Question 1

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 2

What is a Technical Advice Memorandum?

Accepted Answer

The National Office of the IRS releases

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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 8

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 9

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 10

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

Accepted Answer

A) True 
 B)False

Question 11

In general, Regulations are issued immediately after a statute is enacted.

Accepted Answer

A) True 
 B)False

Question 12

The IRS will not acquiesce to the following tax decisions:

Accepted Answer

A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Case Division of the U.S.Tax Court. 
E) All of these. 
A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Case Division of the U.S.Tax Court. 
E) All 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

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

Accepted Answer

A) True 
 B)False

Question 15

The "petitioner" refers to the party against whom a suit is brought.

Accepted Answer

A) True 
 B)False

Question 16

The granting of a Writ of Certiorari indicates that at least four members of the Supreme Court believe that an issue is of sufficient importance to be heard by the full court.

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

A taxpayer may not appeal a case from which court:

Accepted Answer

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

Question 19

Tax planning usually involves a completed transaction.

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

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.

What is a Technical Advice Memorandum?

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

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

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

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

A jury trial is available in the following trial court:

Which is not a primary source of tax law?

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

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

In general, Regulations are issued immediately after a statute is enacted.

The IRS will not acquiesce to the following tax decisions:

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

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

The "petitioner" refers to the party against whom a suit is brought.

The granting of a Writ of Certiorari indicates that at least four members of the Supreme Court believe that an issue is of sufficient importance to be heard by the full court.

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

A taxpayer may not appeal a case from which court:

Tax planning usually involves a completed transaction.

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

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

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.

What is a Technical Advice Memorandum?

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

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

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

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

A jury trial is available in the following trial court:

Which is not a primary source of tax law?

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

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

In general, Regulations are issued immediately after a statute is enacted.

The IRS will not acquiesce to the following tax decisions:

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

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

The "petitioner" refers to the party against whom a suit is brought.

The granting of a Writ of Certiorari indicates that at least four members of the Supreme Court believe that an issue is of sufficient importance to be heard by the full court.

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

A taxpayer may not appeal a case from which court:

Tax planning usually involves a completed transaction.

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

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