Question 1

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 the above. 
A)  Income taxes. 
B)  Estate and gift taxes. 
C)  Excise taxes. 
D)  Employment taxes. 
E)  All of the above.

Question 2

Determination letters usually involve proposed transactions.

Accepted Answer

A) True 
 B)False

Question 3

A professional must understand the relative weight of authority within the sources of tax law.

Accepted Answer

A) True 
 B)False

Question 4

The Internal Revenue Code of 1986 was substantially a re-codification of the existing Code.

Accepted Answer

A) True 
 B)False

Question 5

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

Question 6

There are 11 geographic U.S.Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 7

A General Counsel Memorandum is a primary source of tax law.

Accepted Answer

A) True 
 B)False

Question 8

The CPA examination is normally curved to produce a designated pass rate.

Accepted Answer

A) True 
 B)False

Question 9

The research process should begin with a tax service.

Accepted Answer

A) True 
 B)False

Question 10

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 11

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 the above. 
A)  Procedural Regulations. 
B)  Finalized Regulations. 
C)  Legislative Regulations. 
D)  Interpretive Regulations. 
E)  All of the above.

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

Section 1244 permits an investor to convert what would be a capital loss into an ordinary loss.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Which tax-related website probably gives the best policy-orientation results?

Accepted Answer

A)  taxalmanac.org. 
B)  irs.gov. 
C)  taxsites.com. 
D)  taxanalyst.com. 
E)  ustaxcourt.gov. 
A)  taxalmanac.org. 
B)  irs.gov. 
C)  taxsites.com. 
D)  taxanalyst.com. 
E)  ustaxcourt.gov.

Question 16

In § 212(1),the number (1)stands for the:

Accepted Answer

A)  Section number. 
B)  Subsection number. 
C)  Paragraph designation. 
D)  Subparagraph designation. 
E)  None of the above. 
A)  Section number. 
B)  Subsection number. 
C)  Paragraph designation. 
D)  Subparagraph designation. 
E)  None of the above.

Question 17

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 18

Which of the following is not published in the Cumulative Bulletin?

Accepted Answer

A)  Revenue Rulings. 
B)  Proposed Regulations. 
C)  Actions on Decisions. 
D)  Letter Rulings. 
E)  General Counsel Memoranda. 
A)  Revenue Rulings. 
B)  Proposed Regulations. 
C)  Actions on Decisions. 
D)  Letter Rulings. 
E)  General Counsel Memoranda.

Question 19

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 20

Temporary Regulations are only published in the Internal Revenue Bulletin.

Accepted Answer

A) True 
 B)False

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

Determination letters usually involve proposed transactions.

A professional must understand the relative weight of authority within the sources of tax law.

The Internal Revenue Code of 1986 was substantially a re-codification of the existing Code.

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

There are 11 geographic U.S.Circuit Court of Appeals.

A General Counsel Memorandum is a primary source of tax law.

The CPA examination is normally curved to produce a designated pass rate.

The research process should begin with a tax service.

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

Which Regulations have the force and effect of law?

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

Section 1244 permits an investor to convert what would be a capital loss into an ordinary loss.

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

Which tax-related website probably gives the best policy-orientation results?

In § 212(1),the number (1)stands for the:

What statement is not true with respect to Temporary Regulations?

Which of the following is not published in the Cumulative Bulletin?

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

Temporary Regulations are only published in the Internal Revenue Bulletin.

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: Section 1231 and Recapture Provisions

Accounting Periods and Methods

Deferred Compensation

Corporations and Partnerships

Filters

Exam 2: Working With the Tax Law

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

Determination letters usually involve proposed transactions.

A professional must understand the relative weight of authority within the sources of tax law.

The Internal Revenue Code of 1986 was substantially a re-codification of the existing Code.

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

There are 11 geographic U.S.Circuit Court of Appeals.

A General Counsel Memorandum is a primary source of tax law.

The CPA examination is normally curved to produce a designated pass rate.

The research process should begin with a tax service.

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

Which Regulations have the force and effect of law?

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

Section 1244 permits an investor to convert what would be a capital loss into an ordinary loss.

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

Which tax-related website probably gives the best policy-orientation results?

In § 212(1),the number (1)stands for the:

What statement is not true with respect to Temporary Regulations?

Which of the following is not published in the Cumulative Bulletin?

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

Temporary Regulations are only published in the Internal Revenue Bulletin.

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: Section 1231 and Recapture Provisions

Accounting Periods and Methods

Deferred Compensation

Corporations and Partnerships

Filters