Question 1

Regulations are issued by the Treasury Department.

Accepted Answer

A) True 
 B)False

Question 2

Revenue Rulings carry the same legal force and effect as Regulations.

Accepted Answer

A) True 
 B)False

Question 3

The encouragement of private-sector pension plans can be justified under the encouragement of certain industries.

Accepted Answer

A) True 
 B)False

Question 4

What administrative release deals with a proposed transaction rather than a completed transaction?

Accepted Answer

A)  Letter Ruling. 
B)  Technical Advice Memorandum. 
C)  Determination Letter. 
D)  Field Service Advice. 
E)  None of these. 
A)  Letter Ruling. 
B)  Technical Advice Memorandum. 
C)  Determination Letter. 
D)  Field Service Advice. 
E)  None of these.

Question 5

Which statement is not true about this citation: Bonkowski v. Comm., 29 TCM 1645 1970), aff'd 458 F.2d 709 CA- 7, 1972), cert. den.?

Accepted Answer

A)  The Supreme Court decided not to agree or disagree with the Seventh Court of Appeals. 
B)  The Seventh Court of Appeals disagreed with the Tax Court. 
C)  The Tax Court decision starts on page 1645. 
D)  The Seventh Court of Appeals decision appears in Vol. 458. 
E)  All of these. 
A)  The Supreme Court decided not to agree or disagree with the Seventh Court of Appeals. 
B)  The Seventh Court of Appeals disagreed with the Tax Court. 
C)  The Tax Court decision starts on page 1645. 
D)  The Seventh Court of Appeals decision appears in Vol. 458. 
E)  All of these.

Question 6

What is the value of Actions on Decisions to a tax researcher?

Accepted Answer

Actions on Decisions tell a taxpayer the

Question 7

These Internal Revenue Code citations are incorrect: § 2121) and § 12211).

Accepted Answer

A) True 
 B)False

Question 8

Regarding Technical Advice Memoranda, which statement is incorrect?

Accepted Answer

A)  Issued by the National Office of IRS. 
B)  Most often deal with a completed transaction. 
C)  May be cited and used as precedent. 
D)  Issued with multi-digit file numbers. 
E)  None are incorrect. 
A)  Issued by the National Office of IRS. 
B)  Most often deal with a completed transaction. 
C)  May be cited and used as precedent. 
D)  Issued with multi-digit file numbers. 
E)  None are incorrect.

Question 9

What value is a tax citator to a tax researcher?

Accepted Answer

The use of manual citators or a computer

Question 10

Which of the following sources has the highest tax authority?

Accepted Answer

A)  Treasury Regulation. 
B)  Revenue Procedure. 
C)  Internal Revenue Code. 
D)  Temporary Regulation. 
E)  All have the same weight. 
A)  Treasury Regulation. 
B)  Revenue Procedure. 
C)  Internal Revenue Code. 
D)  Temporary Regulation. 
E)  All have the same weight.

Question 11

Revenue Procedures are published in the:

Accepted Answer

A)  Congressional Record. 
B)  Federal Revenue Bulletin. 
C)  Internal Revenue Bulletin. 
D)  I.R.S. Digest. 
E)  None of these. 
A)  Congressional Record. 
B)  Federal Revenue Bulletin. 
C)  Internal Revenue Bulletin. 
D)  I.R.S. Digest. 
E)  None of these.

Question 12

Which citation refers to a U.S. Court of Federal Claims decision?

Accepted Answer

A)  Apollo Computer, Inc. v. U.S., 95-1 USTC ¶ 50,015 Fed. Cl., 1994). 
B)  Westreco, Inc., T.C. Memo. 1992-561 1992). 
C)  Bausch & Lomb, Inc. v. Comm., 933 F. 2d 1084 CA-2, 1991). 
D)  Portland Manufacturing Co. v. Comm., 35 AFTR 2d 1439 CA-9, 1975). 
E)  None of these. 
A)  Apollo Computer, Inc. v. U.S., 95-1 USTC ¶ 50,015 Fed. Cl., 1994). 
B)  Westreco, Inc., T.C. Memo. 1992-561 1992). 
C)  Bausch & Lomb, Inc. v. Comm., 933 F. 2d 1084 CA-2, 1991). 
D)  Portland Manufacturing Co. v. Comm., 35 AFTR 2d 1439 CA-9, 1975). 
E)  None of these.

Question 13

The U.S. national debt is around $11 trillion.

Accepted Answer

A) True 
 B)False

Question 14

Allowing a net operating loss NOL) carryforward can be justified:

Accepted Answer

A)  As mitigating the effect of the annual accounting period concept. 
B)  By economic considerations. 
C)  As promoting administrative feasibility. 
D)  Based on the wherewithal to pay concept. 
E)  By none of these. 
A)  As mitigating the effect of the annual accounting period concept. 
B)  By economic considerations. 
C)  As promoting administrative feasibility. 
D)  Based on the wherewithal to pay concept. 
E)  By none of these.

Question 15

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

Accepted Answer

A)  40 T.C. 1018. 
B)  2 TCM 205 1951). 
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)  2 TCM 205 1951). 
C)  354 F.Supp. 1003 D. Ct. Ga, 1972). 
D)  914 F.2d 396 CA-3, 1990). 
E)  None of these.

