Question 1

You have the following citation: Joel Munro, 92 T.C. 71 (1989). Which of the following statements is true?

Accepted Answer

A) The taxpayer, Joel Munro, won the case because there is no reference to the IRS. 
B) The case appears on page 71 in Volume 92 of the official Tax Court of the United States Reports and the case was decided in 1989. 
C) This citation refers to a taxpayer conference between the IRS and the taxpayer. 
D) The case was tried in 1989 and was appealed in 1992. 
A) The taxpayer, Joel Munro, won the case because there is no reference to the IRS. 
B) The case appears on page 71 in Volume 92 of the official Tax Court of the United States Reports and the case was decided in 1989. 
C) This citation refers to a taxpayer conference between the IRS and the taxpayer. 
D) The case was tried in 1989 and was appealed in 1992.

Question 2

The citation "Rev. Rul. 2006-8, 2006-1 C.B. 541" refers to

Accepted Answer

A) the eighth ruling of 2006 found on page 541 in Vol. 1 of the 2006 Cumulative Bulletin. 
B) the eighth ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin. 
C) the 541st ruling of 2006 found on page eight in Vol. 1 of the 2006 Cumulative Bulletin. 
D) the 1st ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin. 
A) the eighth ruling of 2006 found on page 541 in Vol. 1 of the 2006 Cumulative Bulletin. 
B) the eighth ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin. 
C) the 541st ruling of 2006 found on page eight in Vol. 1 of the 2006 Cumulative Bulletin. 
D) the 1st ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin.

Question 3

Analyze the information; make analogies and reach a conclusion.

Accepted Answer

To analyze the information, we need to c

Question 4

Does Title 26 contain statutory provisions dealing only with income taxation? Explain.

Accepted Answer

No; Title 26 deals with all ta

Question 5

Investigation of a tax problem that involves a closed-fact situation means that

Accepted Answer

A) the client's transactions have already occurred and the tax questions must now be resolved. 
B) the client's tax return has yet to be filed. 
C) future events may be planned and controlled. 
D) research is primarily concerned with applying the law to the facts as they exist. 
A) the client's transactions have already occurred and the tax questions must now be resolved. 
B) the client's tax return has yet to be filed. 
C) future events may be planned and controlled. 
D) research is primarily concerned with applying the law to the facts as they exist.

Question 6

Identify which of the following statements is false.

Accepted Answer

A) Letter rulings are not published by the U.S. Government Printing Office. 
B) Technical advice memoranda are issued by the Internal Revenue Service's National Office to provide an answer to a technical question that arises in an audit. 
C) The citation Ann. 2006-12, I.R.B. 2006-51, 22 refers to an annotation of an Internal Revenue Service release. 
D) Announcements are more technical than information releases. 
A) Letter rulings are not published by the U.S. Government Printing Office. 
B) Technical advice memoranda are issued by the Internal Revenue Service's National Office to provide an answer to a technical question that arises in an audit. 
C) The citation Ann. 2006-12, I.R.B. 2006-51, 22 refers to an annotation of an Internal Revenue Service release. 
D) Announcements are more technical than information releases.

Question 7

The number appearing immediately following the decimal place in a regulation citation refers to the

Accepted Answer

A) general subject matter of the regulation. 
B) code section being interpreted. 
C) sequential number of the regulation. 
D) subsection of the Code section being interpreted. 
A) general subject matter of the regulation. 
B) code section being interpreted. 
C) sequential number of the regulation. 
D) subsection of the Code section being interpreted.

Question 8

Final regulations have almost the same legislative weight as the IRC.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following citations is the primary citation for a U.S. District Court case?

Accepted Answer

A) 43 AFTR 2d 79-1023 
B) 79-1 USTC &9323 
C) 55 F.2d 930 
D) 40 F.Supp. 453 
A) 43 AFTR 2d 79-1023 
B) 79-1 USTC &9323 
C) 55 F.2d 930 
D) 40 F.Supp. 453

Question 10

A citator is used to find

Accepted Answer

A) the judicial history of a case. 
B) the cases that have cited a case subsequent to the issuance of the opinion. 
C) whether a case has been overturned. 
D) all of the above. 
A) the judicial history of a case. 
B) the cases that have cited a case subsequent to the issuance of the opinion. 
C) whether a case has been overturned. 
D) all of the above.

Question 11

Identify which of the following statements is true.

Accepted Answer

A) The U.S. Court of Federal Claims hears cases only in Washington, D.C. 
B) Each state has at least one U.S. District Court. 
C) Federal district court decisions and federal courts of appeals decisions are not printed by the U.S. Government Printing Office. 
D) All of the above are false. 
A) The U.S. Court of Federal Claims hears cases only in Washington, D.C. 
B) Each state has at least one U.S. District Court. 
C) Federal district court decisions and federal courts of appeals decisions are not printed by the U.S. Government Printing Office. 
D) All of the above are false.

Question 12

Compare and contrast proposed, temporary, and final regulations.

Accepted Answer

Proposed regulations are not authoritati

Question 13

Evaluate the authorities. Choose the ones to follow when there are conflicting authorities.

Accepted Answer

Evaluating and choosing which authoritie

Question 14

Identify which of the following statements is false.

