Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

A jury trial is available when a case is heard by a U.S. Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 3

Explain the Golsen doctrine.

Accepted Answer

Because the Tax Court is a national cour

Question 4

Regulations may first be found in:

Accepted Answer

A) Federal Register. 
B) Cumulative Bulletin. 
C) Internal Revenue Bulletin. 
D) I.R.S. Digest. 
E) All of the above. 
A) Federal Register. 
B) Cumulative Bulletin. 
C) Internal Revenue Bulletin. 
D) I.R.S. Digest. 
E) All of the above.

Question 5

Which state is not a community property state?

Accepted Answer

A) Arizona. 
B) Texas. 
C) New Mexico 
D) Virginia 
E) None of the above. 
A) Arizona. 
B) Texas. 
C) New Mexico 
D) Virginia 
E) None of the above.

Question 6

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

Accepted Answer

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

Question 7

The United States Federal government has a provision in the Constitution which precludes deficit spending.

Accepted Answer

A) True 
 B)False

Question 8

Which statement is not true about this citation: Bonkowski v. Comm., 29 TCM 1645 (1970), aff'd 458 F.2d 709 (CA-7, 1972), cert. den.?

Accepted Answer

A) The Supreme Court decided not to agree or disagree with the Seventh Court of Appeals. 
B) The Seventh Court of Appeals disagreed with the Tax Court. 
C) The Tax Court decision starts on page 1645. 
D) The Seventh Court of Appeals decision appears in Vol. 458. 
E) All of the above. 
A) The Supreme Court decided not to agree or disagree with the Seventh Court of Appeals. 
B) The Seventh Court of Appeals disagreed with the Tax Court. 
C) The Tax Court decision starts on page 1645. 
D) The Seventh Court of Appeals decision appears in Vol. 458. 
E) All of the above.

Question 9

Which provision could best be justified as encouraging small business?

Accepted Answer

A) Ordinary loss allowed on § 1244 stock. 
B) Percentage depletion. 
C) Domestic production activities deduction. 
D) Interest deduction on home mortgage. 
E) None of the above. 
A) Ordinary loss allowed on § 1244 stock. 
B) Percentage depletion. 
C) Domestic production activities deduction. 
D) Interest deduction on home mortgage. 
E) None of the above.

Question 10

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

Accepted Answer

A) True 
 B)False

Question 11

What impact has the community property system had on our Federal tax laws?

Accepted Answer

The position of the residents of communi

Question 12

Determine the incorrect citation:

Accepted Answer

A) TAM 20002704. 
B) George W. Guill, 112 T.C.__, No. 22 (1999). 
C) John H. Wong, T.C. Summary Opinion 2009-152. 
D) Rev. Rul. 98-32, 1998-25 I.R.B. 4. 
E) None of the above. 
A) TAM 20002704. 
B) George W. Guill, 112 T.C.__, No. 22 (1999). 
C) John H. Wong, T.C. Summary Opinion 2009-152. 
D) Rev. Rul. 98-32, 1998-25 I.R.B. 4. 
E) None of the above.

Question 13

Appeals from the U.S. Court of Federal Claims go to the U.S. Supreme Court.

Accepted Answer

A) True 
 B)False

Question 14

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 15

Federal tax legislation generally originates in what body?

Accepted Answer

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

Question 16

How does a treaty with a foreign country impact a section in the Internal Revenue Code?

Accepted Answer

The United States enters into tax treati

Question 17

These Internal Revenue Code citations are incorrect: § 212(1) and § 1221(1).

Accepted Answer

A) True 
 B)False

Question 18

Which of the following sources has the highest tax validity?

Accepted Answer

A) Treasury Regulation. 
B) Revenue Procedure. 
C) Internal Revenue Code. 
D) Temporary Regulation. 
E) All have the same weight. 
A) Treasury Regulation. 
B) Revenue Procedure. 
C) Internal Revenue Code. 
D) Temporary Regulation. 
E) All have the same weight.

Question 19

Which citation is considered to be a legislative citation?

Accepted Answer

A) Ltr. Rul. 199952058. 
B) Ann. 94-5, 1994-2 I.R.B. 39. 
C) Reg. § 1.1014-1(c)(1). 
D) § 351. 
E) None of the above. 
A) Ltr. Rul. 199952058. 
B) Ann. 94-5, 1994-2 I.R.B. 39. 
C) Reg. § 1.1014-1(c)(1). 
D) § 351. 
E) None of the above.

Question 20

Which trial court's jurisdiction depends on the geographical location of the taxpayer?

Accepted Answer

A) U.S. Tax Court. 
B) U.S. District Court. 
C) U.S. Court of Federal Claims. 
D) Small Cases Division of the Tax Court. 
E) None of the above. 
A) U.S. Tax Court. 
B) U.S. District Court. 
C) U.S. Court of Federal Claims. 
D) Small Cases Division of the Tax Court. 
E) None of the above.

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

A jury trial is available when a case is heard by a U.S. Court of Appeals.

Explain the Golsen doctrine.

Regulations may first be found in:

Which state is not a community property state?

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

The United States Federal government has a provision in the Constitution which precludes deficit spending.

Which statement is not true about this citation: Bonkowski v. Comm., 29 TCM 1645 (1970), aff'd 458 F.2d 709 (CA-7, 1972), cert. den.?

Which provision could best be justified as encouraging small business?

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

What impact has the community property system had on our Federal tax laws?

Determine the incorrect citation:

Appeals from the U.S. Court of Federal Claims go to the U.S. Supreme Court.

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

Federal tax legislation generally originates in what body?

How does a treaty with a foreign country impact a section in the Internal Revenue Code?

These Internal Revenue Code citations are incorrect: § 212(1) and § 1221(1).

Which of the following sources has the highest tax validity?

Which citation is considered to be a legislative citation?

Which trial court's jurisdiction depends on the geographical location of the taxpayer?

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

Multi-State Corporate Taxations

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

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

A jury trial is available when a case is heard by a U.S. Court of Appeals.

Explain the Golsen doctrine.

Regulations may first be found in:

Which state is not a community property state?

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

The United States Federal government has a provision in the Constitution which precludes deficit spending.

Which statement is not true about this citation: Bonkowski v. Comm., 29 TCM 1645 (1970), aff'd 458 F.2d 709 (CA-7, 1972), cert. den.?

Which provision could best be justified as encouraging small business?

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

What impact has the community property system had on our Federal tax laws?

Determine the incorrect citation:

Appeals from the U.S. Court of Federal Claims go to the U.S. Supreme Court.

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

Federal tax legislation generally originates in what body?

How does a treaty with a foreign country impact a section in the Internal Revenue Code?

These Internal Revenue Code citations are incorrect: § 212(1) and § 1221(1).

Which of the following sources has the highest tax validity?

Which citation is considered to be a legislative citation?

Which trial court's jurisdiction depends on the geographical location of the taxpayer?

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

Multi-State Corporate Taxations

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters