Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Tax planning usually involves a completed transaction.

Accepted Answer

A) True 
 B)False

Question 3

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 4

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 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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.

Question 8

Which company does not publish citators for tax purposes?

Accepted Answer

A)  John Wiley & Sons 
B)  Commerce Clearing House 
C)  Thomson Reuters (RI
A)  
D)  Westlaw 
E)  Shepard's 
A)  John Wiley & Sons 
B)  Commerce Clearing House 
C)  Thomson Reuters (RI
A)  
D)  Westlaw 
E)  Shepard's

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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 13

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

Accepted Answer

A) True 
 B)False

Question 14

Which citation refers to a Second Circuit Court of Appeals decision?

Accepted Answer

A)  40 T.C. 1018. 
B)  159 F.2d 848 (CA-2, 1947). 
C)  354 F. Supp. 1003 (D.Ct. GA. 1972). 
D)  914 F.2d 396 (CA-3, 1990). 
E)  None of these. 
A)  40 T.C. 1018. 
B)  159 F.2d 848 (CA-2, 1947). 
C)  354 F. Supp. 1003 (D.Ct. GA. 1972). 
D)  914 F.2d 396 (CA-3, 1990). 
E)  None of these.

Question 15

In a U.S. District Court, a jury can decide both questions of fact and questions of law.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

When searching on an electronic (online) tax service, which approach is more frequently used?

Accepted Answer

A)  Internal Revenue Code section approach 
B)  Keyword approach 
C)  Table of contents approach 
D)  Index 
E)  All are about the same 
A)  Internal Revenue Code section approach 
B)  Keyword approach 
C)  Table of contents approach 
D)  Index 
E)  All are about the same

Question 18

A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S. Court of Federal Claims. Only in the Tax Court can jurisdiction be obtained without first paying the assessed tax deficiency.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

Memorandum decision of the U.S. Tax Court could be cited as:

Accepted Answer

A)  T.C. Memo. 1990-650. 
B)  68-1 USTC ¶9200. 
C)  37 AFTR.2d 456. 
D)  All of the above. 
E)  None of these. 
A)  T.C. Memo. 1990-650. 
B)  68-1 USTC ¶9200. 
C)  37 AFTR.2d 456. 
D)  All of the above. 
E)  None of these.

Exam 2: Working With the Tax Law

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

Tax planning usually involves a completed transaction.

Tax research involves which of the following procedures:

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

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

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

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

Which company does not publish citators for tax purposes?

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

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

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

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

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

Which citation refers to a Second Circuit Court of Appeals decision?

In a U.S. District Court, a jury can decide both questions of fact and questions of law.

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

When searching on an electronic (online) tax service, which approach is more frequently used?

A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S. Court of Federal Claims. Only in the Tax Court can jurisdiction be obtained without first paying the assessed tax deficiency.

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

Memorandum decision of the U.S. Tax Court could be cited as:

Understanding and Working With the Federal Tax Law

Computing the Tax

Gross Income: Concepts and Inclusions

Gross Income: Exclusions

Deductions and Losses: in General

Deductions and Losses: Certain Business Expenses and Losses

Depreciation, Cost Recovery, Amortization, and Depletion

Deductions: Employee and Self-Employed-Related Expenses

Deductions and Losses: Certain Itemized Deductions

Investor Losses

Tax Credits and Payments

Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges

Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions

Taxing Business Income

Accounting Periods and Methods

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Distributions Not in Complete Liquidation

Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations

Partnerships

S Corporations

Exempt Entities

Multistate Corporate Taxation

Taxation of International Transactions

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Income Taxation of Trusts and Estates

Filters