Question 1

The Internet provides a wealth of tax information in several popular forms,sometimes at no direct cost to the researcher.

Accepted Answer

A) True 
 B)False

Question 2

The Internal Revenue Code was codified in which of the following years?

Accepted Answer

A) 1913. 
B) 1933. 
C) 1954. 
D) 1957. 
E) None of the above. 
A) 1913. 
B) 1933. 
C) 1954. 
D) 1957. 
E) None of the above.

Question 3

Proposed Regulations are not published in the Federal Register.

Accepted Answer

A) True 
 B)False

Question 4

What statement is not true with respect to a regulation which interprets the tax law?

Accepted Answer

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

Question 5

How can congressional committee reports be used by a tax researcher?

Accepted Answer

Congressional committee reports often ex

Question 6

Determination letters usually involve proposed transactions.

Accepted Answer

A) True 
 B)False

Question 7

Which trial court's jurisdiction depends on the geographical location of the taxpayer?

Accepted Answer

A) U.S.Tax Court. 
B) U.S.District Court. 
C) U.S.Court of Federal Claims. 
D) Small Cases Division of the Tax Court. 
E) None of the above. 
A) U.S.Tax Court. 
B) U.S.District Court. 
C) U.S.Court of Federal Claims. 
D) Small Cases Division of the Tax Court. 
E) None of the above.

Question 8

The granting of a Writ of Certiorari indicates that at least five 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 9

The major tax services are not available in electronic format.

Accepted Answer

A) True 
 B)False

Question 10

What statement is not true with respect to Temporary Regulations?

Accepted Answer

A) May not be cited as precedent. 
B) Issued as Proposed Regulations. 
C) Automatically expire within three years after the date of issuance. 
D) Found in the Federal Register. 
E) All of the above statements are true. 
A) May not be cited as precedent. 
B) Issued as Proposed Regulations. 
C) Automatically expire within three years after the date of issuance. 
D) Found in the Federal Register. 
E) All of the above statements are true.

Question 11

Which of the following sources has the highest tax validity?

Accepted Answer

A) Revenue Ruling. 
B) Letter ruling. 
C) Regulations. 
D) Internal Revenue Code section. 
E) None of the above. 
A) Revenue Ruling. 
B) Letter ruling. 
C) Regulations. 
D) Internal Revenue Code section. 
E) None of the above.

Question 12

Which committee reconciles the tax bills between the Senate and the House?

Accepted Answer

A) Joint Committee on Taxation. 
B) Joint Conference Committee. 
C) Joint Reconciliation Committee. 
D) Joint Resolving Committee. 
E) None of the above. 
A) Joint Committee on Taxation. 
B) Joint Conference Committee. 
C) Joint Reconciliation Committee. 
D) Joint Resolving Committee. 
E) None of the above.

Question 13

Which of the following types of Regulations has the highest tax validity?

Accepted Answer

A) Temporary. 
B) Legislative. 
C) Interpretative. 
D) Procedural. 
E) None of the above. 
A) Temporary. 
B) Legislative. 
C) Interpretative. 
D) Procedural. 
E) None of the above.

Question 14

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 15

A Revenue Procedure is an administrative source of Federal tax law.

Accepted Answer

A) True 
 B)False

Question 16

Temporary Regulations have the same authoritative value as Finalized Regulations.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

Revenue Rulings carry the same legal force and effect as Regulations.

Accepted Answer

A) True 
 B)False

Question 20

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

Exam 2: Working With the Tax Law

The Internet provides a wealth of tax information in several popular forms,sometimes at no direct cost to the researcher.

The Internal Revenue Code was codified in which of the following years?

Proposed Regulations are not published in the Federal Register.

What statement is not true with respect to a regulation which interprets the tax law?

How can congressional committee reports be used by a tax researcher?

Determination letters usually involve proposed transactions.

Which trial court's jurisdiction depends on the geographical location of the taxpayer?

The granting of a Writ of Certiorari indicates that at least five members of the Supreme Court believe that an issue is of sufficient importance to be heard by the full court.

The major tax services are not available in electronic format.

What statement is not true with respect to Temporary Regulations?

Which of the following sources has the highest tax validity?

Which committee reconciles the tax bills between the Senate and the House?

Which of the following types of Regulations has the highest tax validity?

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.

A Revenue Procedure is an administrative source of Federal tax law.

Temporary Regulations have the same authoritative value as Finalized Regulations.

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

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

Revenue Rulings carry the same legal force and effect as Regulations.

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

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