Accepted Answer

A) A revenue ruling is issued by the Internal Revenue Service only in response to a written inquiry by a taxpayer. 
B) Rev. Proc. 2006-19 is a revenue procedure that was published in 2006. 
C) The citation Ltr. Rul. 200611075 usually indicates the ruling was made public in the 11th week of 2006. 
D) A technical advice memorandum is made available as a letter ruling. 
A) A revenue ruling is issued by the Internal Revenue Service only in response to a written inquiry by a taxpayer. 
B) Rev. Proc. 2006-19 is a revenue procedure that was published in 2006. 
C) The citation Ltr. Rul. 200611075 usually indicates the ruling was made public in the 11th week of 2006. 
D) A technical advice memorandum is made available as a letter ruling.

Question 15

Communicate the result to the client. The communication with the client should not result in a misunderstanding. While discussions with the client may be suitable, it is recommended by the AICPA's Statements on Standards for Tax Services that the communication be written where issues are important, unusual or complicated. Many firms require that conclusions be communicated in writing.
Page Ref.: I:15-3 and I:15-4

Accepted Answer

Dear [Client],

We are writing to inform

Question 16

Statements on Standards for Tax Services are issued by

Accepted Answer

A) the SEC. 
B) the IRS. 
C) the AICPA. 
D) the FASB. 
A) the SEC. 
B) the IRS. 
C) the AICPA. 
D) the FASB.

Question 17

Communicate the conclusions to the client.

Accepted Answer

To communicate the conclusions to the cl

Question 18

A Technical Advice Memorandum is usually

Accepted Answer

A) an internal IRS document describing alternative legislative proposals. 
B) part of a Tax Court decision. 
C) requested by the taxpayer before entering into a taxable transaction. 
D) issued by the national office in response to an audit request. 
A) an internal IRS document describing alternative legislative proposals. 
B) part of a Tax Court decision. 
C) requested by the taxpayer before entering into a taxable transaction. 
D) issued by the national office in response to an audit request.

Question 19

Is it possible for the Tax Court to intentionally issue conflicting decisions?

Accepted Answer

Yes. If the Tax Court is issuing two dec

Question 20

Regulations are

Accepted Answer

A) equal in authority to legislation. 
B) equal in authority to legislation if statutory. 
C) presumed to be valid and to have almost the same weight as the IRC. 
D) equal in authority to legislation if interpretative. 
A) equal in authority to legislation. 
B) equal in authority to legislation if statutory. 
C) presumed to be valid and to have almost the same weight as the IRC. 
D) equal in authority to legislation if interpretative.

You have the following citation: Joel Munro, 92 T.C. 71 (1989). Which of the following statements is true?

The citation "Rev. Rul. 2006-8, 2006-1 C.B. 541" refers to

Analyze the information; make analogies and reach a conclusion.

Does Title 26 contain statutory provisions dealing only with income taxation? Explain.

Investigation of a tax problem that involves a closed-fact situation means that

Identify which of the following statements is false.

The number appearing immediately following the decimal place in a regulation citation refers to the

Final regulations have almost the same legislative weight as the IRC.

Which of the following citations is the primary citation for a U.S. District Court case?

A citator is used to find

Identify which of the following statements is true.

Compare and contrast proposed, temporary, and final regulations.

Evaluate the authorities. Choose the ones to follow when there are conflicting authorities.

Identify which of the following statements is false.

Statements on Standards for Tax Services are issued by

Communicate the conclusions to the client.

A Technical Advice Memorandum is usually

Is it possible for the Tax Court to intentionally issue conflicting decisions?

Regulations are

An Introduction to Taxation

Determination of Tax

Gross Income: Inclusions

Gross Income: Exclusions

Property Transactions: Capital Gains and Losses

Deductions and Losses

Itemized Deductions

Losses and Bad Debts

Employee Expenses and Deferred Compensation

Depreciation, Cost Recovery, Amortization, and Depletion

Accounting Periods and Methods

Property Transactions: Nontaxable Exchanges

Property Transactions: Section 1231 and Recapture

Special Tax Computation Methods, Tax Credits, and Payment of Tax

Corporations

Partnerships and S Corporations

Taxes and Investment Planning

Filters

Exam 15: Tax Research

You have the following citation: Joel Munro, 92 T.C. 71 (1989). Which of the following statements is true?

The citation "Rev. Rul. 2006-8, 2006-1 C.B. 541" refers to

Analyze the information; make analogies and reach a conclusion.

Does Title 26 contain statutory provisions dealing only with income taxation? Explain.

Investigation of a tax problem that involves a closed-fact situation means that

Identify which of the following statements is false.

The number appearing immediately following the decimal place in a regulation citation refers to the

Final regulations have almost the same legislative weight as the IRC.

Which of the following citations is the primary citation for a U.S. District Court case?

A citator is used to find

Identify which of the following statements is true.

Compare and contrast proposed, temporary, and final regulations.

Evaluate the authorities. Choose the ones to follow when there are conflicting authorities.

Identify which of the following statements is false.

Statements on Standards for Tax Services are issued by

Communicate the conclusions to the client.

A Technical Advice Memorandum is usually

Is it possible for the Tax Court to intentionally issue conflicting decisions?

Regulations are

An Introduction to Taxation

Determination of Tax

Gross Income: Inclusions

Gross Income: Exclusions

Property Transactions: Capital Gains and Losses

Deductions and Losses

Itemized Deductions

Losses and Bad Debts

Employee Expenses and Deferred Compensation

Depreciation, Cost Recovery, Amortization, and Depletion

Accounting Periods and Methods

Property Transactions: Nontaxable Exchanges

Property Transactions: Section 1231 and Recapture

Special Tax Computation Methods, Tax Credits, and Payment of Tax

Corporations

Partnerships and S Corporations

Taxes and Investment Planning

Filters