Question 1

Federal tax legislation generally originates in the Senate Finance Committee.

Accepted Answer

A) True 
 B)False  False

Question 2

A U.S.District Court decision carries less weight than a decision issued by the Fifth Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False  True

Question 3

Subchapter K refers to the "Partners and Partnerships" section of the Code.

Accepted Answer

A) True 
 B)False  True

Question 4

Accessing tax documents through electronic means offers limited advantages over a strictly paper-based approach.

Accepted Answer

A) True 
 B)False

Question 5

A taxpayer who loses in a U.S.District Court may appeal directly to the:

Accepted Answer

A) Supreme Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Circuit Court of Appeals. 
E) All of the above. 
A) Supreme Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Circuit Court of Appeals. 
E) All of the above.

Question 6

Which statement is incorrect with respect to a tax treaty?

Accepted Answer

A) A tax treaty always overrides a Code section when they conflict. 
B) The purpose of a treaty is to render mutual assistance in tax enforcement and to avoid double taxation. 
C) Taxpayers must disclose on their tax returns any position where a treaty overrides a Code section. 
D) There is a $1,000 penalty per failure to disclose a conflicting tax treaty. 
E) All are correct. 
A) A tax treaty always overrides a Code section when they conflict. 
B) The purpose of a treaty is to render mutual assistance in tax enforcement and to avoid double taxation. 
C) Taxpayers must disclose on their tax returns any position where a treaty overrides a Code section. 
D) There is a $1,000 penalty per failure to disclose a conflicting tax treaty. 
E) All are correct.

Question 7

Subchapter S covers which specific area of tax law?

Accepted Answer

A) Simplification. 
B) Deductions. 
C) Capital gains and losses. 
D) Tax rates. 
E) None of the above. 
A) Simplification. 
B) Deductions. 
C) Capital gains and losses. 
D) Tax rates. 
E) None of the above.

Question 8

Which trial court hears only tax disputes?

Accepted Answer

A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Circuit Courts of Appeals. 
E) None of the above. 
A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Circuit Courts of Appeals. 
E) None of the above.

Question 9

In assessing the importance of a regulation,an IRS agent must:

Accepted Answer

A) Give equal weight to the Code and regulations. 
B) Give more weight to the Code rather than to a regulation. 
C) Give more weight to the regulation rather than to the Code. 
D) Give less weight to the Code rather than to a regulation. 
E) None of the above. 
A) Give equal weight to the Code and regulations. 
B) Give more weight to the Code rather than to a regulation. 
C) Give more weight to the regulation rather than to the Code. 
D) Give less weight to the Code rather than to a regulation. 
E) None of the above.

Question 10

A Memorandum decision of the U.S.Tax Court could be cited as:

Accepted Answer

A) T.C.Memo.1990-650. 
B) 68-1 USTC ¶9200. 
C) 37 AFTR2d 456. 
D) All of the above. 
E) None of the above. 
A) T.C.Memo.1990-650. 
B) 68-1 USTC ¶9200. 
C) 37 AFTR2d 456. 
D) All of the above. 
E) None of the above.

Question 11

Which of the following indicates that a decision has precedential value for future cases?

Accepted Answer

A) Stare decisis. 
B) Golsen doctrine. 
C) En banc. 
D) Reenactment doctrine. 
E) None of the above. 
A) Stare decisis. 
B) Golsen doctrine. 
C) En banc. 
D) Reenactment doctrine. 
E) None of the above.

Question 12

Which state is located in the jurisdiction of the Fifth Circuit Court of Appeals?

Accepted Answer

A) Louisiana. 
B) California. 
C) New York. 
D) South Carolina. 
E) None of the above. 
A) Louisiana. 
B) California. 
C) New York. 
D) South Carolina. 
E) None of the above.

Question 13

Explain the Golsen doctrine.

Accepted Answer

Because the Tax Court is a national cour

Question 14

Some Regulations are arranged in different sequence than the Code.

Accepted Answer

A) True 
 B)False

Question 15

Proposed Regulations are binding on the IRS and taxpayers.

Accepted Answer

A) True 
 B)False

Question 16

Which trial court decision is generally more authoritative?

Accepted Answer

A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Cases Division of the Tax Court. 
E) All of the above are the same. 
A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Cases Division of the Tax Court. 
E) All of the above are the same.

Question 17

Regulations are issued by the Treasury Department.

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

Explain the difference between tax avoidance and tax evasion.

Accepted Answer

A fine line exists between legal tax pla

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 2: Working With the Tax Law

Federal tax legislation generally originates in the Senate Finance Committee.

A U.S.District Court decision carries less weight than a decision issued by the Fifth Circuit Court of Appeals.

Subchapter K refers to the "Partners and Partnerships" section of the Code.

Accessing tax documents through electronic means offers limited advantages over a strictly paper-based approach.

A taxpayer who loses in a U.S.District Court may appeal directly to the:

Which statement is incorrect with respect to a tax treaty?

Subchapter S covers which specific area of tax law?

Which trial court hears only tax disputes?

In assessing the importance of a regulation,an IRS agent must:

A Memorandum decision of the U.S.Tax Court could be cited as:

Which of the following indicates that a decision has precedential value for future cases?

Which state is located in the jurisdiction of the Fifth Circuit Court of Appeals?

Explain the Golsen doctrine.

Some Regulations are arranged in different sequence than the Code.

Proposed Regulations are binding on the IRS and taxpayers.

Which trial court decision is generally more authoritative?

Regulations are issued by the Treasury Department.

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

Explain the difference between tax avoidance and tax evasion.

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

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

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

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

Property Transactions: Capital Gains and Losses,1231,and Recapure Provisions

Alternative Minimum Tax

Accounting Periods and Methods

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Distributions Not in Complete Liquidation

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

The Federal Gift and Estate Taxes

Income Taxation of Trusts and Estates

Filters