Question 1

The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 26 of the United States Code.

Accepted Answer

A) True 
 B)False

Question 2

Only one judge hears a trial in a U.S. District Court.

Accepted Answer

A) True 
 B)False

Question 3

Internal Revenue Code § 6 involves gross income and § 7 outlines itemized deductions.

Accepted Answer

A) True 
 B)False

Question 4

Which is a primary source of tax law?

Accepted Answer

A)  J.W. Yarbo v. Comm., 737 F. 2d 479 (CA-5, 1984). 
B)  Article by a Federal judge in Harvard Law Review. 
C)  Determination letter. 
D)  Letter ruling. 
E)  All of the above are primary sources. 
A)  J.W. Yarbo v. Comm., 737 F. 2d 479 (CA-5, 1984). 
B)  Article by a Federal judge in Harvard Law Review. 
C)  Determination letter. 
D)  Letter ruling. 
E)  All of the above are primary sources.

Question 5

A decision in which of the following courts carries the lowest tax authority?

Accepted Answer

A)  U.S. Court of Appeals for the Federal Circuit. 
B)  U.S. Court of Appeals for the Second Circuit. 
C)  U.S. District Court. 
D)  U.S. Supreme Court. 
E)  U.S. Court of Appeals Federal Circuit. 
A)  U.S. Court of Appeals for the Federal Circuit. 
B)  U.S. Court of Appeals for the Second Circuit. 
C)  U.S. District Court. 
D)  U.S. Supreme Court. 
E)  U.S. Court of Appeals Federal Circuit.

Question 6

Which provision is not justified by social considerations?

Accepted Answer

A)  Refundable earned income credit. 
B)  Adoption tax credit. 
C)  Like-kind exchange treatment. 
D)  Disallowance of illegal kickbacks. 
E)  None of the above. 
A)  Refundable earned income credit. 
B)  Adoption tax credit. 
C)  Like-kind exchange treatment. 
D)  Disallowance of illegal kickbacks. 
E)  None of the above.

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

A tax bill cannot originate in the Senate Finance Committee.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Alabama and South Carolina are community property states.

Accepted Answer

A) True 
 B)False

Question 11

Regulations are issued by the Treasury Department.

Accepted Answer

A) True 
 B)False

Question 12

The Golsen rule has been overturned.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is an administrative source of tax law?

Accepted Answer

A)  Rev. Rul. 2010-19. 
B)  Joint Conference Committee Report. 
C)  Section 12(a) of the Internal Revenue Code. 
D)  All of the above. 
E)  None of the above. 
A)  Rev. Rul. 2010-19. 
B)  Joint Conference Committee Report. 
C)  Section 12(a) of the Internal Revenue Code. 
D)  All of the above. 
E)  None of the above.

Question 14

The Federal tax law allows a taxpayer to claim a deduction for state and local income taxes.

Accepted Answer

A) True 
 B)False

Question 15

Revenue-neutral tax laws reduce deficits.

Accepted Answer

A) True 
 B)False

Question 16

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 17

When there is a direct conflict between a Code section and a treaty provision, the most recent item takes precedence.

Accepted Answer

A) True 
 B)False

Question 18

Which provision could best be justified as a means of controlling the economy?

Accepted Answer

A)  Write-off of research and development expenditures. 
B)  The § 179 immediate write-off of depreciable capital expenditures. 
C)  Amortization of pollution control facilities. 
D)  The rehabilitation tax credit. 
E)  None of the above. 
A)  Write-off of research and development expenditures. 
B)  The § 179 immediate write-off of depreciable capital expenditures. 
C)  Amortization of pollution control facilities. 
D)  The rehabilitation tax credit. 
E)  None of the above.

Question 19

A Technical Advice Memorandum is issued by:

Accepted Answer

A)  Treasury Department. 
B)  National Office of the IRS. 
C)  Office of Chief Council. 
D)  Area Director. 
E)  None of the above. 
A)  Treasury Department. 
B)  National Office of the IRS. 
C)  Office of Chief Council. 
D)  Area Director. 
E)  None of the above.

Question 20

Federal tax legislation generally originates in what body?

Accepted Answer

A)  Internal Revenue Service. 
B)  Senate Finance Committee. 
C)  House Ways and Means Committee. 
D)  House Taxation Committee. 
E)  None of the above. 
A)  Internal Revenue Service. 
B)  Senate Finance Committee. 
C)  House Ways and Means Committee. 
D)  House Taxation Committee. 
E)  None of the above.

The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 26 of the United States Code.

Only one judge hears a trial in a U.S. District Court.

Internal Revenue Code § 6 involves gross income and § 7 outlines itemized deductions.

Which is a primary source of tax law?

A decision in which of the following courts carries the lowest tax authority?

Which provision is not justified by social considerations?

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

A tax bill cannot originate in the Senate Finance Committee.

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

Alabama and South Carolina are community property states.

Regulations are issued by the Treasury Department.

The Golsen rule has been overturned.

Which of the following is an administrative source of tax law?

The Federal tax law allows a taxpayer to claim a deduction for state and local income taxes.

Revenue-neutral tax laws reduce deficits.

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

When there is a direct conflict between a Code section and a treaty provision, the most recent item takes precedence.

Which provision could best be justified as a means of controlling the economy?

A Technical Advice Memorandum is issued by:

Federal tax legislation generally originates in what body?

Corporations: Introduction and Operating Rules

Corporations: Special Situations

Corporations: Organization and Capital Structure

Corporations: Earnings Profits and Dividend Distributions

Corporations: Redemptions and Liquidations

Corporations: Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships: Formation, Operation, and Basis

Partnerships: Distributions, Transfer of Interests, and Terminations

S Corporations

Comparative Forms of Doing Business

Taxes on the Financial Statements

Exempt Entities

Multistate Corporate Taxation

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters

Exam 1: Understanding and Working With the Federal Tax Law

The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 26 of the United States Code.

Only one judge hears a trial in a U.S. District Court.

Internal Revenue Code § 6 involves gross income and § 7 outlines itemized deductions.

Which is a primary source of tax law?

A decision in which of the following courts carries the lowest tax authority?

Which provision is not justified by social considerations?

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

A tax bill cannot originate in the Senate Finance Committee.

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

Alabama and South Carolina are community property states.

Regulations are issued by the Treasury Department.

The Golsen rule has been overturned.

Which of the following is an administrative source of tax law?

The Federal tax law allows a taxpayer to claim a deduction for state and local income taxes.

Revenue-neutral tax laws reduce deficits.

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

When there is a direct conflict between a Code section and a treaty provision, the most recent item takes precedence.

Which provision could best be justified as a means of controlling the economy?

A Technical Advice Memorandum is issued by:

Federal tax legislation generally originates in what body?

Corporations: Introduction and Operating Rules

Corporations: Special Situations

Corporations: Organization and Capital Structure

Corporations: Earnings Profits and Dividend Distributions

Corporations: Redemptions and Liquidations

Corporations: Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships: Formation, Operation, and Basis

Partnerships: Distributions, Transfer of Interests, and Terminations

S Corporations

Comparative Forms of Doing Business

Taxes on the Financial Statements

Exempt Entities

Multistate Corporate Taxation

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters