Question 1

Determination letters usually involve finalized transactions.

Accepted Answer

A) True 
 B)False

Question 2

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) Prop.Reg.§ 1.752­4T(f). 
E) All of these 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) Prop.Reg.§ 1.752­4T(f). 
E) All of these are primary sources.

Question 3

Which court decision would probably carry more weight?

Accepted Answer

A) Regular U.S.Tax Court decision 
B) Reviewed U.S.Tax Court decision 
C) U.S.District Court decision 
D) Tax Court Memorandum decision 
E) U.S.Court of Federal Claims 
A) Regular U.S.Tax Court decision 
B) Reviewed U.S.Tax Court decision 
C) U.S.District Court decision 
D) Tax Court Memorandum decision 
E) U.S.Court of Federal Claims

Question 4

If a taxpayer decides not to pay a tax deficiency,he or she must go to which court?

Accepted Answer

A) Appropriate U.S.Circuit Court of Appeals 
B) U.S.District Court 
C) U.S.Tax Court 
D) U.S.Court of Federal Claims 
E) None of these 
A) Appropriate U.S.Circuit Court of Appeals 
B) U.S.District Court 
C) U.S.Tax Court 
D) U.S.Court of Federal Claims 
E) None of these

Question 5

Technical Advice Memoranda deal with completed transactions.

Accepted Answer

A) True 
 B)False

Question 6

The IRS will not acquiesce to the following tax decisions:

Accepted Answer

A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Case Division of the U.S.Tax Court. 
E) All of these. 
A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Case Division of the U.S.Tax Court. 
E) All of these.

Question 7

Which items tell taxpayers the IRS's reaction to certain court decisions?

Accepted Answer

A) Notices 
B) Revenue Procedures 
C) Revenue Rulings 
D) Actions on Decisions 
E) Legislative Regulations 
A) Notices 
B) Revenue Procedures 
C) Revenue Rulings 
D) Actions on Decisions 
E) Legislative Regulations

Question 8

A Bluebook opinion is substantial authority for purposes of the accuracy related penalty.

Accepted Answer

A) True 
 B)False

Question 9

A taxpayer should always minimize his or her tax liability.

Accepted Answer

A) True 
 B)False

Question 10

Subtitle A of the Internal Revenue Code covers which of the following taxes?

Accepted Answer

A) Income taxes 
B) Estate and gift taxes 
C) Excise taxes 
D) Employment taxes 
E) All of these 
A) Income taxes 
B) Estate and gift taxes 
C) Excise taxes 
D) Employment taxes 
E) All of these

Question 11

The research process should begin with a tax service.

Accepted Answer

A) True 
 B)False

Question 12

Which Regulations have the force and effect of law?

Accepted Answer

A) Procedural Regulations 
B) Finalized Regulations 
C) Legislative Regulations 
D) Interpretive Regulations 
E) All of these 
A) Procedural Regulations 
B) Finalized Regulations 
C) Legislative Regulations 
D) Interpretive Regulations 
E) All of these

Question 13

Which court decision carries more weight?

Accepted Answer

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

Question 14

Electronic databases are most frequently searched by the keyword approach.

Accepted Answer

A) True 
 B)False

Question 15

Discuss the advantages and disadvantages of the Small Cases Division of the U.S.Tax Court.

Accepted Answer

There is no appeal from the Small Cases

Question 16

The test for whether a child qualifies for dependency status is first conducted under the qualified child requirement.

Accepted Answer

A) True 
 B)False

Question 17

The Regulation section of the CPA exam is approximately 60% Taxation and 40% Law & Professional Responsibilities.

Accepted Answer

A) True 
 B)False

Question 18

Which publisher offers the United States Tax Reporter?

Accepted Answer

A) Research Institute of America 
B) Commerce Clearing House 
C) LexisNexis 
D) Tax Analysts 
E) None of these 
A) Research Institute of America 
B) Commerce Clearing House 
C) LexisNexis 
D) Tax Analysts 
E) None of these

Question 19

Which item may not be cited as a precedent?

