Question 1

Which statement is not true with respect to a Treasury Regulation?

Accepted Answer

A) Issued by the U.S.Congress. 
B) Issued as Treasury Decision. 
C) Designed to provide interpretation of the tax law. 
D) Carries more legal force than a Revenue Ruling. 
E) All of the above statements are true. 
A) Issued by the U.S.Congress. 
B) Issued as Treasury Decision. 
C) Designed to provide interpretation of the tax law. 
D) Carries more legal force than a Revenue Ruling. 
E) All of the above statements are true.

Question 2

The IRS issues an acquiescence or nonacquiescence only for regular Tax Court decisions.

Accepted Answer

A) True 
 B)False

Question 3

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 the above. 
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 the above.

Question 4

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 5

A U.S.District Court is the lowest trial court.

Accepted Answer

A) True 
 B)False

Question 6

Before a tax bill can become law, it must be approved by the President.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

Which of the following cannot be found in the Federal Register?

Accepted Answer

A) Regulations. 
B) Temporary Regulations. 
C) Proposed Regulations. 
D) Revenue Rulings. 
E) All of the above may be found in the Federal Register. 
A) Regulations. 
B) Temporary Regulations. 
C) Proposed Regulations. 
D) Revenue Rulings. 
E) All of the above may be found in the Federal Register.

Question 9

What statement is not true with respect to Temporary Regulations?

Accepted Answer

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

Question 10

Which is not a primary source of tax law?

Accepted Answer

A)  Notice 89-99, 1989-2 C.B. 422. 
B)  Estate of Harry Holmes v. Comm., 326 U.S. 480 (1946). 
C)  Rev. Rul. 79-353, 1979-2 C.B. 325. 
D)  Temp. Reg. § 1.752-4T(f). 
E)  All of the above are primary sources. 
A)  Notice 89-99, 1989-2 C.B. 422. 
B)  Estate of Harry Holmes v. Comm., 326 U.S. 480 (1946). 
C)  Rev. Rul. 79-353, 1979-2 C.B. 325. 
D)  Temp. Reg. § 1.752-4T(f). 
E)  All of the above are primary sources.

Question 11

Which court decision carries more weight?

Accepted Answer

A) Federal District Court. 
B) Fifth Circuit Court of Appeals. 
C) Memorandum 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) Fifth Circuit Court of Appeals. 
C) Memorandum U.S.Tax Court decision. 
D) Small Cases Division of U.S.Tax Court. 
E) U.S.Court of Federal Claims.

Question 12

What is a Technical Advice Memorandum?

Accepted Answer

The National Office of the IRS releases

Question 13

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

Accepted Answer

A) Reg.§ 301.6114-1. 
B) Section 2(a)(1)(
A) . 
C) Rev.Rul.2011-19. 
D) Notice 90-20. 
E) Ltr.Rul 201008049. 
A) Reg.§ 301.6114-1. 
B) Section 2(a)(1)(
A) . 
C) Rev.Rul.2011-19. 
D) Notice 90-20. 
E) Ltr.Rul 201008049.

Question 14

Proposed Regulations are binding on IRS agents.

Accepted Answer

A) True 
 B)False

Question 15

Tax bills are handled by which committee in the U.S.House of Representatives?

Accepted Answer

A) Taxation Committee. 
B) Ways and Means Committee. 
C) Finance Committee. 
D) Budget Committee. 
E) None of the above. 
A) Taxation Committee. 
B) Ways and Means Committee. 
C) Finance Committee. 
D) Budget Committee. 
E) None of the above.

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

Temporary Regulations are only published in the Internal Revenue Bulletin.

Accepted Answer

A) True 
 B)False

Question 18

Federal tax legislation generally originates in the Senate Finance Committee.

Accepted Answer

A) True 
 B)False

Question 19

Which company does not publish citators for tax purposes?

Accepted Answer

A) McGraw-Hill. 
B) Commerce Clearing House. 
C) Research Institute of America. 
D) Westlaw. 
E) Shepard's. 
A) McGraw-Hill. 
B) Commerce Clearing House. 
C) Research Institute of America. 
D) Westlaw. 
E) Shepard's.

Question 20

Electronic databases are most frequently searched by the keyword approach.

Accepted Answer

A) True 
 B)False

Exam 2: Working With the Tax Law

Which statement is not true with respect to a Treasury Regulation?

The IRS issues an acquiescence or nonacquiescence only for regular Tax Court decisions.

Tax research involves which of the following procedures:

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

A U.S.District Court is the lowest trial court.

Before a tax bill can become law, it must be approved by the President.

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

Which of the following cannot be found in the Federal Register?

What statement is not true with respect to Temporary Regulations?

Which is not a primary source of tax law?

Which court decision carries more weight?

What is a Technical Advice Memorandum?

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

Proposed Regulations are binding on IRS agents.

Tax bills are handled by which committee in the U.S.House of Representatives?

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

Temporary Regulations are only published in the Internal Revenue Bulletin.

Federal tax legislation generally originates in the Senate Finance Committee.

Which company does not publish citators for tax purposes?

Electronic databases are most frequently searched by the keyword approach.

An Introduction to Taxation and Understanding the Federal Tax Law

Computing the Tax

Gross Income: Concepts and Inclusions

Gross Income: Exclusions

Deductions and Losses: in General

Deductions and Losses: Certain Business Expenses and Losses

Depreciation, Cost Recovery, Amortization, and Depletion

Deductions: Employee and Self-Employed-Related Expenses

Deductions and Losses: Certain Itemized Deductions

Investor Losses

Tax Credits and Payments

Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges-Part 1

Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges-Part 2

Property Transactions: Capital Gains and Losses, 1231, Recapture Provisions

Alternative Minimum Tax

Accounting Periods and Methods

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Distributions Not in Complete Liquidation

Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations

Partnerships

S: Corporations

Exempt Entities

Multistate Corporate Taxation

Taxation of International Transactions

Tax Practice and Ethics

Income Taxation of Trusts and Estates

Filters