Question 1

Unlike determination letters,letter rulings are issued by the National Office of the IRS.

Accepted Answer

A) True 
 B)False

Question 2

The Internal Revenue Code appears in Title 26 of the U.S.Code.

Accepted Answer

A) True 
 B)False

Question 3

In a U.S.District Court,a jury can decide both questions of fact and questions of law.

Accepted Answer

A) True 
 B)False

Question 4

A major,but not the sole,objective of the tax laws is to raise revenue.

Accepted Answer

A) True 
 B)False

Question 5

Which,if any,of the provisions in the tax law below do not mitigate the effects of the annual accounting period concept?

Accepted Answer

A) Post year-end contribution to retirement plans for a self-employed person. 
B) Carrybacks of net operating losses. 
C) Installment sales treatment. 
D) Carryovers of excess charitable contributions. 
E) The arm's length concept. 
A) Post year-end contribution to retirement plans for a self-employed person. 
B) Carrybacks of net operating losses. 
C) Installment sales treatment. 
D) Carryovers of excess charitable contributions. 
E) The arm's length concept.

Question 6

Which is the major objective of our Federal tax laws?

Accepted Answer

A) Economic factors. 
B) Social reasons. 
C) Equity factors. 
D) Raising revenue. 
E) Political reasons. 
A) Economic factors. 
B) Social reasons. 
C) Equity factors. 
D) Raising revenue. 
E) Political reasons.

Question 7

A jury trial is available in a court of appeals situation.

Accepted Answer

A) True 
 B)False

Question 8

Proposed Regulations have the force and effect of law.

Accepted Answer

A) True 
 B)False

Question 9

The Golsen rule has been overturned.

Accepted Answer

A) True 
 B)False

Question 10

Allowing a taxpayer to claim either a credit or a deduction for foreign taxes paid can be explained by equity considerations.

Accepted Answer

A) True 
 B)False

Question 11

Proposed Regulations are published in the Federal Register.

Accepted Answer

A) True 
 B)False

Question 12

Which trial court allows a jury trial?

Accepted Answer

A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Court of Appeals. 
E) None of the above. 
A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Court of Appeals. 
E) None of the above.

Question 13

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

Accepted Answer

The wherewithal to pay concept recognize

Question 14

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

Question 15

Revenue Rulings carry the same legal force and effect as Regulations.

Accepted Answer

A) True 
 B)False

Question 16

A district court must abide by the precedents set by the court of appeals of jurisdiction.

Accepted Answer

A) True 
 B)False

Question 17

The American Opportunity scholarship credit can be justified by economic considerations.

Accepted Answer

A) True 
 B)False

Question 18

The desire to foster technological progress helps explain the favorable tax treatment accorded research and development expenditures.

Accepted Answer

A) True 
 B)False

Question 19

What is the overall objective of the write-off of research and development expenditures?

Accepted Answer

A) Encouragement of certain activities. 
B) Control of economy. 
C) Encouragement of certain industries. 
D) None of the above. 
A) Encouragement of certain activities. 
B) Control of economy. 
C) Encouragement of certain industries. 
D) None of the above.

Question 20

Neither the 1939 nor the 1954 Code substantially changed all the tax law existing on the date of its enactment.

Accepted Answer

A) True 
 B)False

Unlike determination letters,letter rulings are issued by the National Office of the IRS.

The Internal Revenue Code appears in Title 26 of the U.S.Code.

In a U.S.District Court,a jury can decide both questions of fact and questions of law.

A major,but not the sole,objective of the tax laws is to raise revenue.

Which,if any,of the provisions in the tax law below do not mitigate the effects of the annual accounting period concept?

Which is the major objective of our Federal tax laws?

A jury trial is available in a court of appeals situation.

Proposed Regulations have the force and effect of law.

The Golsen rule has been overturned.

Allowing a taxpayer to claim either a credit or a deduction for foreign taxes paid can be explained by equity considerations.

Proposed Regulations are published in the Federal Register.

Which trial court allows a jury trial?

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

Which citation is considered to be a legislative citation?

Revenue Rulings carry the same legal force and effect as Regulations.

A district court must abide by the precedents set by the court of appeals of jurisdiction.

The American Opportunity scholarship credit can be justified by economic considerations.

The desire to foster technological progress helps explain the favorable tax treatment accorded research and development expenditures.

What is the overall objective of the write-off of research and development expenditures?

Neither the 1939 nor the 1954 Code substantially changed all the tax law existing on the date of its enactment.

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

Unlike determination letters,letter rulings are issued by the National Office of the IRS.

The Internal Revenue Code appears in Title 26 of the U.S.Code.

In a U.S.District Court,a jury can decide both questions of fact and questions of law.

A major,but not the sole,objective of the tax laws is to raise revenue.

Which,if any,of the provisions in the tax law below do not mitigate the effects of the annual accounting period concept?

Which is the major objective of our Federal tax laws?

A jury trial is available in a court of appeals situation.

Proposed Regulations have the force and effect of law.

The Golsen rule has been overturned.

Allowing a taxpayer to claim either a credit or a deduction for foreign taxes paid can be explained by equity considerations.

Proposed Regulations are published in the Federal Register.

Which trial court allows a jury trial?

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

Which citation is considered to be a legislative citation?

Revenue Rulings carry the same legal force and effect as Regulations.

A district court must abide by the precedents set by the court of appeals of jurisdiction.

The American Opportunity scholarship credit can be justified by economic considerations.

The desire to foster technological progress helps explain the favorable tax treatment accorded research and development expenditures.

What is the overall objective of the write-off of research and development expenditures?

Neither the 1939 nor the 1954 Code substantially changed all the tax law existing on the date of its enactment.

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