Accepted Answer

A) Regulations 
B) Temporary Regulations 
C) Technical Advice Memoranda 
D) U.S.District Court decision 
E) None of these 
A) Regulations 
B) Temporary Regulations 
C) Technical Advice Memoranda 
D) U.S.District Court decision 
E) None of these

Question 20

What administrative release deals with a proposed transaction rather than a completed transaction?

Accepted Answer

A) Letter Ruling 
B) Technical Advice Memorandum 
C) Determination Letter 
D) Field Service Advice 
E) None of these 
A) Letter Ruling 
B) Technical Advice Memorandum 
C) Determination Letter 
D) Field Service Advice 
E) None of these

Determination letters usually involve finalized transactions.

Which is not a primary source of tax law?

Which court decision would probably carry more weight?

If a taxpayer decides not to pay a tax deficiency,he or she must go to which court?

Technical Advice Memoranda deal with completed transactions.

The IRS will not acquiesce to the following tax decisions:

Which items tell taxpayers the IRS's reaction to certain court decisions?

A Bluebook opinion is substantial authority for purposes of the accuracy related penalty.

A taxpayer should always minimize his or her tax liability.

Subtitle A of the Internal Revenue Code covers which of the following taxes?

The research process should begin with a tax service.

Which Regulations have the force and effect of law?

Which court decision carries more weight?

Electronic databases are most frequently searched by the keyword approach.

Discuss the advantages and disadvantages of the Small Cases Division of the U.S.Tax Court.

The test for whether a child qualifies for dependency status is first conducted under the qualified child requirement.

The Regulation section of the CPA exam is approximately 60% Taxation and 40% Law & Professional Responsibilities.

Which publisher offers the United States Tax Reporter?

Which item may not be cited as a precedent?

What administrative release deals with a proposed transaction rather than a completed transaction?

An Introduction to Taxation and Understanding the Federal Tax Law

Tax Formula and Tax Determination;an Overview of Property Transactions

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

Alternative Minimum Tax

Tax Credits and Payment Procedures

Property Transactions: Determination of Gain or Loss and Basis Considerations

Property Transactions: Nontaxable Exchanges

Property Transactions: Capital Gains and Losses

Property Transactions: 1231 and Recapture Provisions

Accounting Periods and Methods

Deferred Compensation

Corporations and Partnerships

Filters

Exam 2: Working With the Tax Law

Determination letters usually involve finalized transactions.

Which is not a primary source of tax law?

Which court decision would probably carry more weight?

If a taxpayer decides not to pay a tax deficiency,he or she must go to which court?

Technical Advice Memoranda deal with completed transactions.

The IRS will not acquiesce to the following tax decisions:

Which items tell taxpayers the IRS's reaction to certain court decisions?

A Bluebook opinion is substantial authority for purposes of the accuracy related penalty.

A taxpayer should always minimize his or her tax liability.

Subtitle A of the Internal Revenue Code covers which of the following taxes?

The research process should begin with a tax service.

Which Regulations have the force and effect of law?

Which court decision carries more weight?

Electronic databases are most frequently searched by the keyword approach.

Discuss the advantages and disadvantages of the Small Cases Division of the U.S.Tax Court.

The test for whether a child qualifies for dependency status is first conducted under the qualified child requirement.

The Regulation section of the CPA exam is approximately 60% Taxation and 40% Law & Professional Responsibilities.

Which publisher offers the United States Tax Reporter?

Which item may not be cited as a precedent?

What administrative release deals with a proposed transaction rather than a completed transaction?

An Introduction to Taxation and Understanding the Federal Tax Law

Tax Formula and Tax Determination;an Overview of Property Transactions

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

Alternative Minimum Tax

Tax Credits and Payment Procedures

Property Transactions: Determination of Gain or Loss and Basis Considerations

Property Transactions: Nontaxable Exchanges

Property Transactions: Capital Gains and Losses

Property Transactions: 1231 and Recapture Provisions

Accounting Periods and Methods

Deferred Compensation

Corporations and Partnerships

Filters