Question 1

What is the wherewithal to pay concept? Give an example.

Accepted Answer

The wherewithal to pay concept recognize

Question 2

The adoption tax credit can be explained by social considerations.

Accepted Answer

A) True 
 B)False

Question 3

Explain the Golsen doctrine.

Accepted Answer

Because the Tax Court is a national cour

Question 4

A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S. District Court.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following indicates that a decision has precedential value for future cases?

Accepted Answer

A)  Stare decicis. 
B)  Golsen doctrine. 
C)  En banc. 
D)  Reenactment doctrine. 
E)  None of the above. 
A)  Stare decicis. 
B)  Golsen doctrine. 
C)  En banc. 
D)  Reenactment doctrine. 
E)  None of the above.

Question 6

Determination letters usually involve proposed transactions.

Accepted Answer

A) True 
 B)False

Question 7

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

Accepted Answer

A) True 
 B)False

Question 8

Which provision is not justified by social considerations?

Accepted Answer

A)  Refundable earned income credit. 
B)  Adoption tax credit. 
C)  Like-kind exchange treatment. 
D)  Disallowance of illegal kickbacks. 
E)  None of the above. 
A)  Refundable earned income credit. 
B)  Adoption tax credit. 
C)  Like-kind exchange treatment. 
D)  Disallowance of illegal kickbacks. 
E)  None of the above.

Question 9

The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 28 of the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 10

The U.S. Federal government has a provision in the Constitution which precludes deficit spending.

Accepted Answer

A) True 
 B)False

Question 11

Proposed Regulations are not published in the Federal Register.

Accepted Answer

A) True 
 B)False

Question 12

Subchapter C refers to the "Corporate Distributions and Adjustments" section of the Code.

Accepted Answer

A) True 
 B)False

Question 13

Proposed Regulations have the force and effect of law.

Accepted Answer

A) True 
 B)False

Question 14

Which citation refers to a Third 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 the above. 
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 the above.

Question 15

Which of the following statements about an acquiescence is correct?

Accepted Answer

A)  An acquiescence is issued in the Federal Register. 
B)  Acquiescences are published only for certain regular decisions of the U.S. Tax Court. 
C)  An acquiescence is published in the Internal Revenue Bulletin. 
D)  The IRS does not issue acquiescences to adverse decisions that are not appealed. 
E)  All of the above are correct. 
A)  An acquiescence is issued in the Federal Register. 
B)  Acquiescences are published only for certain regular decisions of the U.S. Tax Court. 
C)  An acquiescence is published in the Internal Revenue Bulletin. 
D)  The IRS does not issue acquiescences to adverse decisions that are not appealed. 
E)  All of the above are correct.

Question 16

In a courtroom challenge, the burden of proof is on the IRS to show that a Regulation is right.

Accepted Answer

A) True 
 B)False

Question 17

Which state is a common law property state?

Accepted Answer

A)  Arizona. 
B)  Louisiana. 
C)  New Mexico. 
D)  New York. 
E)  None of the above. 
A)  Arizona. 
B)  Louisiana. 
C)  New Mexico. 
D)  New York. 
E)  None of the above.

Question 18

A cite such as 372 U.S. 39 indicates a memorandum decision of the Court of Federal Claims.

Accepted Answer

A) True 
 B)False

Question 19

Which trial court decision is generally less authoritative?

Accepted Answer

A)  U.S. District Court. 
B)  U.S. Tax Court. 
C)  U.S. Court of Federal Claims. 
D)  Small Cases Division of the Tax Court. 
E)  All of the above are the same. 
A)  U.S. District Court. 
B)  U.S. Tax Court. 
C)  U.S. Court of Federal Claims. 
D)  Small Cases Division of the Tax Court. 
E)  All of the above are the same.

Question 20

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

What is the wherewithal to pay concept? Give an example.

The adoption tax credit can be explained by social considerations.

Explain the Golsen doctrine.

A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S. District Court.

Which of the following indicates that a decision has precedential value for future cases?

Determination letters usually involve proposed transactions.

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

Which provision is not justified by social considerations?

The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 28 of the Internal Revenue Code.

The U.S. Federal government has a provision in the Constitution which precludes deficit spending.

Proposed Regulations are not published in the Federal Register.

Subchapter C refers to the "Corporate Distributions and Adjustments" section of the Code.

Proposed Regulations have the force and effect of law.

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

Which of the following statements about an acquiescence is correct?

In a courtroom challenge, the burden of proof is on the IRS to show that a Regulation is right.

Which state is a common law property state?

A cite such as 372 U.S. 39 indicates a memorandum decision of the Court of Federal Claims.

Which trial court decision is generally less authoritative?

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

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

What is the wherewithal to pay concept? Give an example.

The adoption tax credit can be explained by social considerations.

Explain the Golsen doctrine.

A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S. District Court.

Which of the following indicates that a decision has precedential value for future cases?

Determination letters usually involve proposed transactions.

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

Which provision is not justified by social considerations?

The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 28 of the Internal Revenue Code.

The U.S. Federal government has a provision in the Constitution which precludes deficit spending.

Proposed Regulations are not published in the Federal Register.

Subchapter C refers to the "Corporate Distributions and Adjustments" section of the Code.

Proposed Regulations have the force and effect of law.

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

Which of the following statements about an acquiescence is correct?

In a courtroom challenge, the burden of proof is on the IRS to show that a Regulation is right.

Which state is a common law property state?

A cite such as 372 U.S. 39 indicates a memorandum decision of the Court of Federal Claims.

Which trial court decision is generally less authoritative?

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

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