Question 1

The Tax Cuts and Jobs Act of 2017 became part of the Internal Revenue Code of 1986.

Accepted Answer

A) True 
 B)False  True

Question 2

Tax planning usually involves a completed transaction.

Accepted Answer

A) True 
 B)False  False

Question 3

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. A

Question 4

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 5

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

Accepted Answer

A) True 
 B)False

Question 6

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 7

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 8

Which of the following is not an administrative source of tax law?

Accepted Answer

A) Field Service Advice 
B) Revenue Procedure 
C) Technical Advice Memoranda 
D) General Counsel Memorandum 
E) All of these are administrative sources. 
A) Field Service Advice 
B) Revenue Procedure 
C) Technical Advice Memoranda 
D) General Counsel Memorandum 
E) All of these are administrative sources.

Question 9

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 10

The Regulation section of the CPA exam is approximately 80% Taxation and 20% Law & Professional Responsibilities.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Texas is in the jurisdiction of the Second Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

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

Revenue Rulings are first published in the Internal Revenue Bulletin.

Accepted Answer

A) True 
 B)False

Question 16

A taxpayer may not appeal a case from which court:

Accepted Answer

A) U.S.District Court. 
B) U.S.Circuit Court of Appeals. 
C) U.S.Court of Federal Claims. 
D) Small Case Division of the U.S.Tax Court. 
E) None of these. 
A) U.S.District Court. 
B) U.S.Circuit Court of Appeals. 
C) U.S.Court of Federal Claims. 
D) Small Case Division of the U.S.Tax Court. 
E) None of these.

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

What statement is not true with respect to Temporary Regulations?

Accepted Answer

A) May not be cited as precedent. 
B) Issued with Proposed Regulations. 
C) Automatically expire within three years after the date of issuance. 
D) Found in the Federal Register. 
E) All of these statements are true. 
A) May not be cited as precedent. 
B) Issued with Proposed Regulations. 
C) Automatically expire within three years after the date of issuance. 
D) Found in the Federal Register. 
E) All of these statements are true.

Question 19

The IRS will not acquiesce to the following tax decisions:

Accepted Answer

A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Case Division of the U.S.Tax Court. 
E) All of these. 
A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Case Division of the U.S.Tax Court. 
E) All of these.

Question 20

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.

The Tax Cuts and Jobs Act of 2017 became part of the Internal Revenue Code of 1986.

Tax planning usually involves a completed transaction.

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

Which of the following court decisions carries more weight?

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?

Which of the following sources has the highest tax validity?

Which of the following is not an administrative source of tax law?

Tax research involves which of the following procedures:

The Regulation section of the CPA exam is approximately 80% Taxation and 20% Law & Professional Responsibilities.

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

Texas is in the jurisdiction of the Second Circuit Court of Appeals.

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

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

Revenue Rulings are first published in the Internal Revenue Bulletin.

A taxpayer may not appeal a case from which court:

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

What statement is not true with respect to Temporary Regulations?

The IRS will not acquiesce to the following tax decisions:

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

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, Section 1231, and Recapture Provisions

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

The Tax Cuts and Jobs Act of 2017 became part of the Internal Revenue Code of 1986.

Tax planning usually involves a completed transaction.

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

Which of the following court decisions carries more weight?

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?

Which of the following sources has the highest tax validity?

Which of the following is not an administrative source of tax law?

Tax research involves which of the following procedures:

The Regulation section of the CPA exam is approximately 80% Taxation and 20% Law & Professional Responsibilities.

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

Texas is in the jurisdiction of the Second Circuit Court of Appeals.

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

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

Revenue Rulings are first published in the Internal Revenue Bulletin.

A taxpayer may not appeal a case from which court:

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

What statement is not true with respect to Temporary Regulations?

The IRS will not acquiesce to the following tax decisions:

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

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, Section 1231, and Recapture Provisions

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