are issued in the same manner as Revenue Rulings, but deal with the internal management practices and procedures of the IRS.Familiarity with these procedures can increase taxpayer compliance and help the IRS administer the tax laws more efficiently.A taxpayer's failure to follow a Revenue Procedure can result in unnecessary delay or, in a discretionary situation, can cause the IRS to decline to act on behalf of the taxpayer.

Question 3

The research process should begin with a tax service.

Accepted Answer

A) True 
 B)False  False

Question 4

Which publisher offers the Standard Federal Tax Reporter?

Accepted Answer

A) Research Institute of America. 
B) Commerce Clearing House. 
C) Prentice-Hall. 
D) LexisNexis. 
E) None of the above. 
A) Research Institute of America. 
B) Commerce Clearing House. 
C) Prentice-Hall. 
D) LexisNexis. 
E) None of the above.

Question 5

Discuss the advantages and disadvantages of the Small Cases Division of the U.S.Tax Court.

Accepted Answer

There is no appeal from the Small Cases

Question 6

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)  Temp. Reg. § 1.752-4T(f). 
E)  All of the above 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)  Temp. Reg. § 1.752-4T(f). 
E)  All of the above are primary sources.

Question 7

Temporary Regulations are only published in the Internal Revenue Bulletin.

Accepted Answer

A) True 
 B)False

Question 8

Federal tax legislation generally originates in the Senate Finance Committee.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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 the above. 
A) Procedural Regulations. 
B) Finalized Regulations. 
C) Legislative Regulations. 
D) Interpretive Regulations. 
E) All of the above.

Question 11

When searching on an online tax service, which approach is more frequently used?

Accepted Answer

A) Code section approach. 
B) Keyword approach. 
C) Table of contents approach. 
D) Index. 
E) All are about the same. 
A) Code section approach. 
B) Keyword approach. 
C) Table of contents approach. 
D) Index. 
E) All are about the same.

Question 12

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

Accepted Answer

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

Question 13

A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S.Court of Federal Claims.

Accepted Answer

A) True 
 B)False

Question 14

Revenue Rulings deal with the internal management practices and procedures of the IRS.

Accepted Answer

A) True 
 B)False

Question 15

Regulations are arranged in the same sequence as the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 16

Texas is in the jurisdiction of the Eighth Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 17

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 18

What is the role of the Joint Conference Committee in the legislative process?

Accepted Answer

When the Senate version of a bill differ

Question 19

Arizona is in the jurisdiction of the Ninth Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 20

Technical Advice Memoranda deal with completed transactions.

Accepted Answer

A) True 
 B)False

Exam 2: Working With the Tax Law

A General Counsel Memorandum is a primary source of tax law.

Compare Revenue Rulings with Revenue Procedures.

The research process should begin with a tax service.

Which publisher offers the Standard Federal Tax Reporter?

Discuss the advantages and disadvantages of the Small Cases Division of the U.S.Tax Court.

Which is not a primary source of tax law?

Temporary Regulations are only published in the Internal Revenue Bulletin.

Federal tax legislation generally originates in the Senate Finance Committee.

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

Which Regulations have the force and effect of law?

When searching on an online tax service, which approach is more frequently used?

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

A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S.Court of Federal Claims.

Revenue Rulings deal with the internal management practices and procedures of the IRS.

Regulations are arranged in the same sequence as the Internal Revenue Code.

Texas is in the jurisdiction of the Eighth Circuit Court of Appeals.

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.

What is the role of the Joint Conference Committee in the legislative process?

Arizona is in the jurisdiction of the Ninth Circuit Court of Appeals.

Technical Advice Memoranda deal with completed transactions.

An Introduction to Taxation and Understanding the Federal 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

A: Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges-Part 1

Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges-Part 2

Property Transactions: Capital Gains and Losses, 1231, 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

Income Taxation of Trusts and Estates

Filters