Question 1

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 B

Question 2

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 B

Question 3

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. D

Question 4

Subtitle A of the Internal Revenue Code covers which of the following taxes?

Accepted Answer

A) Income taxes 
B) Estate and gift taxes 
C) Excise taxes 
D) Employment taxes 
E) All of these 
A) Income taxes 
B) Estate and gift taxes 
C) Excise taxes 
D) Employment taxes 
E) All of these

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

The term "petitioner" is a synonym for "defendant."

Accepted Answer

A) True 
 B)False

Question 7

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

Question 8

Which statement is incorrect with respect to taxation on the CPA exam?

Accepted Answer

A) The CPA exam now has only four parts. 
B) There are no longer task-based simulations on the exam. 
C) A candidate may not go back after exiting a testlet. 
D) Simulations include a four-function pop-up calculator. 
E) None of these are incorrect. 
A) The CPA exam now has only four parts. 
B) There are no longer task-based simulations on the exam. 
C) A candidate may not go back after exiting a testlet. 
D) Simulations include a four-function pop-up calculator. 
E) None of these are incorrect.

Question 9

The following citation could be a correct citation: Rev.Rul.95-271,1995-64 I.R.B.18.

Accepted Answer

A) True 
 B)False

Question 10

How can Congressional Committee Reports be used by a tax researcher?

Accepted Answer

Congressional Committee Reports often ex

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Which of the following types of Regulations has the highest tax validity?

Accepted Answer

A) Temporary 
B) Legislative 
C) Interpretive 
D) Procedural 
E) None of these 
A) Temporary 
B) Legislative 
C) Interpretive 
D) Procedural 
E) None of these

Question 13

Determination letters usually involve completed transactions.

Accepted Answer

A) True 
 B)False

Question 14

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 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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 18

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

Accepted Answer

A) True 
 B)False

Question 19

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 20

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.

Which of the following court decisions carries more weight?

Which publisher offers the Standard Federal Tax Reporter?

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

Subtitle A of the Internal Revenue Code covers which of the following taxes?

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

The term "petitioner" is a synonym for "defendant."

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

Which statement is incorrect with respect to taxation on the CPA exam?

The following citation could be a correct citation: Rev.Rul.95-271,1995-64 I.R.B.18.

How can Congressional Committee Reports be used by a tax researcher?

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

Which of the following types of Regulations has the highest tax validity?

Determination letters usually involve completed transactions.

Which publisher offers the United States Tax Reporter?

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

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

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

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

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

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

Introduction to Taxation

Taxes on the Financial Statements

Gross Income

Business Deductions

Losses and Loss Limitations

Property Transactions: Basis, Gain and Loss, and Nontaxable Exchanges

Property Transactions: Capital Gains and Losses

Individuals As the Taxpayer

Individuals: Income, Deductions, and Credits

Individuals As Employees and Proprietors

Corporations: Organization, Capital Structure, and Operating Rules

Corporations: Earnings and Profits and Distributions

Partnerships and Limited Liability Entities

S Corporations

Multijurisdictional Taxation

Business Tax Credits and the Alternative Minimum Tax

Comparative Forms of Doing Business

Filters

Exam 2: Working With the Tax Law

Which of the following court decisions carries more weight?

Which publisher offers the Standard Federal Tax Reporter?

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

Subtitle A of the Internal Revenue Code covers which of the following taxes?

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

The term "petitioner" is a synonym for "defendant."

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

Which statement is incorrect with respect to taxation on the CPA exam?

The following citation could be a correct citation: Rev.Rul.95-271,1995-64 I.R.B.18.

How can Congressional Committee Reports be used by a tax researcher?

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

Which of the following types of Regulations has the highest tax validity?

Determination letters usually involve completed transactions.

Which publisher offers the United States Tax Reporter?

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

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

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

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

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

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

Introduction to Taxation

Taxes on the Financial Statements

Gross Income

Business Deductions

Losses and Loss Limitations

Property Transactions: Basis, Gain and Loss, and Nontaxable Exchanges

Property Transactions: Capital Gains and Losses

Individuals As the Taxpayer

Individuals: Income, Deductions, and Credits

Individuals As Employees and Proprietors

Corporations: Organization, Capital Structure, and Operating Rules

Corporations: Earnings and Profits and Distributions

Partnerships and Limited Liability Entities

S Corporations

Multijurisdictional Taxation

Business Tax Credits and the Alternative Minimum Tax

Comparative Forms of Doing Business

Filters