Question 1

The Tax Cuts and Jobs Act of 2017 became part of the Internal Revenue Code of 1986.

Accepted Answer

A) True 
 B)False  True

Question 2

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 Division. The jurisdiction of the Small Cases Division is limited to cases involving amounts of $50,000 or less. The proceedings of the Small Cases Division are informal e.g., no necessity for the taxpayer to be represented by a lawyer or other tax adviser). Special trial judges rather than Tax Court judges preside over these proceedings. The decisions of the Small Cases Division are not precedents for any other court decision and are not reviewable by any higher court. Proceedings can be more timely and less expensive in the Small Cases Division. Some of these cases can now be found on the U.S. Tax Court Internet Website.

Question 3

A "Bluebook" is substantial authority for purposes of the accuracy related penalty.

Accepted Answer

A) True 
 B)False  True

Question 4

If a taxpayer decides not to pay a tax deficiency, he or she must go to which court?

Accepted Answer

A)  Appropriate U.S. Circuit Court of Appeals 
B)  U.S. District Court 
C)  U.S. Tax Court 
D)  U.S. Court of Federal Claims 
E)  None of these 
A)  Appropriate U.S. Circuit Court of Appeals 
B)  U.S. District Court 
C)  U.S. Tax Court 
D)  U.S. Court of Federal Claims 
E)  None of these

Question 5

Which of the following court decisions carries more weight?

Accepted Answer

A)  Federal District Court 
B)  Second Circuit Court of Appeals 
C)  U.S. Tax Court decision 
D)  Small Cases Division of U.S. Tax Court 
E)  U.S. Court of Federal Claims 
A)  Federal District Court 
B)  Second Circuit Court of Appeals 
C)  U.S. Tax Court decision 
D)  Small Cases Division of U.S. Tax Court 
E)  U.S. Court of Federal Claims

Question 6

In addressing the importance of a Regulation, an IRS agent must:

Accepted Answer

A)  Give equal weight to the Internal Revenue Code and the Regulations. 
B)  Give more weight to the Internal Revenue Code rather than to a Regulation. 
C)  Give more weight to the Regulation rather than to the Internal Revenue Code. 
D)  Give less weight to the Internal Revenue Code rather than to a Regulation. 
E)  None of these. 
A)  Give equal weight to the Internal Revenue Code and the Regulations. 
B)  Give more weight to the Internal Revenue Code rather than to a Regulation. 
C)  Give more weight to the Regulation rather than to the Internal Revenue Code. 
D)  Give less weight to the Internal Revenue Code rather than to a Regulation. 
E)  None of these.

Question 7

Deferring income to a subsequent year is considered to be tax avoidance.

Accepted Answer

A) True 
 B)False

Question 8

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 AFTR.2d 456. 
D)  All of the above. 
E)  None of the above. 
A)  T.C. Memo. 1990-650. 
B)  68-1 USTC ¶9200. 
C)  37 AFTR.2d 456. 
D)  All of the above. 
E)  None of the above.

Question 9

The IRS is not required to make a letter ruling public.

Accepted Answer

A) True 
 B)False

Question 10

A letter ruling applies only to the taxpayer who asks for and obtains a letter ruling.

Accepted Answer

A) True 
 B)False

Question 11

A jury trial is available in the following trial court:

Accepted Answer

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

Question 12

Which of the following sources has the highest tax validity?

Accepted Answer

A)  Revenue Ruling 
B)  Revenue Procedure 
C)  Regulations 
D)  Internal Revenue Code section 
E)  None of these 
A)  Revenue Ruling 
B)  Revenue Procedure 
C)  Regulations 
D)  Internal Revenue Code section 
E)  None of these

Question 13

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

Accepted Answer

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

Question 14

Which citation refers to a U.S. Tax Court decision?

Accepted Answer

A)  Apollo Computer, Inc. v. U.S., 95-1 USTC ¶50,015 Fed.Cl., 1994) 
B)  Westreco, Inc., T.C. Memo. 1992-561 1992). 
C)  Bausch & Lomb, Inc. v. Comm., 933 F.2d 1084 CA-2, 1991). 
D)  Portland Manufacturing Co. v. Comm., 35 AFTR2d 1439 CA-9, 1975). 
E)  None of the above. 
A)  Apollo Computer, Inc. v. U.S., 95-1 USTC ¶50,015 Fed.Cl., 1994) 
B)  Westreco, Inc., T.C. Memo. 1992-561 1992). 
C)  Bausch & Lomb, Inc. v. Comm., 933 F.2d 1084 CA-2, 1991). 
D)  Portland Manufacturing Co. v. Comm., 35 AFTR2d 1439 CA-9, 1975). 
E)  None of the above.

