Question 1

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

Accepted Answer

A) True 
 B)False

Question 2

Identify the number of the Court(s)of Federal Claims.

Accepted Answer

A) 1. 
B) 3. 
C) 16. 
D) 19. 
E) None of the above is correct. 
A) 1. 
B) 3. 
C) 16. 
D) 19. 
E) None of the above is correct.

Question 3

Determination letters usually involve proposed transactions.

Accepted Answer

A) True 
 B)False

Question 4

A taxpayer who loses in a U.S.Tax Court may appeal directly to the:

Accepted Answer

A) Supreme Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Court of Appeals. 
E) All of the above. 
A) Supreme Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Court of Appeals. 
E) All of the above.

Question 5

Subchapter C refers to the "Corporate Distributions and Adjustments" section of the Code.

Accepted Answer

A) True 
 B)False

Question 6

Which state is a community property state?

Accepted Answer

A) North Carolina. 
B) California. 
C) Vermont. 
D) Florida. 
E) All of the above. 
A) North Carolina. 
B) California. 
C) Vermont. 
D) Florida. 
E) All of the above.

Question 7

A technical advice memorandum is issued by:

Accepted Answer

A) Treasury Department. 
B) National Office of the IRS. 
C) Office of Chief Council. 
D) Area Director. 
E) None of the above. 
A) Treasury Department. 
B) National Office of the IRS. 
C) Office of Chief Council. 
D) Area Director. 
E) None of the above.

Question 8

The Golsen doctrine applies to which court?

Accepted Answer

A) U.S.Tax Court. 
B) U.S.District Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Supreme Court. 
E) Some other court. 
A) U.S.Tax Court. 
B) U.S.District Court. 
C) U.S.Court of Federal Claims. 
D) U.S.Supreme Court. 
E) Some other court.

Question 9

A Revenue Ruling is a legislative source of Federal tax law.

Accepted Answer

A) True 
 B)False

Question 10

The deduction for charitable contributions can be explained by social considerations.

Accepted Answer

A) True 
 B)False

Question 11

Regulations are issued by the Treasury Department.

Accepted Answer

A) True 
 B)False

Question 12

The corporate tax rates are structured so as to favor small business.

Accepted Answer

A) True 
 B)False

Question 13

Revenue Procedures are published semiannually in the:

Accepted Answer

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

Question 14

The refundable earned income tax credit is explained by economic considerations (i.e. ,the need to create additional jobs).

Accepted Answer

A) True 
 B)False

Question 15

"Legislative regulations" are stronger than "interpretative" regulations.

Accepted Answer

A) True 
 B)False

Question 16

Federal tax legislation generally originates in the House Ways and Means Committee.

Accepted Answer

A) True 
 B)False

Question 17

Which,if any,of the provisions in the tax law enumerated below cannot be justified under the wherewithal to pay concept?

Accepted Answer

A) The taxation of prepaid income in the year of receipt and not in the year it is earned. 
B) The installment method for reporting gain on the sale of property. 
C) The nontaxability of a like-kind exchange. 
D) The disallowance as a deduction of certain fines and penalties imposed for the violation of certain laws. 
E) The rules governing the formation of corporations. 
A) The taxation of prepaid income in the year of receipt and not in the year it is earned. 
B) The installment method for reporting gain on the sale of property. 
C) The nontaxability of a like-kind exchange. 
D) The disallowance as a deduction of certain fines and penalties imposed for the violation of certain laws. 
E) The rules governing the formation of corporations.

Question 18

Determine the incorrect citation:

Accepted Answer

A) Ltr.Rul.20012305. 
B) George W.Guill,112 T.C.__,No.22 (1999). 
C) John H.Wong,T.C.Summary Opinion 2009-152. 
D) Rev.Rul,98-32,I.R.B.No.25,4. 
E) None of the above. 
A) Ltr.Rul.20012305. 
B) George W.Guill,112 T.C.__,No.22 (1999). 
C) John H.Wong,T.C.Summary Opinion 2009-152. 
D) Rev.Rul,98-32,I.R.B.No.25,4. 
E) None of the above.

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

Which trial court decision is generally less authoritative?

Accepted Answer

A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Cases Division of the Tax Court. 
E) All of the above are the same. 
A) U.S.District Court. 
B) U.S.Tax Court. 
C) U.S.Court of Federal Claims. 
D) Small Cases Division of the Tax Court. 
E) All of the above are the same.

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

Identify the number of the Court(s)of Federal Claims.

Determination letters usually involve proposed transactions.

A taxpayer who loses in a U.S.Tax Court may appeal directly to the:

Subchapter C refers to the "Corporate Distributions and Adjustments" section of the Code.

Which state is a community property state?

A technical advice memorandum is issued by:

The Golsen doctrine applies to which court?

A Revenue Ruling is a legislative source of Federal tax law.

The deduction for charitable contributions can be explained by social considerations.

Regulations are issued by the Treasury Department.

The corporate tax rates are structured so as to favor small business.

Revenue Procedures are published semiannually in the:

The refundable earned income tax credit is explained by economic considerations (i.e. ,the need to create additional jobs).

"Legislative regulations" are stronger than "interpretative" regulations.

Federal tax legislation generally originates in the House Ways and Means Committee.

Which,if any,of the provisions in the tax law enumerated below cannot be justified under the wherewithal to pay concept?

Determine the incorrect citation:

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

Which trial court decision is generally less authoritative?

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

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

Identify the number of the Court(s)of Federal Claims.

Determination letters usually involve proposed transactions.

A taxpayer who loses in a U.S.Tax Court may appeal directly to the:

Subchapter C refers to the "Corporate Distributions and Adjustments" section of the Code.

Which state is a community property state?

A technical advice memorandum is issued by:

The Golsen doctrine applies to which court?

A Revenue Ruling is a legislative source of Federal tax law.

The deduction for charitable contributions can be explained by social considerations.

Regulations are issued by the Treasury Department.

The corporate tax rates are structured so as to favor small business.

Revenue Procedures are published semiannually in the:

The refundable earned income tax credit is explained by economic considerations (i.e. ,the need to create additional jobs).

"Legislative regulations" are stronger than "interpretative" regulations.

Federal tax legislation generally originates in the House Ways and Means Committee.

Which,if any,of the provisions in the tax law enumerated below cannot be justified under the wherewithal to pay concept?

Determine the incorrect citation:

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

Which trial court decision is generally less authoritative?

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