Question 1

In a U.S.District Court, a jury can decide both questions of fact and questions of law.

Accepted Answer

A) True 
 B)False

Question 2

A taxpayer can obtain a jury trial in the U.S.Court of Federal Claims.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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 the above 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 the above are incorrect.

Question 5

The Internal Revenue Code was first codified in what year?

Accepted Answer

A) 1913. 
B) 1923. 
C) 1939. 
D) 1954. 
E) 1986. 
A) 1913. 
B) 1923. 
C) 1939. 
D) 1954. 
E) 1986.

Question 6

What are Treasury Department Regulations?

Accepted Answer

Regulations are issued by the U.S.Treasu

Question 7

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 the above are major tax services. 
A) Standard Federal Tax Reporter. 
B) Federal Taxes. 
C) United States Tax Reporter. 
D) Tax Management Portfolios. 
E) All of the above are major tax services.

Question 8

Which court decisions are published in paper format by the U.S.government?

Accepted Answer

A) U.S.Tax Court Memorandum decision. 
B) U.S.Tax Court regular decision. 
C) Fifth Circuit U.S.Court of Appeals decision. 
D) Court of Federal Claims decision. 
E) All of the above. 
A) U.S.Tax Court Memorandum decision. 
B) U.S.Tax Court regular decision. 
C) Fifth Circuit U.S.Court of Appeals decision. 
D) Court of Federal Claims decision. 
E) All of the above.

Question 9

The Internal Revenue Code of 1986 was substantially a re-codification of the existing Code.

Accepted Answer

A) True 
 B)False

Question 10

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

Question 11

Electronic databases are most frequently searched by the keyword approach.

Accepted Answer

A) True 
 B)False

Question 12

Before a tax bill can become law, it must be approved by the President.

Accepted Answer

A) True 
 B)False

Question 13

House members have considerable latitude to make amendments on the House floor.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Which statement is not true with respect to a Treasury Regulation?

Accepted Answer

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

Question 16

Which of the following is not published in the Cumulative Bulletin?

Accepted Answer

A) Revenue Rulings. 
B) Proposed Regulations. 
C) Actions on Decisions. 
D) Letter Rulings. 
E) General Counsel Memoranda. 
A) Revenue Rulings. 
B) Proposed Regulations. 
C) Actions on Decisions. 
D) Letter Rulings. 
E) General Counsel Memoranda.

Question 17

The test for whether a child qualifies for dependency status is first conducted under the qualified child requirement.

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

Tax bills are handled by which committee in the U.S.House of Representatives?

Accepted Answer

A) Taxation Committee. 
B) Ways and Means Committee. 
C) Finance Committee. 
D) Budget Committee. 
E) None of the above. 
A) Taxation Committee. 
B) Ways and Means Committee. 
C) Finance Committee. 
D) Budget Committee. 
E) None of the above.

Question 20

A letter ruling applies only to the taxpayer who asks for and obtains a letter ruling.

Accepted Answer

A) True 
 B)False

Exam 2: Working With the Tax Law

In a U.S.District Court, a jury can decide both questions of fact and questions of law.

A taxpayer can obtain a jury trial in the U.S.Court of Federal Claims.

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

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

The Internal Revenue Code was first codified in what year?

What are Treasury Department Regulations?

Which is presently not a major tax service?

Which court decisions are published in paper format by the U.S.government?

The Internal Revenue Code of 1986 was substantially a re-codification of the existing Code.

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

Electronic databases are most frequently searched by the keyword approach.

Before a tax bill can become law, it must be approved by the President.

House members have considerable latitude to make amendments on the House floor.

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

Which statement is not true with respect to a Treasury Regulation?

Which of the following is not published in the Cumulative Bulletin?

The test for whether a child qualifies for dependency status is first conducted under the qualified child requirement.

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

Tax bills are handled by which committee in the U.S.House of Representatives?

A letter ruling applies only to the taxpayer who asks for and obtains a letter ruling.

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