Question 1

Which is a primary source of tax law?

Accepted Answer

A) Serverino R.Nico, Jr., 67 T.C.647 1977). 
B) Article by a Federal judge in Tax Notes. 
C) An IRS publication. 
D) Written determination letter. 
E) All of the above are primary sources. 
A) Serverino R.Nico, Jr., 67 T.C.647 1977). 
B) Article by a Federal judge in Tax Notes. 
C) An IRS publication. 
D) Written determination letter. 
E) All of the above are primary sources.

Question 2

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 3

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 4

The IRS issues an acquiescence or nonacquiescence only for regular Tax Court decisions.

Accepted Answer

A) True 
 B)False

Question 5

A taxpayer should always minimize his or her tax liability.

Accepted Answer

A) True 
 B)False

Question 6

Which is presently not a major tax service?

Accepted Answer

A) Standard Federal Tax Reporter 
B) Federal Taxes 
C) United States Tax Reporter 
D) Tax Management Portfolios 
E) All of these are major tax services 
A) Standard Federal Tax Reporter 
B) Federal Taxes 
C) United States Tax Reporter 
D) Tax Management Portfolios 
E) All of these are major tax services

Question 7

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the Internal Revenue Code of 1986 does not contain §§ 308, 309, and 310.This absence means these sections were repealed by Congress.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 8

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

Accepted Answer

A) True 
 B)False

Question 9

Rules of tax law do not include Revenue Rulings and Revenue Procedures.

Accepted Answer

A) True 
 B)False

Question 10

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 11

Compare Revenue Rulings with Revenue Procedures.

Accepted Answer

Revenue Rulings are official pronounceme

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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 14

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

Accepted Answer

A) True 
 B)False

Question 15

The Internal Revenue Code was first codified in what year?

Accepted Answer

A) 1913 
B) 1923 
C) 1939 
D) 1954 
E) 1986 
A) 1913 
B) 1923 
C) 1939 
D) 1954 
E) 1986

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

A taxpayer who loses in a U.S.District Court may appeal directly to the:

Accepted Answer

A) U.S.Supreme Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Circuit Court of Appeals. 
E) All of these. 
A) U.S.Supreme Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Circuit Court of Appeals. 
E) All of these.

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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.

Which is a primary source of tax law?

Federal tax legislation generally originates in which of the following?

Which item may not be cited as a precedent?

The IRS issues an acquiescence or nonacquiescence only for regular Tax Court decisions.

A taxpayer should always minimize his or her tax liability.

Which is presently not a major tax service?

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

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

Rules of tax law do not include Revenue Rulings and Revenue Procedures.

Tax research involves which of the following procedures:

Compare Revenue Rulings with Revenue Procedures.

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

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

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

The Internal Revenue Code was first codified in what year?

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

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

A taxpayer who loses in a U.S.District Court may appeal directly to the:

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

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

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 is a primary source of tax law?

Federal tax legislation generally originates in which of the following?

Which item may not be cited as a precedent?

The IRS issues an acquiescence or nonacquiescence only for regular Tax Court decisions.

A taxpayer should always minimize his or her tax liability.

Which is presently not a major tax service?

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

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

Rules of tax law do not include Revenue Rulings and Revenue Procedures.

Tax research involves which of the following procedures:

Compare Revenue Rulings with Revenue Procedures.

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

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

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

The Internal Revenue Code was first codified in what year?

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

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

A taxpayer who loses in a U.S.District Court may appeal directly to the:

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

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

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