Question 1

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 C

Question 2

What is a Technical Advice Memorandum?

Accepted Answer

The National Office of the IRS releases Technical Advice Memoranda (TAMs) weekly.TAMs resemble letter rulings in that they give the IRS's determination of an issue.However, they differ in several respects.Letter rulings deal with proposed transactions and are issued to taxpayers at their request.In contrast, TAMs deal with completed transactions.Furthermore, TAMs arise from questions raised by IRS personnel during audits and are issued by the National Office of the IRS to its field personnel.TAMs are often requested for questions relating to exempt organizations and employee plans.TAMs are not officially published and may not be cited or used as precedent.

Question 3

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

Accepted Answer

A) True 
 B)False  False

Question 4

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 5

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 6

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

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

A Revenue Ruling is a judicial source of Federal tax law.

Accepted Answer

A) True 
 B)False

Question 9

Arizona is in the jurisdiction of the Eighth Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 10

The test for whether a child qualifies for dependency status is first conducted under the qualified child requirement.

Accepted Answer

A) True 
 B)False

Question 11

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 12

The Index to Federal Tax Articles (published by Thomson Reuters) is available electronically.

Accepted Answer

A) True 
 B)False

Question 13

Which statement is not true with respect to a Regulation that interprets the tax law?

Accepted Answer

A) Issued by the U.S.Congress. 
B) Issued by the U.S.Treasury Department. 
C) Designed to provide an interpretation of the tax law. 
D) Carries more legal force than a Revenue Ruling. 
E) All of these statements are true. 
A) Issued by the U.S.Congress. 
B) Issued by the U.S.Treasury Department. 
C) Designed to provide an interpretation of the tax law. 
D) Carries more legal force than a Revenue Ruling. 
E) All of these statements are true.

Question 14

Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Which of the following sources has the highest tax validity?

Accepted Answer

A) Revenue Ruling 
B) Revenue Procedure 
C) Regulations 
D) Internal Revenue Code section 
E) None of these 
A) Revenue Ruling 
B) Revenue Procedure 
C) Regulations 
D) Internal Revenue Code section 
E) None of these

Question 17

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 18

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

Question 19

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 20

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.§ 1.752-4T(f). 
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.§ 1.752-4T(f). 
E) All of these are primary sources.

The Internal Revenue Code was first codified in what year?

What is a Technical Advice Memorandum?

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

Federal tax legislation generally originates in which of the following?

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

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

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

A Revenue Ruling is a judicial source of Federal tax law.

Arizona is in the jurisdiction of the Eighth Circuit Court of Appeals.

The test for whether a child qualifies for dependency status is first conducted under the qualified child requirement.

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

The Index to Federal Tax Articles (published by Thomson Reuters) is available electronically.

Which statement is not true with respect to a Regulation that interprets the tax law?

Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations.

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

Which of the following sources has the highest tax validity?

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

Which publisher offers the Standard Federal Tax Reporter?

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

Which is not a primary source of tax law?

Introduction to Taxation

Taxation on the Financial Statements

Gross Income

Business Deductions

Losses and Loss Limitations

Basis, Gain and Loss, and Nontaxable Exchanges

Capital Gains and Losses

Individuals As the Taxpayers

Income, Deductions and Credits

Individuals As Employees and Proprietors

Organization, Capital Structure, and Operating Rules

Earnings Profits and Distributions

Partnerships and Limited Liability Entities

S Corporations

Multi-Juris-Dictional Taxation

Tax Credits and Corporate Alternative Minimum Tax

Comparative Forms of Doing Business

Filters

Exam 2: Working With the Tax Law

The Internal Revenue Code was first codified in what year?

What is a Technical Advice Memorandum?

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

Federal tax legislation generally originates in which of the following?

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

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

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

A Revenue Ruling is a judicial source of Federal tax law.

Arizona is in the jurisdiction of the Eighth Circuit Court of Appeals.

The test for whether a child qualifies for dependency status is first conducted under the qualified child requirement.

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

The Index to Federal Tax Articles (published by Thomson Reuters) is available electronically.

Which statement is not true with respect to a Regulation that interprets the tax law?

Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations.

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

Which of the following sources has the highest tax validity?

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

Which publisher offers the Standard Federal Tax Reporter?

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

Which is not a primary source of tax law?

Introduction to Taxation

Taxation on the Financial Statements

Gross Income

Business Deductions

Losses and Loss Limitations

Basis, Gain and Loss, and Nontaxable Exchanges

Capital Gains and Losses

Individuals As the Taxpayers

Income, Deductions and Credits

Individuals As Employees and Proprietors

Organization, Capital Structure, and Operating Rules

Earnings Profits and Distributions

Partnerships and Limited Liability Entities

S Corporations

Multi-Juris-Dictional Taxation

Tax Credits and Corporate Alternative Minimum Tax

Comparative Forms of Doing Business

Filters