Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Subchapter C refers to the subchapter in the Internal Revenue Code that deals with partnerships and partners.

Accepted Answer

A) True 
 B)False

Question 3

In recent years, Congress has been relatively successful in simplifying the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 4

Before a tax bill can become law, it must be approved signed) by the President of the United States.

Accepted Answer

A) True 
 B)False

Question 5

This Internal Revenue Code section citation is incorrect: § 2121).

Accepted Answer

A) True 
 B)False

Question 6

Revenue tax measures typically originate in the Senate Finance Committee of the U.S. Congress.

Accepted Answer

A) True 
 B)False

Question 7

The U.S. Tax Court meets most often in Washington, D.C.

Accepted Answer

A) True 
 B)False

Question 8

Technical Advice Memoranda deal with completed transactions.

Accepted Answer

A) True 
 B)False

Question 9

Subchapter D refers to the "Corporate Distributions and Adjustments" section of the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 10

Temporary Regulations are only published in the Internal Revenue Bulletin.

Accepted Answer

A) True 
 B)False

Question 11

Currently, the Internal Revenue Code of 1986 does not contain §§ 308, 309, and 310. This absence means these sections were repealed by Congress.

Accepted Answer

A) True 
 B)False

Question 12

Which item may not be cited as a precedent?

Accepted Answer

A)  Regulations 
B)  Temporary Regulations 
C)  Technical Advice Memoranda 
D)  U.S. District Court decision 
E)  None of these 
A)  Regulations 
B)  Temporary Regulations 
C)  Technical Advice Memoranda 
D)  U.S. District Court decision 
E)  None of these

Question 13

The primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

Accepted Answer

A) True 
 B)False

Question 14

What administrative release deals with a proposed transaction rather than a completed transaction?

Accepted Answer

A)  Letter Ruling 
B)  Technical Advice Memorandum 
C)  Determination Letter 
D)  Field Service Advice 
E)  None of these 
A)  Letter Ruling 
B)  Technical Advice Memorandum 
C)  Determination Letter 
D)  Field Service Advice 
E)  None of these

Question 15

Which citation refers to a Second Circuit Court of Appeals decision?

Accepted Answer

A)  40 T.C. 1018. 
B)  159 F.2d 848 CA-2, 1947). 
C)  354 F. Supp. 1003 D.Ct. GA. 1972). 
D)  914 F.2d 396 CA-3, 1990). 
E)  None of the above. 
A)  40 T.C. 1018. 
B)  159 F.2d 848 CA-2, 1947). 
C)  354 F. Supp. 1003 D.Ct. GA. 1972). 
D)  914 F.2d 396 CA-3, 1990). 
E)  None of the above.

Question 16

Normally, when the Senate version of a tax bill differs from that passed by the House, a Joint Conference Committee drafts a compromise tax bill.

Accepted Answer

A) True 
 B)False

Question 17

A Temporary Regulation under § 303 of the Code would be cited as follows: Temp. Reg. § 303.

Accepted Answer

A) True 
 B)False

Question 18

If these citations appeared after a trial court decision, which one means that the decision was overruled?

Accepted Answer

A)  Aff'd 633 F.2d 512 CA-7, 1980). 
B)  Rem'd 399 F.2d 800 CA-5, 1968). 
C)  Aff'd 914 F.2d 396 CA-3, 1990). 
D)  Rev'd 935 F.2d 203 CA-5, 1991). 
E)  None of the above. 
A)  Aff'd 633 F.2d 512 CA-7, 1980). 
B)  Rem'd 399 F.2d 800 CA-5, 1968). 
C)  Aff'd 914 F.2d 396 CA-3, 1990). 
D)  Rev'd 935 F.2d 203 CA-5, 1991). 
E)  None of the above.

Question 19

The Golsen rule has been overturned by the U.S. Supreme Court.

Accepted Answer

A) True 
 B)False

Question 20

There are 11 geographic U.S. Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False

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

Subchapter C refers to the subchapter in the Internal Revenue Code that deals with partnerships and partners.

In recent years, Congress has been relatively successful in simplifying the Internal Revenue Code.

Before a tax bill can become law, it must be approved signed) by the President of the United States.

This Internal Revenue Code section citation is incorrect: § 2121).

Revenue tax measures typically originate in the Senate Finance Committee of the U.S. Congress.

The U.S. Tax Court meets most often in Washington, D.C.

Technical Advice Memoranda deal with completed transactions.

Subchapter D refers to the "Corporate Distributions and Adjustments" section of the Internal Revenue Code.

Temporary Regulations are only published in the Internal Revenue Bulletin.

Currently, the Internal Revenue Code of 1986 does not contain §§ 308, 309, and 310. This absence means these sections were repealed by Congress.

Which item may not be cited as a precedent?

The primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

What administrative release deals with a proposed transaction rather than a completed transaction?

Which citation refers to a Second Circuit Court of Appeals decision?

Normally, when the Senate version of a tax bill differs from that passed by the House, a Joint Conference Committee drafts a compromise tax bill.

A Temporary Regulation under § 303 of the Code would be cited as follows: Temp. Reg. § 303.

If these citations appeared after a trial court decision, which one means that the decision was overruled?

The Golsen rule has been overturned by the U.S. Supreme Court.

There are 11 geographic U.S. Circuit Court of Appeals.

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

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

Subchapter C refers to the subchapter in the Internal Revenue Code that deals with partnerships and partners.

In recent years, Congress has been relatively successful in simplifying the Internal Revenue Code.

Before a tax bill can become law, it must be approved signed) by the President of the United States.

This Internal Revenue Code section citation is incorrect: § 2121).

Revenue tax measures typically originate in the Senate Finance Committee of the U.S. Congress.

The U.S. Tax Court meets most often in Washington, D.C.

Technical Advice Memoranda deal with completed transactions.

Subchapter D refers to the "Corporate Distributions and Adjustments" section of the Internal Revenue Code.

Temporary Regulations are only published in the Internal Revenue Bulletin.

Currently, the Internal Revenue Code of 1986 does not contain §§ 308, 309, and 310. This absence means these sections were repealed by Congress.

Which item may not be cited as a precedent?

The primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

What administrative release deals with a proposed transaction rather than a completed transaction?

Which citation refers to a Second Circuit Court of Appeals decision?

Normally, when the Senate version of a tax bill differs from that passed by the House, a Joint Conference Committee drafts a compromise tax bill.

A Temporary Regulation under § 303 of the Code would be cited as follows: Temp. Reg. § 303.

If these citations appeared after a trial court decision, which one means that the decision was overruled?

The Golsen rule has been overturned by the U.S. Supreme Court.

There are 11 geographic U.S. Circuit Court of Appeals.

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