Question 16

A jury trial is available when a case is heard by a U.S. Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 17

Which is a primary source of tax law?

Accepted Answer

A)  J.W. Yarbo v. Comm., 737 F. 2d 479 CA-5, 1984). 
B)  Article by a Federal judge in Harvard Law Review. 
C)  IRS Determination letter. 
D)  IRS Letter ruling. 
E)  All of these are primary sources. 
A)  J.W. Yarbo v. Comm., 737 F. 2d 479 CA-5, 1984). 
B)  Article by a Federal judge in Harvard Law Review. 
C)  IRS Determination letter. 
D)  IRS Letter ruling. 
E)  All of these are primary sources.

Question 18

Which of these notations would appear after a U.S. Tax Court citation if the IRS disagrees with the decision?

Accepted Answer

A)  Rev'd 935 F.2d 203 1991). 
B)  Nonacq. 1979-1 C.B. 1. 
C)  Cert. den. 361 U.S. 875 1959). 
D)  Acq. 1990-1 C.B. 2. 
E)  None of these. 
A)  Rev'd 935 F.2d 203 1991). 
B)  Nonacq. 1979-1 C.B. 1. 
C)  Cert. den. 361 U.S. 875 1959). 
D)  Acq. 1990-1 C.B. 2. 
E)  None of these.

Question 19

Determine the incorrect citation:

Accepted Answer

A)  TAM 20002704. 
B)  George W. Guill, 112 T.C. , No. 22 1999). 
C)  John H. Wong, T.C. Summary Opinion 2009-152. 
D)  Rev. Rul. 98-32, 1998-25 I.R.B. 4. 
E)  None of these. 
A)  TAM 20002704. 
B)  George W. Guill, 112 T.C. , No. 22 1999). 
C)  John H. Wong, T.C. Summary Opinion 2009-152. 
D)  Rev. Rul. 98-32, 1998-25 I.R.B. 4. 
E)  None of these.

Question 20

Although a corporation is subject to a Federal income tax, a partnership is not.

Accepted Answer

A) True 
 B)False

Regulations are issued by the Treasury Department.

Revenue Rulings carry the same legal force and effect as Regulations.

The encouragement of private-sector pension plans can be justified under the encouragement of certain industries.

What administrative release deals with a proposed transaction rather than a completed transaction?

Which statement is not true about this citation: Bonkowski v. Comm., 29 TCM 1645 1970), aff'd 458 F.2d 709 CA- 7, 1972), cert. den.?

What is the value of Actions on Decisions to a tax researcher?

These Internal Revenue Code citations are incorrect: § 2121) and § 12211).

Regarding Technical Advice Memoranda, which statement is incorrect?

What value is a tax citator to a tax researcher?

Which of the following sources has the highest tax authority?

Revenue Procedures are published in the:

Which citation refers to a U.S. Court of Federal Claims decision?

The U.S. national debt is around $11 trillion.

Allowing a net operating loss NOL) carryforward can be justified:

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

A jury trial is available when a case is heard by a U.S. Court of Appeals.

Which is a primary source of tax law?

Which of these notations would appear after a U.S. Tax Court citation if the IRS disagrees with the decision?

Determine the incorrect citation:

Although a corporation is subject to a Federal income tax, a partnership is not.

The Deduction for Qualified Business Income for Pass-Through Entities

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Earnings and Profits and Dividend Distributions

Corporations: Redemptions and Liquidations

Corporations: Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships: Formation, Operations, and Basis

Partnerships: Distributions, Transfer of Interests, and Terminations

S Corporations

Comparative Forms of Doing Business

Taxes on the Financial Statements

Exempt Entities

Multistate Corporate Taxation

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters

Exam 1: Understanding and Working With the Federal Tax Law

Regulations are issued by the Treasury Department.

Revenue Rulings carry the same legal force and effect as Regulations.

The encouragement of private-sector pension plans can be justified under the encouragement of certain industries.

What administrative release deals with a proposed transaction rather than a completed transaction?

Which statement is not true about this citation: Bonkowski v. Comm., 29 TCM 1645 1970), aff'd 458 F.2d 709 CA- 7, 1972), cert. den.?

What is the value of Actions on Decisions to a tax researcher?

These Internal Revenue Code citations are incorrect: § 2121) and § 12211).

Regarding Technical Advice Memoranda, which statement is incorrect?

What value is a tax citator to a tax researcher?

Which of the following sources has the highest tax authority?

Revenue Procedures are published in the:

Which citation refers to a U.S. Court of Federal Claims decision?

The U.S. national debt is around $11 trillion.

Allowing a net operating loss NOL) carryforward can be justified:

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

A jury trial is available when a case is heard by a U.S. Court of Appeals.

Which is a primary source of tax law?

Which of these notations would appear after a U.S. Tax Court citation if the IRS disagrees with the decision?

Determine the incorrect citation:

Although a corporation is subject to a Federal income tax, a partnership is not.

The Deduction for Qualified Business Income for Pass-Through Entities

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Earnings and Profits and Dividend Distributions

Corporations: Redemptions and Liquidations

Corporations: Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships: Formation, Operations, and Basis

Partnerships: Distributions, Transfer of Interests, and Terminations

S Corporations

Comparative Forms of Doing Business

Taxes on the Financial Statements

Exempt Entities

Multistate Corporate Taxation

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters