Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Which court decision would probably carry more weight?

Accepted Answer

A) Regular U.S.Tax Court decision 
B) Reviewed U.S.Tax Court decision 
C) U.S.District Court decision 
D) Tax Court Memorandum decision 
E) U.S.Court of Federal Claims 
A) Regular U.S.Tax Court decision 
B) Reviewed U.S.Tax Court decision 
C) U.S.District Court decision 
D) Tax Court Memorandum decision 
E) U.S.Court of Federal Claims

Question 3

The research process should always begin with a tax service.

Accepted Answer

A) True 
 B)False

Question 4

What are Treasury Department Regulations?

Accepted Answer

Regulations are issued by the U.S.Treasu

Question 5

There is a direct conflict between an Internal Revenue Code section adopted in 2008 and a treaty with France (signed in 2012).The Internal Revenue Code section controls.

Accepted Answer

A) True 
 B)False

Question 6

In addressing the importance of a Regulation, an IRS agent must:

Accepted Answer

A) Give equal weight to the Internal Revenue Code and the Regulations. 
B) Give more weight to the Internal Revenue Code rather than to a Regulation. 
C) Give more weight to the Regulation rather than to the Internal Revenue Code. 
D) Give less weight to the Internal Revenue Code rather than to a Regulation. 
E) None of these. 
A) Give equal weight to the Internal Revenue Code and the Regulations. 
B) Give more weight to the Internal Revenue Code rather than to a Regulation. 
C) Give more weight to the Regulation rather than to the Internal Revenue Code. 
D) Give less weight to the Internal Revenue Code rather than to a Regulation. 
E) None of these.

Question 7

A U.S.District Court is the lowest trial court.

Accepted Answer

A) True 
 B)False

Question 8

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 9

The first codification of the tax law occurred in 1954.

Accepted Answer

A) True 
 B)False

Question 10

A taxpayer can obtain a jury trial in the U.S.Tax Court.

Accepted Answer

A) True 
 B)False

Question 11

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 12

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

Question 13

A taxpayer should always minimize his or her tax liability.

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

A researcher can find tax information on home page sites of:

Accepted Answer

A) Governmental bodies. 
B) Tax academics. 
C) Publishers. 
D) CPA firms. 
E) All of these. 
A) Governmental bodies. 
B) Tax academics. 
C) Publishers. 
D) CPA firms. 
E) All of these.

Question 16

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 17

Technical Advice Memoranda deal with completed transactions.

Accepted Answer

A) True 
 B)False

Question 18

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 19

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 20

Compare Revenue Rulings with Revenue Procedures.

Accepted Answer

Revenue Rulings are official pronounceme

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

Which court decision would probably carry more weight?

The research process should always begin with a tax service.

What are Treasury Department Regulations?

There is a direct conflict between an Internal Revenue Code section adopted in 2008 and a treaty with France (signed in 2012).The Internal Revenue Code section controls.

In addressing the importance of a Regulation, an IRS agent must:

A U.S.District Court is the lowest trial court.

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

The first codification of the tax law occurred in 1954.

A taxpayer can obtain a jury trial in the U.S.Tax Court.

Which item may not be cited as a precedent?

Which of the following court decisions carries more weight?

A taxpayer should always minimize his or her tax liability.

Which publisher offers the United States Tax Reporter?

A researcher can find tax information on home page sites of:

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

Technical Advice Memoranda deal with completed transactions.

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

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.

Compare Revenue Rulings with Revenue Procedures.

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

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

Which court decision would probably carry more weight?

The research process should always begin with a tax service.

What are Treasury Department Regulations?

There is a direct conflict between an Internal Revenue Code section adopted in 2008 and a treaty with France (signed in 2012).The Internal Revenue Code section controls.

In addressing the importance of a Regulation, an IRS agent must:

A U.S.District Court is the lowest trial court.

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

The first codification of the tax law occurred in 1954.

A taxpayer can obtain a jury trial in the U.S.Tax Court.

Which item may not be cited as a precedent?

Which of the following court decisions carries more weight?

A taxpayer should always minimize his or her tax liability.

Which publisher offers the United States Tax Reporter?

A researcher can find tax information on home page sites of:

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

Technical Advice Memoranda deal with completed transactions.

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

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.

Compare Revenue Rulings with Revenue Procedures.

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