Question 1

A taxpayer should always minimize his or her tax liability.

Accepted Answer

A) True 
 B)False

Question 2

A tax professional need not worry about the relative weight of authority within the various tax law sources.

Accepted Answer

A) True 
 B)False

Question 3

Which is not a primary source of tax law?

Accepted Answer

A)  Notice 89-99, 1989-2 C.B. 422. 
B)  Estate of Harry Holmes v. Comm., 326 U.S. 480 1946). 
C)  Rev. Rul. 79-353, 1979-2 C.B. 325. 
D)  Prop. Reg. § 1.752-4Tf). 
E)  All of these are primary sources. 
A)  Notice 89-99, 1989-2 C.B. 422. 
B)  Estate of Harry Holmes v. Comm., 326 U.S. 480 1946). 
C)  Rev. Rul. 79-353, 1979-2 C.B. 325. 
D)  Prop. Reg. § 1.752-4Tf). 
E)  All of these are primary sources.

Question 4

Which of the following indicates that a decision has precedential value for future cases?

Accepted Answer

A)  Stare decisis 
B)  Golsen doctrine 
C)  En banc 
D)  Reenactment doctrine 
E)  None of these 
A)  Stare decisis 
B)  Golsen doctrine 
C)  En banc 
D)  Reenactment doctrine 
E)  None of these

Question 5

Which tax-related website probably gives the best policy-orientation results?

Accepted Answer

A)  taxalmanac.org. 
B)  irs.gov. 
C)  taxsites.com. 
D)  taxanalysts.com. 
E)  ustaxcourt.gov. 
A)  taxalmanac.org. 
B)  irs.gov. 
C)  taxsites.com. 
D)  taxanalysts.com. 
E)  ustaxcourt.gov.

Question 6

Post-1984 letter rulings may be substantial authority for purposes of the accuracy-related penalty in § 6662.

Accepted Answer

A) True 
 B)False

Question 7

Which statement is not true with respect to a Regulation that 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 these 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 these statements are true.

Question 8

A U.S. District Court is considered the lowest trial court.

Accepted Answer

A) True 
 B)False

Question 9

Tax research involves which of the following procedures:

Accepted Answer

A)  Identifying and refining the problem. 
B)  Locating the appropriate tax law sources. 
C)  Assessing the validity of the tax law sources. 
D)  Follow-up. 
E)  All of these. 
A)  Identifying and refining the problem. 
B)  Locating the appropriate tax law sources. 
C)  Assessing the validity of the tax law sources. 
D)  Follow-up. 
E)  All of these.

Question 10

Federal tax legislation generally originates in which of the following?

Accepted Answer

A)  Internal Revenue Service 
B)  Senate Finance Committee 
C)  House Ways and Means Committee 
D)  Senate Floor 
E)  None of these 
A)  Internal Revenue Service 
B)  Senate Finance Committee 
C)  House Ways and Means Committee 
D)  Senate Floor 
E)  None of these

Question 11

Which publisher offers the United States Tax Reporter?

Accepted Answer

A)  Research Institute of America Thomson Reuters) 
B)  Commerce Clearing House 
C)  LexisNexis 
D)  Tax Analysts 
E)  None of these 
A)  Research Institute of America Thomson Reuters) 
B)  Commerce Clearing House 
C)  LexisNexis 
D)  Tax Analysts 
E)  None of these

Question 12

What are Treasury Department Regulations?

Accepted Answer

Regulations are issued by the U.S. Treas

Question 13

Which publisher offers the Standard Federal Tax Reporter?

Accepted Answer

A)  Research Institute of America 
B)  Commerce Clearing House 
C)  Thomson Reuters 
D)  LexisNexis 
E)  None of these 
A)  Research Institute of America 
B)  Commerce Clearing House 
C)  Thomson Reuters 
D)  LexisNexis 
E)  None of these

Question 14

The Index to Federal Tax Articles published by Thomson Reuters) is available electronically.

Accepted Answer

A) True 
 B)False

Question 15

Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations.

Accepted Answer

A) True 
 B)False

Question 16

Technical Advice Memoranda may not be cited as precedents by taxpayers.

Accepted Answer

A) True 
 B)False

Question 17

In § 2121), the number 1) stands for the:

Accepted Answer

A)  Section number. 
B)  Subsection number. 
C)  Paragraph designation. 
D)  Subparagraph designation. 
E)  None of these. 
A)  Section number. 
B)  Subsection number. 
C)  Paragraph designation. 
D)  Subparagraph designation. 
E)  None of these.

Question 18

Which items tell taxpayers the IRS's reaction to certain court decisions?

Accepted Answer

A)  Notices 
B)  Revenue Procedures 
C)  Revenue Rulings 
D)  Actions on Decisions 
E)  Legislative Regulations 
A)  Notices 
B)  Revenue Procedures 
C)  Revenue Rulings 
D)  Actions on Decisions 
E)  Legislative Regulations

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

The following citation is correct: Larry G. Mitchell, 131 T.C. 215 2008).

Accepted Answer

A) True 
 B)False

A taxpayer should always minimize his or her tax liability.

A tax professional need not worry about the relative weight of authority within the various tax law sources.

Which is not a primary source of tax law?

Which of the following indicates that a decision has precedential value for future cases?

Which tax-related website probably gives the best policy-orientation results?

Post-1984 letter rulings may be substantial authority for purposes of the accuracy-related penalty in § 6662.

Which statement is not true with respect to a Regulation that interprets the tax law?

A U.S. District Court is considered the lowest trial court.

Tax research involves which of the following procedures:

Federal tax legislation generally originates in which of the following?

Which publisher offers the United States Tax Reporter?

What are Treasury Department Regulations?

Which publisher offers the Standard Federal Tax Reporter?

The Index to Federal Tax Articles published by Thomson Reuters) is available electronically.

Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations.

Technical Advice Memoranda may not be cited as precedents by taxpayers.

In § 2121), the number 1) stands for the:

Which items tell taxpayers the IRS's reaction to certain court decisions?

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

The following citation is correct: Larry G. Mitchell, 131 T.C. 215 2008).

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

A taxpayer should always minimize his or her tax liability.

A tax professional need not worry about the relative weight of authority within the various tax law sources.

Which is not a primary source of tax law?

Which of the following indicates that a decision has precedential value for future cases?

Which tax-related website probably gives the best policy-orientation results?

Post-1984 letter rulings may be substantial authority for purposes of the accuracy-related penalty in § 6662.

Which statement is not true with respect to a Regulation that interprets the tax law?

A U.S. District Court is considered the lowest trial court.

Tax research involves which of the following procedures:

Federal tax legislation generally originates in which of the following?

Which publisher offers the United States Tax Reporter?

What are Treasury Department Regulations?

Which publisher offers the Standard Federal Tax Reporter?

The Index to Federal Tax Articles published by Thomson Reuters) is available electronically.

Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations.

Technical Advice Memoranda may not be cited as precedents by taxpayers.

In § 2121), the number 1) stands for the:

Which items tell taxpayers the IRS's reaction to certain court decisions?

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

The following citation is correct: Larry G. Mitchell, 131 T.C. 215 2008).

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