Question 1

A U.S. District Court must abide by the precedents set by the Court of Appeals of its jurisdiction.

Accepted Answer

A) True 
 B)False

Question 2

How does a treaty with a foreign country impact a section in the Internal Revenue Code?

Accepted Answer

The United States enters into tax treati

Question 3

Internal Revenue Code § 6 involves gross income and § 7 outlines itemized deductions.

Accepted Answer

A) True 
 B)False

Question 4

In Forty-Four Cigar Co., 2 B.T.A. 1156, the 1156 stands for:

Accepted Answer

A)  The volume number. 
B)  The year of the decision. 
C)  The paragraph number. 
D)  The page number. 
E)  None of the above. 
A)  The volume number. 
B)  The year of the decision. 
C)  The paragraph number. 
D)  The page number. 
E)  None of the above.

Question 5

Which provision could best be justified as encouraging small business?

Accepted Answer

A)  Ordinary loss allowed on § 1244 stock. 
B)  Percentage depletion. 
C)  Domestic production activities deduction. 
D)  Interest deduction on home mortgage. 
E)  None of the above. 
A)  Ordinary loss allowed on § 1244 stock. 
B)  Percentage depletion. 
C)  Domestic production activities deduction. 
D)  Interest deduction on home mortgage. 
E)  None of the above.

Question 6

What value is a tax citator to a tax researcher?

Accepted Answer

The use of manual citators or a computer

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

Revenue-neutral tax laws reduce deficits.

Accepted Answer

A) True 
 B)False

Question 9

Since interest and taxes are deductible by a homeowner, a person who rents an apartment may take an itemized deduction equal to 20% of rent payments.

Accepted Answer

A) True 
 B)False

Question 10

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. § 1.1014­1(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. § 1.1014­1(c)(1). 
D)  § 351. 
E)  None of the above.

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

Question 12

Interpret the following citation: 64­1 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. 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. Court of Appeals decision that was affirmed on appeal. 
E)  None of the above.

Question 13

Explain the Golsen doctrine.

Accepted Answer

Because the Tax Court is a national cour

Question 14

Only one judge hears a trial in a U.S. District Court.

Accepted Answer

A) True 
 B)False

Question 15

Alabama and South Carolina are community property states.

Accepted Answer

A) True 
 B)False

Question 16

Some Regulations are arranged in different sequence than the Code.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

Actions on Decisions tell a taxpayer the

Question 18

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

Accepted Answer

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

Question 19

These Internal Revenue Code citations are incorrect: § 212(1) and § 1221(1).

Accepted Answer

A) True 
 B)False

Question 20

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.

A U.S. District Court must abide by the precedents set by the Court of Appeals of its jurisdiction.

How does a treaty with a foreign country impact a section in the Internal Revenue Code?

Internal Revenue Code § 6 involves gross income and § 7 outlines itemized deductions.

In Forty-Four Cigar Co., 2 B.T.A. 1156, the 1156 stands for:

Which provision could best be justified as encouraging small business?

What value is a tax citator to a tax researcher?

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

Revenue-neutral tax laws reduce deficits.

Since interest and taxes are deductible by a homeowner, a person who rents an apartment may take an itemized deduction equal to 20% of rent payments.

Which citation is considered to be a legislative citation?

Revenue Procedures are published in the:

Interpret the following citation: 641 USTC ¶ 9618, aff'd in 344 F. 2d 966.

Explain the Golsen doctrine.

Only one judge hears a trial in a U.S. District Court.

Alabama and South Carolina are community property states.

Some Regulations are arranged in different sequence than the Code.

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

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

These Internal Revenue Code citations are incorrect: § 212(1) and § 1221(1).

Which provision is not justified by social considerations?

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

A U.S. District Court must abide by the precedents set by the Court of Appeals of its jurisdiction.

How does a treaty with a foreign country impact a section in the Internal Revenue Code?

Internal Revenue Code § 6 involves gross income and § 7 outlines itemized deductions.

In Forty-Four Cigar Co., 2 B.T.A. 1156, the 1156 stands for:

Which provision could best be justified as encouraging small business?

What value is a tax citator to a tax researcher?

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

Revenue-neutral tax laws reduce deficits.

Since interest and taxes are deductible by a homeowner, a person who rents an apartment may take an itemized deduction equal to 20% of rent payments.

Which citation is considered to be a legislative citation?

Revenue Procedures are published in the:

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

Explain the Golsen doctrine.

Only one judge hears a trial in a U.S. District Court.

Alabama and South Carolina are community property states.

Some Regulations are arranged in different sequence than the Code.

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

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

These Internal Revenue Code citations are incorrect: § 212(1) and § 1221(1).

Which provision is not justified by social considerations?

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

Interpret the following citation: 641 USTC ¶ 9618, aff'd in 344 F. 2d 966.