Question 1

Which state is located in the jurisdiction of the Fifth Court of Appeals?

Accepted Answer

A) Louisiana. 
B) California. 
C) New York. 
D) South Carolina. 
E) None of the above. 
A) Louisiana. 
B) California. 
C) New York. 
D) South Carolina. 
E) None of the above.

Question 2

Revenue neutrality means that any one taxpayer's tax liability remains the same.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following indicates that a decision has precedential value for future cases?

Accepted Answer

A) Stare decicis. 
B) Golsen doctrine. 
C) En banc. 
D) Reenactment doctrine. 
E) None of the above. 
A) Stare decicis. 
B) Golsen doctrine. 
C) En banc. 
D) Reenactment doctrine. 
E) None of the above.

Question 4

Near the end of 2011,the national debt per person was approximately:

Accepted Answer

A) $15,200. 
B) $21,700. 
C) $32,750. 
D) $47,000. 
E) $62,800. 
A) $15,200. 
B) $21,700. 
C) $32,750. 
D) $47,000. 
E) $62,800.

Question 5

Ralph sells property to Sam who,by prearranged plan,resells to Heather.If the IRS contends that the sale to Sam is to be disregarded,this position is an application of the:

Accepted Answer

A) Substance over form concept. 
B) Wherewithal to pay concept. 
C) Tax benefit rule. 
D) Arm's length concept. 
E) None of the above. 
A) Substance over form concept. 
B) Wherewithal to pay concept. 
C) Tax benefit rule. 
D) Arm's length concept. 
E) None of the above.

Question 6

Shorter asset lives and accelerated methods increase the tax incentive for capital outlays.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following sources has the highest tax validity?

Accepted Answer

A) Treasury Regulation. 
B) Revenue Procedure. 
C) Internal Revenue Code. 
D) Temporary Regulation. 
E) All have same weight. 
A) Treasury Regulation. 
B) Revenue Procedure. 
C) Internal Revenue Code. 
D) Temporary Regulation. 
E) All have same weight.

Question 8

Which of the following statements about an acquiescence is correct?

Accepted Answer

A) An acquiescence is issued in the Federal Register. 
B) Acquiescences are published only for certain regular decisions of the U.S.Tax Court. 
C) An acquiescence is published in the Internal Revenue Bulletin. 
D) The IRS does not issue acquiescences to adverse decisions that are not appealed. 
E) All of the above are correct. 
A) An acquiescence is issued in the Federal Register. 
B) Acquiescences are published only for certain regular decisions of the U.S.Tax Court. 
C) An acquiescence is published in the Internal Revenue Bulletin. 
D) The IRS does not issue acquiescences to adverse decisions that are not appealed. 
E) All of the above are correct.

Which state is located in the jurisdiction of the Fifth Court of Appeals?

Revenue neutrality means that any one taxpayer's tax liability remains the same.

Which of the following indicates that a decision has precedential value for future cases?

Near the end of 2011,the national debt per person was approximately:

Ralph sells property to Sam who,by prearranged plan,resells to Heather.If the IRS contends that the sale to Sam is to be disregarded,this position is an application of the:

Shorter asset lives and accelerated methods increase the tax incentive for capital outlays.

Which of the following sources has the highest tax validity?

Which of the following statements about an acquiescence is correct?

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

Which state is located in the jurisdiction of the Fifth Court of Appeals?

Revenue neutrality means that any one taxpayer's tax liability remains the same.

Which of the following indicates that a decision has precedential value for future cases?

Near the end of 2011,the national debt per person was approximately:

Ralph sells property to Sam who,by prearranged plan,resells to Heather.If the IRS contends that the sale to Sam is to be disregarded,this position is an application of the:

Shorter asset lives and accelerated methods increase the tax incentive for capital outlays.

Which of the following sources has the highest tax validity?

Which of the following statements about an acquiescence is correct?

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