Exam 1: Understanding and Working With the Federal Tax Law

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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.

(True/False)

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Question 61

Proposed Regulations have the force and effect of law.

(True/False)

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Question 62

Which trial court's jurisdiction depends on the geographical location of the taxpayer?

(Multiple Choice)

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Question 63

Temporary Regulations have the same authoritative value as Finalized Regulations for 4 years.

(True/False)

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Question 64

If these citations appeared after a trial court decision, which one means that the decision was viewed favorably?

(Multiple Choice)

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Question 65

A tax bill cannot originate in the Senate Finance Committee.

(True/False)

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Question 66

Which of the following statements about an acquiescence is correct?

(Multiple Choice)

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Question 67

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.?

(Multiple Choice)

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Question 68

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

(True/False)

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Question 69

Which citation refers to a Second Court of Appeals decision?

(Multiple Choice)

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Question 70

Regulations are issued by the Treasury Department.

(True/False)

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Question 71

Which trial court normally has 16 judges?

(Multiple Choice)

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Question 72

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.

(True/False)

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Question 73

A decision in which of the following courts carries the lowest tax authority?

(Multiple Choice)

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Question 74

Showing 61 - 74 of 74

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.

Proposed Regulations have the force and effect of law.

Which trial court's jurisdiction depends on the geographical location of the taxpayer?

Temporary Regulations have the same authoritative value as Finalized Regulations for 4 years.

If these citations appeared after a trial court decision, which one means that the decision was viewed favorably?

A tax bill cannot originate in the Senate Finance Committee.

Which of the following statements about an acquiescence is correct?

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.?

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

Which citation refers to a Second Court of Appeals decision?

Regulations are issued by the Treasury Department.

Which trial court normally has 16 judges?

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.

A decision in which of the following courts carries the lowest tax authority?

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

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