Question 15

Interpret the following citation: 64-1 USTC ¶9618, aff'd in 344 F.2d 966.

Accepted Answer

A)  A U.S. Tax Court Small Cases Division decision that was affirmed on appeal. 
B)  A U.S. Tax Court decision that was affirmed on appeal. 
C)  A U.S. District Court decision that was affirmed on appeal. 
D)  A U.S. Circuit Court of Appeals decision that was affirmed on appeal. 
E)  None of the above. 
A)  A U.S. Tax Court Small Cases Division decision that was affirmed on appeal. 
B)  A U.S. Tax Court decision that was affirmed on appeal. 
C)  A U.S. District Court decision that was affirmed on appeal. 
D)  A U.S. Circuit Court of Appeals decision that was affirmed on appeal. 
E)  None of the above.

Question 16

Tax bills are handled by which committee in the U.S. House of Representatives?

Accepted Answer

A)  Taxation Committee 
B)  Ways and Means Committee 
C)  Finance Committee 
D)  Budget Committee 
E)  None of these 
A)  Taxation Committee 
B)  Ways and Means Committee 
C)  Finance Committee 
D)  Budget Committee 
E)  None of these

Question 17

Compare Revenue Rulings with Revenue Procedures.

Accepted Answer

Revenue Rulings are official pronounceme

Question 18

Electronic online) databases are most frequently searched by the keyword approach.

Accepted Answer

A) True 
 B)False

Question 19

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 20

A taxpayer can obtain a jury trial in the U.S. Tax Court.

Accepted Answer

A) True 
 B)False

The Tax Cuts and Jobs Act of 2017 became part of the Internal Revenue Code of 1986.

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

A "Bluebook" is substantial authority for purposes of the accuracy related penalty.

If a taxpayer decides not to pay a tax deficiency, he or she must go to which court?

Which of the following court decisions carries more weight?

In addressing the importance of a Regulation, an IRS agent must:

Deferring income to a subsequent year is considered to be tax avoidance.

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

The IRS is not required to make a letter ruling public.

A letter ruling applies only to the taxpayer who asks for and obtains a letter ruling.

A jury trial is available in the following trial court:

Which of the following sources has the highest tax validity?

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

Which citation refers to a U.S. Tax Court decision?

Interpret the following citation: 64-1 USTC ¶9618, aff'd in 344 F.2d 966.

Tax bills are handled by which committee in the U.S. House of Representatives?

Compare Revenue Rulings with Revenue Procedures.

Electronic online) databases are most frequently searched by the keyword approach.

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.

A taxpayer can obtain a jury trial in the U.S. Tax Court.

An Introduction to Taxation and Understanding the Federal Tax Law

Tax Formula and Tax Determination an Overview of Property Transactions

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

Alternative Minimum Tax

Tax Credits and Payment Procedures

Property Transactions: Determination of Gain or Loss and Basis Considerations

Property Transactions: Nontaxable Exchanges

Filters

Exam 2: Working With the Tax Law

The Tax Cuts and Jobs Act of 2017 became part of the Internal Revenue Code of 1986.

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

A "Bluebook" is substantial authority for purposes of the accuracy related penalty.

If a taxpayer decides not to pay a tax deficiency, he or she must go to which court?

Which of the following court decisions carries more weight?

In addressing the importance of a Regulation, an IRS agent must:

Deferring income to a subsequent year is considered to be tax avoidance.

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

The IRS is not required to make a letter ruling public.

A letter ruling applies only to the taxpayer who asks for and obtains a letter ruling.

A jury trial is available in the following trial court:

Which of the following sources has the highest tax validity?

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

Which citation refers to a U.S. Tax Court decision?

Interpret the following citation: 64-1 USTC ¶9618, aff'd in 344 F.2d 966.

Tax bills are handled by which committee in the U.S. House of Representatives?

Compare Revenue Rulings with Revenue Procedures.

Electronic online) databases are most frequently searched by the keyword approach.

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.

A taxpayer can obtain a jury trial in the U.S. Tax Court.

An Introduction to Taxation and Understanding the Federal Tax Law

Tax Formula and Tax Determination an Overview of Property Transactions

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

Alternative Minimum Tax

Tax Credits and Payment Procedures

Property Transactions: Determination of Gain or Loss and Basis Considerations

Property Transactions: Nontaxable Exchanges

Filters