Question 1

Which provision could best be justified as a means of controlling the economy?

Accepted Answer

A)  Write-off of research and development expenditures. 
B)  Accelerated depreciation method for depreciable capital expenditures. 
C)  Amortization of pollution control facilities. 
D)  The rehabilitation tax credit. 
E)  None of the above. 
A)  Write-off of research and development expenditures. 
B)  Accelerated depreciation method for depreciable capital expenditures. 
C)  Amortization of pollution control facilities. 
D)  The rehabilitation tax credit. 
E)  None of the above. B

Question 2

Which citation is considered to be a legislative citation?

Accepted Answer

A)  Ltr. Rul. 199952058. 
B)  Ann. 94-5, 1994-2 I.R.B. 39. 
C)  Reg. § 1.1014-1(c)(1). 
D)  § 351. 
E)  None of the above. 
A)  Ltr. Rul. 199952058. 
B)  Ann. 94-5, 1994-2 I.R.B. 39. 
C)  Reg. § 1.1014-1(c)(1). 
D)  § 351. 
E)  None of the above. D

Question 3

Which citation refers to a U.S. Tax Court decision?

Accepted Answer

A)  Appollo 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 the above. 
A)  Appollo 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 the above. B

Question 4

Determine the incorrect citation:

Accepted Answer

A)  Ltr. Rul. 20012305. 
B)  George W. Guill, 112 T.C.__, No. 22 (1999). 
C)  Ltr. Rul. 200108052. 
D)  Rev. Rul, 98-32, I.R.B. No. 25, 4. 
E)  None of the above. 
A)  Ltr. Rul. 20012305. 
B)  George W. Guill, 112 T.C.__, No. 22 (1999). 
C)  Ltr. Rul. 200108052. 
D)  Rev. Rul, 98-32, I.R.B. No. 25, 4. 
E)  None of the above.

Question 5

Which of the following is an administrative source of tax law?

Accepted Answer

A)  Rev. Proc. 2010-3. 
B)  Joint Conference Committee Report. 
C)  Section 12(a) of the Internal Revenue Code. 
D)  All of the above. 
E)  None of the above. 
A)  Rev. Proc. 2010-3. 
B)  Joint Conference Committee Report. 
C)  Section 12(a) of the Internal Revenue Code. 
D)  All of the above. 
E)  None of the above.

Question 6

The Hope scholarship credit can be explained by economic considerations.

Accepted Answer

A) True 
 B)False

Question 7

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 8

A technical advice memorandum is issued by:

Accepted Answer

A)  Treasury Department. 
B)  National Office of the IRS. 
C)  Office of Chief Council. 
D)  Area Director. 
E)  None of the above. 
A)  Treasury Department. 
B)  National Office of the IRS. 
C)  Office of Chief Council. 
D)  Area Director. 
E)  None of the above.

Question 9

Saving leads to capital formation and thus makes funds available to finance home construction and industrial expansion.

Accepted Answer

A) True 
 B)False

Question 10

Interpret the following citation: 64-1 USTC ¶ 9618, aff'd in 344 F. 2d 966.

Accepted Answer

A)  A U.S. Tax Court Small Cases Division decision that was affirmed on appeal. 
B)  A U.S. Tax Court decision that was affirmed on appeal. 
C)  A U.S. District Court decision that was affirmed on appeal. 
D)  A U.S. Circuit Court of Appeals decision that was affirmed on appeal. 
E)  None of the above. 
A)  A U.S. Tax Court Small Cases Division decision that was affirmed on appeal. 
B)  A U.S. Tax Court decision that was affirmed on appeal. 
C)  A U.S. District Court decision that was affirmed on appeal. 
D)  A U.S. Circuit Court of Appeals decision that was affirmed on appeal. 
E)  None of the above.

Question 11

Identify the number of the Court(s) of Federal Claims.

Accepted Answer

A)  1. 
B)  3. 
C)  16. 
D)  19. 
E)  None of the above is correct. 
A)  1. 
B)  3. 
C)  16. 
D)  19. 
E)  None of the above is correct.

Question 12

Some Regulations are arranged in different sequence than the Code.

Accepted Answer

A) True 
 B)False

Question 13

What are the key components of tax planning?

Accepted Answer

The answer of What are the key components of tax...

Question 14

Many states have balanced budgets because laws or constitutional amendments preclude deficit spending.

Accepted Answer

A) True 
 B)False

Question 15

Letter rulings may not be substantial authority for purposes of the accuracy-related penalty in § 6662.

Accepted Answer

A) True 
 B)False

Question 16

Revenue Procedures deal with the internal management practices and procedures of the IRS.

Accepted Answer

A) True 
 B)False

Question 17

Unlike determination letters, letter rulings are issued by the National Office of the IRS.

Accepted Answer

A) True 
 B)False

Question 18

Revenue Rulings are published semiannually in the:

Accepted Answer

A)  Cumulative Bulletin. 
B)  Federal Revenue Bulletin. 
C)  Internal Revenue Bulletin. 
D)  I.R.S. Digest. 
E)  None of the above. 
A)  Cumulative Bulletin. 
B)  Federal Revenue Bulletin. 
C)  Internal Revenue Bulletin. 
D)  I.R.S. Digest. 
E)  None of the above.

Question 19

Longer class lives for depreciable property and the required use of straight-line method of depreciation should dampen the tax incentive for purchasing capital assets.

Accepted Answer

A) True 
 B)False

Question 20

Regulations may first be found in:

Accepted Answer

A)  Federal Register. 
B)  Cumulative Bulletin. 
C)  Internal Revenue Bulletin. 
D)  I.R.S. Digest. 
E)  All of the above. 
A)  Federal Register. 
B)  Cumulative Bulletin. 
C)  Internal Revenue Bulletin. 
D)  I.R.S. Digest. 
E)  All of the above.

Which provision could best be justified as a means of controlling the economy?

Which citation is considered to be a legislative citation?

Which citation refers to a U.S. Tax Court decision?

Determine the incorrect citation:

Which of the following is an administrative source of tax law?

The Hope scholarship credit can be explained by economic considerations.

Regarding technical advice memoranda, which statement is incorrect?

A technical advice memorandum is issued by:

Saving leads to capital formation and thus makes funds available to finance home construction and industrial expansion.

Interpret the following citation: 64-1 USTC ¶ 9618, aff'd in 344 F. 2d 966.

Identify the number of the Court(s) of Federal Claims.

Some Regulations are arranged in different sequence than the Code.

What are the key components of tax planning?

Many states have balanced budgets because laws or constitutional amendments preclude deficit spending.

Letter rulings may not be substantial authority for purposes of the accuracy-related penalty in § 6662.

Revenue Procedures deal with the internal management practices and procedures of the IRS.

Unlike determination letters, letter rulings are issued by the National Office of the IRS.

Revenue Rulings are published semiannually in the:

Longer class lives for depreciable property and the required use of straight-line method of depreciation should dampen the tax incentive for purchasing capital assets.

Regulations may first be found in:

Corporations: Introduction and Operating Rules

Corporations: Special Situations

Corporations: Organization and Capital Structure

Corporations: Earnings Profits and Dividend Distributions

Corporations: Redemptions and Liquidations

Corporations: Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships: Formation, Operation, 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

Which provision could best be justified as a means of controlling the economy?

Which citation is considered to be a legislative citation?

Which citation refers to a U.S. Tax Court decision?

Determine the incorrect citation:

Which of the following is an administrative source of tax law?

The Hope scholarship credit can be explained by economic considerations.

Regarding technical advice memoranda, which statement is incorrect?

A technical advice memorandum is issued by:

Saving leads to capital formation and thus makes funds available to finance home construction and industrial expansion.

Interpret the following citation: 64-1 USTC ¶ 9618, aff'd in 344 F. 2d 966.

Identify the number of the Court(s) of Federal Claims.

Some Regulations are arranged in different sequence than the Code.

What are the key components of tax planning?

Many states have balanced budgets because laws or constitutional amendments preclude deficit spending.

Letter rulings may not be substantial authority for purposes of the accuracy-related penalty in § 6662.

Revenue Procedures deal with the internal management practices and procedures of the IRS.

Unlike determination letters, letter rulings are issued by the National Office of the IRS.

Revenue Rulings are published semiannually in the:

Longer class lives for depreciable property and the required use of straight-line method of depreciation should dampen the tax incentive for purchasing capital assets.

Regulations may first be found in:

Corporations: Introduction and Operating Rules

Corporations: Special Situations

Corporations: Organization and Capital Structure

Corporations: Earnings Profits and Dividend Distributions

Corporations: Redemptions and Liquidations

Corporations: Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships: Formation, Operation, 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