Question 1

Which trial court has 16 judges?

Accepted Answer

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

Question 2

Proposed Regulations have the force and effect of law.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

IRS agents must give the Code and Regulations issued thereunder equal weight when dealing with taxpayers and their representatives.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Which is not a Code section number?

Accepted Answer

A) § 212(1). 
B) § 2(a)(1). 
C) § 280B. 
D) § 6(a). 
E) All are current Code sections. 
A) § 212(1). 
B) § 2(a)(1). 
C) § 280B. 
D) § 6(a). 
E) All are current Code sections.

Question 7

When dealing with proposed transactions,the tax research process is directed toward the determination of possible alternative consequences.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is not an administrative source of the tax law?

Accepted Answer

A) General Counsel Memoranda. 
B) Revenue Procedures. 
C) Technical Advice Memoranda. 
D) Actions on Decisions. 
E) All of the above are administrative sources. 
A) General Counsel Memoranda. 
B) Revenue Procedures. 
C) Technical Advice Memoranda. 
D) Actions on Decisions. 
E) All of the above are administrative sources.

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

Accepted Answer

A) True 
 B)False

Question 12

Identify the number of the Court(s)of Federal Claims?

Accepted Answer

A) 1. 
B) 3. 
C) 16. 
D) 19. 
E) None of the above is correct. 
A) 1. 
B) 3. 
C) 16. 
D) 19. 
E) None of the above is correct.

Question 13

Neither the 1939 nor the 1954 Code substantially changed the tax law existing on the date of its enactment.

Accepted Answer

A) True 
 B)False

Question 14

Unlike determination letters,letter rulings are issued by the National Office of the IRS.

Accepted Answer

A) True 
 B)False

Question 15

Interpretive Regulations have the force and effect of law.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following statements about an acquiescence is correct?

Accepted Answer

A) An acquiescence is issued in the Federal Registrar. 
B) Acquiescences are published only for certain regular decisions of the U.S.Tax Court. 
C) An acquiescence is published in the Internal Revenue Bulletin. 
D) The IRS does not issue acquiescences to adverse decisions that are not appealed. 
E) All of the above are correct. 
A) An acquiescence is issued in the Federal Registrar. 
B) Acquiescences are published only for certain regular decisions of the U.S.Tax Court. 
C) An acquiescence is published in the Internal Revenue Bulletin. 
D) The IRS does not issue acquiescences to adverse decisions that are not appealed. 
E) All of the above are correct.

Question 17

Three judges will normally hear each U.S.Tax Court case.

Accepted Answer

A) True 
 B)False

Question 18

The term "respondent" is a synonym for defendant.

Accepted Answer

A) True 
 B)False

Exam 2: Working With the Tax Law

Which trial court has 16 judges?

Proposed Regulations have the force and effect of law.

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

IRS agents must give the Code and Regulations issued thereunder equal weight when dealing with taxpayers and their representatives.

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

Which is not a Code section number?

When dealing with proposed transactions,the tax research process is directed toward the determination of possible alternative consequences.

Which of the following is not an administrative source of the tax law?

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

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

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

Identify the number of the Court(s)of Federal Claims?

Neither the 1939 nor the 1954 Code substantially changed the tax law existing on the date of its enactment.

Unlike determination letters,letter rulings are issued by the National Office of the IRS.

Interpretive Regulations have the force and effect of law.

Which of the following statements about an acquiescence is correct?

Three judges will normally hear each U.S.Tax Court case.

The term "respondent" is a synonym for defendant.

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