Question 1

Which company does not publish citators for tax purposes?

Accepted Answer

A) John Wiley & Sons 
B) Commerce Clearing House 
C) Thomson Reuters, RIA 
D) Westlaw 
E) Shepard's 
A) John Wiley & Sons 
B) Commerce Clearing House 
C) Thomson Reuters, RIA 
D) Westlaw 
E) Shepard's

Question 2

The first codification of the tax law occurred in 1954.

Accepted Answer

A) True 
 B)False

Question 3

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 4

In general,regulations are issued immediately after a statute is enacted.

Accepted Answer

A) True 
 B)False

Question 5

Which publisher offers the Standard Federal Tax Reporter?

Accepted Answer

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

Question 6

The U.S.Tax Court meets most often in Washington,D.C.

Accepted Answer

A) True 
 B)False

Question 7

Deferring income to a subsequent year is considered to be tax avoidance.

Accepted Answer

A) True 
 B)False

Question 8

Post-1984 letter rulings may be substantial authority for purposes of the accuracy-related penalty in § 6662.

Accepted Answer

A) True 
 B)False

Question 9

A taxpayer may not appeal a case from which court:

Accepted Answer

A) U.S. District Court. 
B) U.S. Circuit Court of Appeals. 
C) U.S. Court of Federal Claims. 
D) Small Case Division of the U.S. Tax Court. 
E) None of these. 
A) U.S. District Court. 
B) U.S. Circuit Court of Appeals. 
C) U.S. Court of Federal Claims. 
D) Small Case Division of the U.S. Tax Court. 
E) None of these.

Question 10

Tax research involves which of the following procedures:

Accepted Answer

A) Identifying and refining the problem. 
B) Locating the appropriate tax law sources. 
C) Assessing the validity of the tax law sources. 
D) Follow-up. 
E) All of these. 
A) Identifying and refining the problem. 
B) Locating the appropriate tax law sources. 
C) Assessing the validity of the tax law sources. 
D) Follow-up. 
E) All of these.

Question 11

Temporary Regulations are only published in the Internal Revenue Bulletin.

Accepted Answer

A) True 
 B)False

Question 12

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 13

Which of the following court decisions 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

The granting of a Writ of Certiorari indicates that at least four members of the Supreme Court believe that an issue is of sufficient importance to be heard by the full court.

Accepted Answer

A) True 
 B)False

Question 15

The Golsen rule has been overturned by the U.S.Supreme Court.

Accepted Answer

A) True 
 B)False

Question 16

The IRS is not required to make a letter ruling public.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following sources has the highest tax validity?

Accepted Answer

A) Revenue Ruling 
B) Revenue Procedure 
C) Regulations 
D) Internal Revenue Code section 
E) None of these 
A) Revenue Ruling 
B) Revenue Procedure 
C) Regulations 
D) Internal Revenue Code section 
E) None of these

Question 18

Which statement is not true with respect to a Regulation that interprets the tax law?

Accepted Answer

A) Issued by the U.S. Congress. 
B) Issued by the U.S. Treasury Department. 
C) Designed to provide an interpretation of the tax law. 
D) Carries more legal force than a Revenue Ruling. 
E) All of these statements are true. 
A) Issued by the U.S. Congress. 
B) Issued by the U.S. Treasury Department. 
C) Designed to provide an interpretation of the tax law. 
D) Carries more legal force than a Revenue Ruling. 
E) All of these statements are true.

Question 19

Texas is in the jurisdiction of the Second Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 20

Determination letters usually involve completed transactions.

Accepted Answer

A) True 
 B)False

Exam 2: Working With the Tax Law

Which company does not publish citators for tax purposes?

The first codification of the tax law occurred in 1954.

Which Regulations have the force and effect of law?

In general,regulations are issued immediately after a statute is enacted.

Which publisher offers the Standard Federal Tax Reporter?

The U.S.Tax Court meets most often in Washington,D.C.

Deferring income to a subsequent year is considered to be tax avoidance.

Post-1984 letter rulings may be substantial authority for purposes of the accuracy-related penalty in § 6662.

A taxpayer may not appeal a case from which court:

Tax research involves which of the following procedures:

Temporary Regulations are only published in the Internal Revenue Bulletin.

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

Which of the following court decisions carries more weight?

The granting of a Writ of Certiorari indicates that at least four members of the Supreme Court believe that an issue is of sufficient importance to be heard by the full court.

The Golsen rule has been overturned by the U.S.Supreme Court.

The IRS is not required to make a letter ruling public.

Which of the following sources has the highest tax validity?

Which statement is not true with respect to a Regulation that interprets the tax law?

Texas is in the jurisdiction of the Second Circuit Court of Appeals.

Determination letters usually involve completed transactions.

An Introduction to Taxation and Understanding the Federal Tax Law

Computing the Tax

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

Tax Credits and Payments

Property Transactions: Determination of Gain or Loss, basis Considerations, and Nontaxable Exchanges

Property Transactions, capital Gains and Losses, sec1231, and Recapture Provisions

Alternative Minimum Tax

Accounting Periods and Methods

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Distributions Not in Complete Liquidation

Corporations: Distributions in Complete Liquidation and an Overview of Reorganization

Partnerships

S Corporations

Exempt Entities

Multistate Corporate Taxation

Taxation of International Transactions

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Income Taxation of Trusts and Estates

Filters