Question 1

A researcher can find tax information on home page sites of:

Accepted Answer

A)  Governmental bodies.
B)  Tax academics.
C)  Publishers.
D)  CPA firms.
E)  All of these.F) B) and D)
G) A) and B)

Question 2

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

Accepted Answer

A)  taxalmanac.org.
B)  irs.gov.
C)  taxsites.com.
D)  taxanalysts.com.
E)  ustaxcourt.gov.F) All of the above
G) C) and E)

Question 3

Distinguish between the jurisdiction of the U.S.Tax Court and a U.S.District Court.

Accepted Answer

The U.S.Tax Court hears only tax cases a...

Question 4

A taxpayer can obtain a jury trial in the U.S.Tax Court.

Accepted Answer

A) True 
 B)False

Question 5

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 theseF) A) and C)
G) A) and E)

Question 6

Determination letters usually involve finalized transactions.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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'sF) A) and D)
G) A) and C)

Question 9

Federal tax legislation generally originates in what body?

Accepted Answer

A)  Internal Revenue Service
B)  Senate Finance Committee
C)  House Ways and Means Committee
D)  Senate Floor
E)  None of theseF) A) and D)
G) B) and E)

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

The term "petitioner" is a synonym for "defendant."

Accepted Answer

A) True 
 B)False

Question 12

Which is not a primary source of tax law?

Accepted Answer

A)  Notice 89-99,1989-2 C.B.422.
B)  Estate of Harry Holmes v.Comm. ,326 U.S.480 (1946) .
C)  Rev.Rul.79-353,1979-2 C.B.325.
D)  Prop.Reg.§ 1.752-4T(f) .
E)  All of these are primary sources.F) A) and B)
G) A) and E)

Question 13

Tax planning usually involves a completed transaction.

Accepted Answer

A) True 
 B)False

Question 14

Which is presently not a major tax service?

Accepted Answer

A)  Standard Federal Tax Reporter
B)  Federal Taxes
C)  United States Tax Reporter
D)  Tax Management Portfolios
E)  All of these are major tax servicesF) A) and E)
G) B) and D)

Question 15

Regulations are generally issued immediately after a statute is enacted.

Accepted Answer

A) True 
 B)False

Question 16

What administrative release deals with a proposed transaction rather than a completed transaction?

Accepted Answer

A)  Letter Ruling
B)  Technical Advice Memorandum
C)  Determination Letter
D)  Field Service Advice
E)  None of theseF) B) and C)
G) None of the above

Question 17

The first codification of the tax law occurred in 1954.

Accepted Answer

A) True 
 B)False

Question 18

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 theseF) A) and C)
G) A) and E)

Question 19

The primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

Accepted Answer

A) True 
 B)False

Question 20

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

Exam 2: Working With the Tax Law

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

What administrative release deals with a proposed transaction rather than a completed transaction?

Correct AnswerverifiedShow Answer

The term "petitioner" is a synonym for "defendant."

Correct AnswerverifiedShow Answer

The primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

Correct AnswerverifiedShow Answer

The first codification of the tax law occurred in 1954.

Correct AnswerverifiedShow Answer

Which is not a primary source of tax law?

Correct AnswerverifiedShow Answer

Determination letters usually involve finalized transactions.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A researcher can find tax information on home page sites of:

Correct AnswerverifiedShow Answer

Which of the following sources has the highest tax validity?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which is presently not a major tax service?

Correct AnswerverifiedShow Answer

Distinguish between the jurisdiction of the U.S.Tax Court and a U.S.District Court.

Correct AnswerverifiedThe U.S.Tax Court hears only tax cases a...View AnswerShow Answer

Which company does not publish citators for tax purposes?

Correct AnswerverifiedShow Answer

A taxpayer can obtain a jury trial in the U.S.Tax Court.

Correct AnswerverifiedShow Answer

Tax planning usually involves a completed transaction.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Regulations are generally issued immediately after a statute is enacted.

Correct AnswerverifiedShow Answer

Federal tax legislation generally originates in what body?

Correct AnswerverifiedShow Answer

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The U.S.Tax Court hears only tax cases a...
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